What is a written order that requires payment of a specific sum of money to the bearer called?

The correct answer is a draft, which is a written order requiring payment of a specific sum of money to the bearer. In financial terms, a draft is a formal instrument that directs one party to pay a designated sum to another. It is important in transactions because it serves as a negotiable instrument, meaning it can be transferred to others, similar to a check.

While a receipt acknowledges that a payment has been made, it does not function as an order for future payment. A note generally refers to a promise to pay but is typically more informal and might not specify the details of payment as a draft would. A promissory note is specifically a written promise to pay a certain amount at a future date, which is a different concept from a draft that serves as an order for immediate payment. Understanding the distinction between these financial terms helps in grasping the mechanics of money movement in various transactions.