Fact Pattern 19-2 (Questions 27-29 Apply)

question 28

Multiple Choice

Fact Pattern 19-2 (Questions 27-29 apply)
Tom draws a check, on his account in State Bank in New York, payable to Digital Media, Inc., in San Francisco. Digital deposits the check in its ac¬count at First National Bank. First National deposits the check in the Federal Reserve Bank of San Francisco, which transfers it to the Federal Reserve Bank of New York. That Federal Reserve Bank sends the check to State Bank.
-Refer to Fact Pattern 19-2.When Digital's bank received the check,it was required to pass it on

• A) before midnight of the next banking day.
• B) before midnight of the next day, even if it was not a "banking" day.
• C) before noon of the next banking day.
• D) within five business days.

---

Definitions:

Internal Revenue Service

A U.S. federal agency responsible for tax collection and tax law enforcement.

Museums

Institutions that collect, preserve, exhibit, and sometimes interpret objects and artifacts of cultural, artistic, scientific, or historical significance.

Federal Spending

The expenditure of government funds by federal authorities on various national programs, infrastructure, and services.

Social Programs

Initiatives designed by governments, non-profits, or other organizations to promote welfare and improve quality of life for individuals and communities.