A bank whose name is printed on a cheque leaf is known as the?

Assessment: WAEC SSCE - Commerce - 1993 (Objective) Subject: Commerce

Question 1 Report

A bank whose name is printed on a cheque leaf is known as the?
Answer Details
The bank whose name is printed on a cheque leaf is known as the drawee. When a cheque is issued, it is the drawer (the person who writes the cheque) instructing the drawee bank to pay a specified amount of money to the payee (the person or organization to whom the cheque is made payable). The drawee is the bank on which the cheque is drawn and the bank is responsible for honoring the payment instructions of the drawer.
Read lesson note on Financing Business (JAMB)
Read lesson note on Commerce (JAMB)
Read lesson note on Occupation (JAMB)
Read lesson note on Trade (JAMB)
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