Which of the Following Is True of the Relationship Between

question 33

Multiple Choice

Which of the following is true of the relationship between the drawee bank and its customer?

• A)The drawee bank becomes a creditor and the customer becomes a debtor at the time of opening a checking account.
• B)The drawee bank becomes an insurer and the customer the insured at the time of opening a checking account.
• C)The drawee bank becomes the customer's debtor at the time of opening a checking account and agent while collecting checks.
• D)The drawee bank becomes a debtor to the customer when the bank pays more than the customer has on deposit.

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Definitions:

Workers' Compensation Fund

A pool of funds used to provide financial assistance and medical care to employees who are injured or become ill as a direct result of their job.

Contributions

imply donations or payments made towards a particular cause, group, or effort, or the act of giving towards something.

Self-Employed

A status wherein an individual works for themselves rather than being employed by a company or organization, taking on contracts or gigs independently.

Canada Pension Plan

A social insurance program in Canada providing retirement, disability benefits, and survivor benefits to eligible individuals.