Which of the Following Is a Checking Account That the Firm

question 112

Multiple Choice

Which of the following is a checking account that the firm sets up so that the bank agrees to automatically transfer funds from an interest-bearing account to pay off any checks presented?

• A) Lockbox system
• B) Concentration banking
• C) Wire transfers
• D) Zero-balance account

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Definitions:

Legal Principles

Fundamental norms or rules that guide the application and interpretation of the law.

Virtual Currency

Digital representations of value that function as a medium of exchange, a unit of account, and/or a store of value, but do not have legal tender status.

Financial Institutions

Organizations that conduct financial transactions such as investments, loans, and deposits. Common examples include banks, credit unions, and insurance companies.

Anonymously

Acting or producing something without revealing one's identity.