BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -The next line on the check, “Pay to the order of, ” is where you write the name of the person or company you want to pay. You can also just write the word “cash” if you don’t know the person or organization’s exact name.
Detailed explanation-2: -The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee.
Detailed explanation-3: -Payee: On the line that says “Pay to the order of, ” write the name of the person or organization you’re paying. You may have to ask “Whom do I make the check out to?” if you’re not sure what to write, because this information needs to be accurate.
Detailed explanation-4: -A payee is a person or organization that receives the cheque, whereas a drawee is a person or organization that issues the cheque.