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Exam 15: Banking in the Digital Age

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Question 41

Multiple Choice

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Jackie inserts a debit card issued by her bank into a machine and keys in her personal identification number. She then withdraws $500 in cash. Jackie used​

A) an automated teller machine.
B) a point-of-sale system.
C) a direct deposit system.
D) an Internet payment system.

E) C) and D)
F) None of the above

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verified

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Question 42

Multiple Choice

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Tri State Bank agrees to accept a check by setting aside sufficient funds to cover the amount. This check is considered​

A) cashed.
B) certified.
C) deposited.
D) a provisional credit.

E) C) and D)
F) A) and C)

Correct Answer

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Question 43

True/False

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A bank that encodes information for electronic presentment warrants to any subsequent bank that the information is correct.

A check is a special type of draft drawn on a bank.

Each bank in a collection chain must pass a check on before midnight of the day of its receipt.

When processing a check, Savings & Trust Bank encodes information, such as the amount of the check, on the item. Savings & Trust thereby warrants to any subsequent bank or payor that​

Simon signs a check "pay to the order of Tilly" drawn on Simon's account in United Bank. Vela forges Tilly's indorsement, Western Bank cashes the check, and Vela disappears. United pays Western and debits Simon's account. Most likely, the ultimate loss will fall on

A customer must examine a bank statement and report any discovered forged signature to recover from the bank for the forgery.

Falls River Bank receives a check drawn on the account of Get-Rich Industries, Inc., one of the bank's customers, at 3 p.m. Friday. Hildy, the presenter of the check, is not one of the bank's customers. The bank uses deferred posting with a 2 p.m. cutoff hour. If it decides to dishonor the check, it must do so by midnight

Daisy signs a check "pay to the order of Ewan" drawn on Daisy's account in Finance Bank. Graham forges Ewan's indorsement. Finance Bank pays the check. Most likely​

Smart cards carry and process security programming.

Stored-value cards can be used to buy goods and services offered by the cards' issuer.