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Which one of the following options provides assured payment?
(A) Voucher
(B) Demand Deposit
(C) Cheque
(D) Collateral
Answers
Answer:
B) Demand Deposit
Explanation:
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Answer : (C) Cheque
A Cheque provides assured payment as it is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. It is a negotiable instrument that serves as a guarantee of payment. A cheque is used to transfer money from one account to another, and the bank clears the cheque after verifying that the account holder has sufficient funds to cover the amount of the cheque.
Explanation :
A Cheque is a financial instrument that is often used as a means of payment and it provides assured payment. A cheque is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The cheque is a legal document that serves as a guarantee of payment, meaning that the bank will honor the cheque if the account holder has sufficient funds to cover the amount of the cheque. The bank will clear the cheque after verifying that the account holder has sufficient funds to cover the amount of the cheque. Other options such as Voucher, Demand Deposit and Collateral are not providing assured payment. A Voucher is a document which serves as proof of the payment, Demand deposit is a type of account in which the deposited funds are available on demand, and Collateral is a security that an individual or organization provides to a lender.
(A) Voucher: A voucher is a document or certificate that can be exchanged for goods or services. It can be used as a form of payment, and can be issued by businesses, governments, or other organizations. Vouchers are often used for promotions or as a way to reward customers.
(B) Demand Deposit: A demand deposit is a type of bank account that allows customers to make deposits and withdrawals at any time without notice or penalty. These accounts are also known as checking accounts and they allow customers to write checks or use debit cards to make payments.
(C) Collateral: Collateral is an asset or property that is pledged as security for a loan. In the event that the borrower is unable to repay the loan, the lender can seize the collateral to recover their losses. Common types of collateral include real estate, vehicles, jewelry, and stocks.
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