All negotiable instruments can be classified into which two general categories?
A) checks and drafts
B) checks and notes
C) notes and certificates of deposit
D) notes and drafts
E) checks and certificates of deposit

Question

Quizplus · Accepted Answer

The two general categories of negotiable instruments are notes and drafts. A note is a promise to pay while a draft is an order to pay. Checks can be classified as a type of draft, and certificates of deposit can be classified as a type of note, but these are not the two main categories of negotiable instruments.

All Negotiable Instruments Can Be Classified into Which Two General