If Sam Writes a Check Drawn on His Account at First

question 29

Multiple Choice

If Sam writes a check drawn on his account at First Bank to State University to pay his tuition:

• A) Sam is the drawer.
• B) the university is the drawee.
• C) the bank is the payee.
• D) Sam is the maker.

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Definitions:

Individual Partner

A single member in a partnership arrangement who contributes resources, expertise, or labor in exchange for a share of the profits.

Third Party

An individual or group besides the two parties primarily involved in a transaction or agreement.

Partnership Matter

Refers to any legal, financial, or operational issue or activity that involves or affects a business partnership.

Withdraws

The act of removing funds from a bank account or retracting from a commitment, position, or engagement.