What is called a check that is returned by a bank because it is not payable, usually because of insufficient funds ?
Correct answer: A. Bounce
- A. Bounce
- B. Return
- C. Grossed
- D. Refused
Explanation
A cheque is said to bounce when the bank returns it unpaid, commonly because the account lacks sufficient funds. Thus, “bounce” describes the returned cheque, although “bounced cheque” is the usual wording.
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Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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