A Promise Made by a Bank to Pay a Payee

question 16

Multiple Choice

A promise made by a bank to pay a payee a certain amount of money at a future time is called a ________.

• A)note
• B)draft
• C)novation
• D)check
• E)certificate of deposit

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Definitions:

Revocability

The capability or the right to withdraw or cancel something, such as privileges, decisions, or policies, often within a legal or contractual context.

Organizational Effectiveness

Refers to how efficiently and effectively an organization achieves its goals and meets its stakeholders' needs.

Downsizing

The process of reducing the number of employees within a company, often to cut costs or improve efficiency.

Downsizing

The reduction of an organization's workforce to improve its efficiency or to cut costs, often involving layoffs.