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.

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Definitions:

Government Revenue

The income received by the government from taxes, non-tax sources, and other fiscal policies.

Latte

A latte is a coffee drink made with espresso and steamed milk, often enjoyed in various flavors and styles across coffee shops globally.

Tax Incidence

The study of who bears the final burden of a tax, including how it is distributed between producers and consumers.

Elastic Supply

A situation where the quantity supplied changes significantly due to changes in the price.