Which Is the Correct Term for a Check Accepted by the Bank

question 44

Multiple Choice

Which is the correct term for a check accepted by the bank on which it is drawn?

• A)Certified check
• B)Cashier's check
• C)Traveler's check
• D)Check certificate
• E)Approved draft

---

Definitions:

Future Value

The value of an investment at a specific date in the future, calculated by applying expected rates of return.

Ordinary Annuity

A series of equal payments or receipts that occur at the end of each period for a fixed duration.

Compounded Annually

Describes the method by which the interest earned on an investment is calculated and added to the principal balance once per year, leading to an increase in the amount of future interest.

Compound Interest

Interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan.