Deposit Accounts Whose Principal Function Is to Make Payments for Purchases

question 8

Multiple Choice

Deposit accounts whose principal function is to make payments for purchases of goods and services are called:

• A)drafts.
• B)second-party payments accounts.
• C)thrift deposits.
• D)transaction accounts.
• E)None of the options is correct.

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Definitions:

Legal Liability

Legal liability involves being responsible under law for a specific action or outcome, often related to damages or restitution.

Limited Liability Company

A company organization that blends the direct taxation features of a partnership or sole proprietorship with the protective limited liability characteristic of a corporation.

Service Business

A type of business that provides intangible products, such as expertise, experience, or access, rather than physical goods.

Alternative

A term used to describe an option or choice among multiple possibilities, often referring to solutions, methods, or investments.