Payment method
This payment method involves exchanging goods or services without using money.
Bartering
This characteristic of money refers to its ability to withstand wear and tear
durability
This part of a check specifies who is to receive the payment
payee
This is a medium of exchange, a unit of account, and a store of value.
What is money
This card deducts funds directly from the user's account
debit card
This characteristic of money makes it easy to transport and use
portability
This person writes a cheque authorizing the bank to pay a specific amount.
Who is the drawer
This function of money allows it to retain its value over time
What is a store of value
This type of payment involves moving funds electronically between accounts.
Electronic transfer
This type of money has value because the government says so
flat money
This is the bank that the drawer instructs to pay the specified amount to the payee
What is the drawee
This characteristic of money ensures it's widely accepted as payment.
What is legal tender
This bank is liable for paying out funds when a valid check is presented.
What is the drawee
This feature, like a government seal, verifies authenticity and trustworthiness
What is a security feature
This line on a check contains magnetic ink characters that machines can read."
What is the M.I.C.R. Line
Special line that contains the account information in a machine-readable format
Found at the bottom left-hand corner
1. :02700267 = Routing number (9 digits)
2. 890123456 = Account number (varies in length)
3. :0001 = Check number (varies in length and format)
This distinguishes one currency from another, preventing confusion
What is denomination