Because State Lotteries Pay Out Whenever a Person Selects the Right

question 11

True/False

Because state lotteries pay out whenever a person selects the right combination of numbers, the lotteries utilize a fixed ratio schedule.

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Definitions:

Clearinghouse

An intermediary body that facilitates the exchange of payments, securities, or derivatives transactions among its members.

Payor Bank

A bank that is responsible for paying a check or draft on behalf of a customer, typically the bank where the check writer has an account.

Depository Bank

A financial institution that holds and manages securities (stocks, bonds, etc.) for its clients and may also offer other banking services.

Payor Bank

A bank that is responsible for paying a check or draft presented for payment against an account.