3
Question
A paper instructing the bank to pay a specific amount from the person's account to the person in whose name it has been made.
A paper instructing the bank to pay a specific amount from the person's account to the person in whose name it has been made.
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Solution
The correct option is B Cheque
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 person writing the cheque, the drawer, has a transaction banking
account (often called a current, cheque, chequing or checking account) where
their money is held.
The drawer writes the various details including the monetary
amount, date, and a payee on the cheque, and signs it, ordering their bank,
known as the drawee, to pay that person or company the amount of money
stated.
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 person writing the cheque, the drawer, has a transaction banking
account (often called a current, cheque, chequing or checking account) where
their money is held.
The drawer writes the various details including the monetary
amount, date, and a payee on the cheque, and signs it, ordering their bank,
known as the drawee, to pay that person or company the amount of money
stated.
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