Instrument of exchange

Cheques are considered an _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ .

What is the primary purpose of a cheque?

• To withdraw cash

• To transfer funds

• To open a bank account

• To apply for a loan

For a cheque to be cashed, the amount must be written in _ _ _ _ _ and _ _ _ _ _ _ _

The date is important on a cheque as it typically _ _ _ _ _ _ _ after _ _ _ months.

What happens if a cheque is not cashed within a certain period?

• It becomes void

• It can be reissued

• It is sent back to the drawer

• It is automatically deposited

A cheque is a preferred method of payment as it is _ _ _ _ and _ _ _ _ _ _ _ _ _ _ _.

Kept by the person issuing the cheque after it is torn from the cheque book,

• Account number

• Counterfoil

• The cheque book

• The cash

The title of the person that issued the cheque:

• Payee

• Drawee

• Bank Teller

• Drawer

Based on the discussion, how many main features are associated with a cheque ?

What must be present on a cheque for it to be valid?

• Account balance

• Bank's stamp

• Drawer's signature

• Signature of the payee