Under Revised Article 3 of the Uniform Commercial Code, When

question 7

Multiple Choice

Under revised Article 3 of the Uniform Commercial Code, when multiple forgeries are made by the same wrongdoer, the customer generally cannot hold the bank responsible for paying, in good faith, any such checks after an alteration was available to the customer for a reasonable period, not exceeding _____ days.

• A) 10 working
• B) 30 calendar
• C) 60 calendar
• D) 14 working

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Definitions:

Effective Tax Rate

The average rate at which an individual or a corporation is taxed, calculated by dividing the total tax by the taxable income.

Tax Expense

The total amount of taxes owed by an individual or corporation as a result of taxable activities or income during a fiscal year.

Income Before Taxes

The total revenue of a company minus all expenses except for income tax expenses.

Current Ratio

The Current Ratio is a liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year.