Asked by Ruthny Bonnet on May 22, 2024
Verified
A promise made by a bank to pay a payee a certain amount of money at a future time is called a ________.
A) note
B) draft
C) novation
D) check
E) certificate of deposit
Certificate Of Deposit
A document whereby a bank promises to pay a payee a certain amount of money at a future time.
Promise
A declaration or assurance that one will do something or that a particular thing will happen.
- Catalog the different negotiable instruments and appreciate their respective traits.
- Understand the requirements for and functions of a certificate of deposit.
Verified Answer
DM
Dillon MeierMay 29, 2024
Final Answer :
E
Explanation :
A certificate of deposit is a promise made by a bank to pay a payee a certain amount of money at a future time.
Learning Objectives
- Catalog the different negotiable instruments and appreciate their respective traits.
- Understand the requirements for and functions of a certificate of deposit.