41. Which of the following is a common reason for using a money order instead of a cashier’s check?
a) Lower transaction fees
b) Faster processing time
c) Greater convenience for the sender
d) Higher level of security
42. Which of the following is NOT a required component on a money order?
a) Payee’s name and address
b) Signature of the sender
c) Bank’s name and address
d) Dollar amount being remitted
43. True or False: Money orders are considered a more secure method of remittance compared to demand drafts.
44. Which of the following is a reason why wire transfers are commonly used for large transactions?
a) They have a lower transaction fee compared to other methods
b) They can be easily cancelled or reissued if lost or stolen
c) They have a faster processing time compared to other methods
d) They allow for immediate withdrawal of funds at the bank of payment
45. True or False: A demand draft can be issued in a currency different from the sender’s currency.
