The Sole Proprietorship Is a Business Owned by Two or More

question 138

True/False

The sole proprietorship is a business owned by two or more people but operated by only one person.

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Definitions:

Postdated Checks

Checks written with a date in the future, indicating that the check should not be processed until that date.

Drawee Bank

The financial institution upon which a check is drawn, responsible for paying the amount specified when the check is presented.

Drawer-Drawee Relationship

The financial interaction where the drawer writes a check and the drawee bank or financial institution pays the amount.

Checking Account

A bank account that allows for easy access to funds through checks and electronic means for everyday transactions.