18.

When someone steals a written check and forges the signature of the payee, the liability for the fraud rests with the bank ____. When someone steals a blank check and forges the signature of the check writer, the liability for the fraud rests with the bank ____.

Group of answer choices

A. in which the check is deposited; in which the check is deposited

B. in which the check is deposited; on which the check is written

C. on which the check is written; in which the check is deposited

D. on which the check is written; on which the check is written

19.

For which of the following are wire transfers through Fedwire commonly used? 1. P2P payments between friends and relatives. 2. Payments for closing of large financial transactions. 3. Remote payments that need to clear immediately.

Group of answer choices

A. 2 and 3

B. 1, 2, and 3

C. 1 and 2

D. 1 and 3

20.

For payees, cash has both advantages and disadvantages. It has the advantage that the payment is _____. However, it has the disadvantage that the payment is ____.

Group of answer choices

A. anonymous, for those concerned about privacy; final

B. reversible; costly in terms of storage and transportation

C. invulnerable to fraud; reversible

D. anonymous, for those concerned about privacy; vulnerable to theft

21.

Payments processors and payment networks are alike in that they both face high ____costs, which causes them to seek high ____.

Group of answer choices

A. variable (i.e., incremental) costs; transaction volume

B. fixed costs; fees per transaction

C. fixed costs; transaction volume

D. variable (i.e., incremental) costs; fees per transaction