Sylvia Draws a Check on ABC Bank Payable "To the Order

question 19

Multiple Choice

Sylvia draws a check on ABC Bank payable "to the order of Ann Smith." Ann indorses it and deposits it in her account at First Bank. First Bank is a:

• A) drawee bank.
• B) payee bank.
• C) depositary bank.
• D) payor bank.

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Definitions:

Vision And Mission

Broad declarations that guide an organization's purpose, objectives, and path; the vision outlines the desired future state, while the mission describes the organization's current operations and purpose.

High Failure Rate

A situation where a significant portion of attempts or processes result in failure, indicating a lack of effectiveness or reliability.

New Businesses

Entities that have been recently established to engage in commercial, industrial, or professional activities.

Family Owned

A business that is owned and often operated by members of the same family, spanning one or more generations.