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The U.S. Banking System 3rd Edition – Test Bank
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CHAPTER 06—NEGOTIABLE INSTRUMENTS
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1. The most common form of a negotiable instrument is a promissory note. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.1.1 – LO: 6.1.1 |
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2. Check use in the United States is beginning to decline. a. True b. False ANSWER: True POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.1.1 – LO: 6.1.1 |
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3. A check must be written on paper in order to be legal. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.2.1 – LO: 6.2.1 |
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4. A check cannot be negotiated until it has been endorsed. a. True b. False ANSWER: True POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.2.2 – LO: 6.2.2 |
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5. A full endorsement limits both the transferability and the further negotiability of a check. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.2.2 – LO: 6.2.2 |
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6. It is illegal for a bank to make different check-cashing rules for customers and noncustomers. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.2.2 – LO: 6.2.2 |
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7. The Federal Reserve clears about 90 percent of the checks written in the U.S. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.3.2 – LO: 6.3.2 |
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8. You must pay off your credit card account in full at the end of every month. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.4.1 – LO: 6.4.1 |
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9. Transit numbers are not issued to financial institutions that hold accounts at a Federal Reserve Bank. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 6.3.1 – LO: 6.3.1 |
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