A Type of Cheque That Is Written on Behalf of an Individual

question 28

Multiple Choice

A type of cheque that is written on behalf of an individual and will be charged against a large well-known financial institution or credit card sponsor's account,but has no payee designated on the cheque is called a

• A)cashier's cheque.
• B)money order.
• C)traveller's cheque.
• D)personal cheque.

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Definitions:

Cash

Money in the form of coins or banknotes, especially that issued by a government.

Accruals

Accounting adjustments for revenues that have been earned but not yet recorded, and expenses that have been incurred but not yet recorded.

Explicit Interest

The interest rate stated in a contract or agreement, not including any compounding interest or hidden fees.

Capital

Financial assets or the value of financial assets used for the creation of goods or services or for investing.