Checks Are Not Money Because They

question 314

Multiple Choice

Checks are not money because they

• A)are just instruments to transfer money between banks.
• B)are not guaranteed by banks.
• C)can bounce when there are not enough funds to cash them.
• D)are not issued by the government.
• E)are not always accepted when trying to purchase goods or services.

Identify the purposes and historical objectives of government.

Illustrate the safeguards in modern democracies to prevent the oppression of minorities.

Understand the concept and significance of universal suffrage and the evolution of voting rights.

Identify and describe the main economic systems, with a focus on capitalism and its characteristics.

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Definitions:

Customer Refunds Payable

A liability account for estimated refunds and allowances that will be paid or granted to customers in the future.

Estimated Returns Inventory

A current asset account for the estimated amount of merchandise that will be returned by customers.

Customer Refunds Payable

Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.

Perpetual Inventory

An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized systems.