To Obtain a Business License, Bess Writes a Check to a Certain

question 21

Multiple Choice

To obtain a business license, Bess writes a check to a certain state agency. Bess is

• A) the drawee.
• B) the drawer.
• C) the indorser.
• D) the payee.

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Definitions:

General Partner

An owner of a partnership who has unlimited liability and is typically involved in the day-to-day management of the business.

Trust Funds

Financial funds legally held by a trustee for the benefit of another party, known as the beneficiary.

Patent Leather

Patent Leather is a type of leather that has been finished with a high gloss, achieved through a coating process, often used in fashion items such as shoes, belts, and handbags.

Accounting Partnership

An accounting partnership is a business arrangement where two or more individuals manage and operate an accounting firm, sharing responsibilities, profits, and liabilities.