Which of the Following Holds True in Case of a Substitute

question 2

Multiple Choice

Which of the following holds true in case of a substitute check?

• A) A substitute check is an electronic reproduction of the original check which is suitable for automated processing in the same manner as the original check.
• B) Only the Federal Reserve can provide substitute checks in place of the original checks in the check processing stream.
• C) In the check collection process it is not required that the image be converted to a substitute check; the electronic image itself suffice.
• D) The Check 21 Act replaces existing state laws regarding the substitute checks.
• E) The Uniform Commercial Code doesn't apply to a transaction dealing with substitute checks.

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Definitions:

Normal Distribution

A bell-shaped frequency distribution curve that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Bell-Shaped Curve

A graph describing the normal distribution, showing most instances occurring near the mean and fewer instances as one moves farther from the mean.

Intelligence

The ability to learn, understand, and apply knowledge, solve problems, and adapt to new situations.

Mental Age

A concept used to describe the intellectual capability of a person (often a child) compared to the average intellectual performance in their actual chronological age group.