...what the following mean:
a bounced cheque, a demand
draft, an account payee cheque,
bankruptcy, traveller's cheque.
Answers
Answer:
A traveller's cheque
is a medium of exchange that can be used in place of hard currency. They can be denominated in one of a number of major world currencies and are preprinted, fixed-amount cheques designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.
Bounced Check
Non-sufficient funds is a term used in the banking industry to indicate that a cheque is not being honoured because insufficient cleared funds are in the account on which the cheque was drawn.
Demand draft
A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client, directing another bank or one of its own branches to pay a certain sum to the specified party. A demand draft can also be compared to a cheque. However, demand drafts are difficult to countermand.
Account payee Cheque
An Account Payee Cheque is a highly secured type of cheque as the amount can only be deposited in the account of the payee. The payee cannot endorse this cheque to anyone else. ... Payee is the party to whom the final payment is made and his/her/its name is written on the cheque.
Bankruptcy
When an organisation is unable to honour its financial obligations or make payment to its creditors, it files for bankruptcy. A person or an organisation files for Chapter 7 under the US bankruptcy law in which they liquidate their assets to repay their debt obligations.
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Answer:
Medium of exchange is a term in man-made economics referring to any designated material object which invariably is used by one human being to acquire a necessary or desired good or service from another. The underlying assumption in designating a "medium of exchange" is that one cannot acquire a good or service from another, without having to provide the other with something material in exchange.
The origin of "mediums of exchange" in human societies is nearly universal in the 21st century, and is assumed to have arisen in antiquity as awareness grew of the limitations of barter. The form of the "medium of exchange" has assumed that of a token, which has been further refined as money. A "medium of exchange" is in fact considered one of mankind's three fundamental functions of money, according to mainstream rules of economics.[1][2][3] Because it can be to acquire any good or service it acts as an intermediary instrument and avoids the limitations of barter; where what one wants has to be exactly matched with what the other has to offer.[4][5]
Most forms of money are now recognized as mediums of exchange including commodity money, representative money, the new cryptocurrency and most commonly fiat money. Representative and fiat money often exist in digital form as well as physical tokens such as coins and notes.
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