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Business
Business(Money and banking III)
| Question | Answer |
|---|---|
| What is a deposit/savings account? | An account where a person puts in money to receive a return called interest |
| What is a current account? | Also known as a cheque book account, enables a bank customer to make payments by cheque and laser |
| What is a cheque? | Written instruction by a current account holder,to the bank,to pay a stated sum of money to a named person |
| Who is the drawer? | The person who signs the cheque |
| Who is the payee? | The person who the cheque is given to |
| Who is the drawee? | The bank the cheque is drawn on |
| What is a stale cheque? | A cheque that is more than six months old |
| What is a post-dated cheque? | A cheque that is dated sometime in the future |
| What is a cheque card? | A card that gaurantees a cheque up to a cdertain amount. E.g the bank will accept it up to 100 euro |
| What is crossing a cheque? | A way of making the cheque safer by restricting its movements |
| What is endorsing a cheque? | Passing on a cheque to someone else by the payee signing his/her name on the back of the cheque |
| What is a dishonoured cheque? | A cheque that the bank refuse to accept because it is out of date or because there is no money in the bank |
Created by:
Chimozukee
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