Tomas signs a check "pay to the order of University Bookstore" drawn on his account in Verity Bank to pay for his textbooks. The bookstore deposits the check in its account in West Bank. Like most checks, this check is
A) virtual cash.
B) digital cash.
C) a special type of draft.
D) a type of electronic fund transfer.

Question

Quizplus · Accepted Answer

The check is a special type of draft, which is a written order to pay a certain amount of money to a specific person or organization. It is not virtual cash or digital cash, as it requires manual processing and is not an electronic form of payment. While it is ultimately deposited into a bank account, it is not considered an electronic fund transfer because it involves physical paper and manual processing.

Tomas Signs a Check "Pay to the Order of University