Concept explainers
A(n) ___________ is a written order to a bank by a depositor to pay the amount specified from funds on deposit in a checking account. (4-1)
To fill: The blank space in the statement, “A(n)____ is a written order to a bank by a depositor to pay the amount specified from funds on deposit in a checking account”.
Answer to Problem 1CR
Solution:
A check or draft is a written order to a bank by a depositor to pay the amount specified from funds on deposit in a checking account.
Explanation of Solution
A check or draft is a written order to a bank by a depositor to pay the amount specified from funds on deposit in a checking account.
A negotiable instrument that orders the bank to pay amount of money from person’s checking account to either a person or a business is known as draft or check.
Therefore, the correct fill for the blank is check or draft.
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Chapter 4 Solutions
Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version
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