An order instructing the bank to pay a given sum to a specified person or firm is
A) a time deposit.
B) currency.
C) a bank rate.
D) a term deposit.
E) a cheque.

Question

Quizplus · Accepted Answer

An order instructing the bank to pay a given sum to a specified person or firm refers to a cheque. A time deposit and term deposit refer to a type of bank account where money is deposited for a specific length of time. Currency refers to physical cash, and bank rate refers to the interest rate charged by a central bank on loans to commercial banks.

An Order Instructing the Bank to Pay a Given Sum