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1.
(p. 630)
According to the UCC, a check is a special kind of draft.
2.
(p. 632)
Money orders are considered checks under the UCC.
3.
(p. 634)
Banks are required by the UCC to certify the check if a customer has sufficient funds in
the account.
4.
(p. 636)
A bank involved in the check collection process may only be classified as one type of
bank during the entire process.
5.
(p. 636)
Sometimes the depositary is the same bank as the collecting bank.
6.
(p. 637)
A substitute check is a check that is substituted for a lost check.
7.
(p. 643)
A written stop-payment order is valid for only 30 days.
8.
(p. 643-644)
The UCC states that a customer can postdate a check and that the customer has
no obligations to give the bank notice of the postdated check.
9.
(p. 651)
The customer cannot order a stop payment on an electronic fund transfer.
10.
(p. 630)
Checks are non-negotiable instruments.
11.
(p. 653)
The Federal Reserve has stated that Regulation E applies to e-money transactions.
12.
(p. 634)
Unlike in the United States, in India money orders may be issued only by the post office.
13.
(p. 630)
Which of the following governs the transfer of checks between banks?
14.
(p. 630)
Which of the following is true regarding parties who are related to an order?
15.
(p. 630)
Which of the following is an instrument whereby one party orders the second party to pay
an amount of money to the party listed on the instrument?
16.
(p. 630-631)
Which of the following is the party giving the order to pay on a draft?
17.
(p. 630)
Which of the following is the party ordered to pay on a draft?
18.
(p. 630)
Which of the following is
false
regarding checks?
19.
(p. 630)
A[n] ______ is a special draft that orders the bank to pay a fixed amount of money on
demand.
20.
(p. 631)
Which of the following is true regarding entities considered banks under the UCC?
21.
(p. 631)
A[n] ______ check is a check for which both the drawer and the drawee are the same
bank.
22.
(p. 631)
In which of the following types of checks does the bank draw on itself to pay a specific
person?
23.
(p. 632)
A[n] _____________ check is a check that is drawn by one bank and is usually drawn on
another bank.
24.
(p. 634)
A[n] ______ check is a check that is accepted at the bank at which it is drawn.
25.
(p. 634)
Which of the following is
false
regarding certified checks?
26.
(p. 635)
Assuming a proper and timely claim is made, which of the following is true regarding the
UCC's allowance of full recovery in the event that certain types of checks are lost, stolen, or
destroyed?
27.
(p. 636)
A[n] ______ bank is the first bank that receives the check for payment.
28.
(p. 636)
The ______ bank is the bank upon which a check is drawn.
29.
(p. 637)
Which of the following is the bank ultimately responsible for granting funds for a check?
