If you have 3 prewritten checks and need to buy an item that is between 1 and 100 dol what should the amount of the three checks be in order to minimize loss Note that they are prewritten and no tax?

Answer 1

33, 66 & 100

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Sorry to be critical, but whoever is presenting this Q, I'll guess an educator, needs to change it entirely. It is terrible and if anything, as a teaching tool, it could only lead to teaching things that are categorically incorrect in many ways! To teach or imply that writing bad checks - a criminal act - is ever a real consideration - or to imply that getting cash (or a check) as change, is terrible. Someone accepting checks should confirm they are good, using any number of common methods - or use something like giving a check back for the change (overpayment) that means whatever the change, it won't be available until the original payment check has cleared.

Just like cash, when used to purchase something, the exact amount of the sale DOES NOT need to be presented when paying by check. Doing so does not alter the chance or amount of potential "loss". (I'm not even sure how loss, presumably to the presenter of the checks, can even come into play. Moreover, the Q specifies "an item", so just the writing of 3 checks would cause a loss of the expense of making/using 2 checks, even if thrown out afterward).

One check for the $100, to cover the maximum possible and receiving change if needed is always the best answer to this bizarre Q. If it is a $1 purchase, $99 change provided (as noted any number of ways - check, store credit, cash, in the future, etc.,etc.), regardless of if the payment is by credit card, check, cash, pieces of gold, washing dishes, etc. And if the item is $100, no change is required.