A Written Promise to Pay a Sum of Money on Demand

question 96

Multiple Choice

A written promise to pay a sum of money on demand or at a definite time is called a(n) :

• A) letter of credit.
• B) deferred note.
• C) credit memorandum.
• D) promissory note.

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Definitions:

Cheque Signer

An authorized individual within an organization who has been given the authority to sign checks on behalf of the company.

Misappropriate

The act of taking something dishonestly for one's own use, particularly with reference to funds.

Electronic Funds Transfers

Electronic Funds Transfers (EFT) are the digital exchange of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Electronic Funds Transfers

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions.