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WAEC Economics 1988 Question 30

Question 30

Financial Institutions

The drawer of a cheque is the

  1. A.person who is to be paid the sum of money as written on the cheque
  2. B.person who takes the cheque to the bank
  3. C.bank on which the cheque is drawn
  4. D.person who writes out the cheque
  5. E.bank official who certifies the payment.
Show the answer and explanation

Answer: D (person who writes out the cheque)

Explanation

The drawer is the account holder who writes and signs the cheque; the payee receives the money and the drawee is the bank.