💥 Struggled with this one 💥 UGG Reviewing the (examples from Lessons 3 - 7 For each instrument identify LESSON 3 - 7 (1.) MAKER - (2.)DRAWER - (3) DRAWEE - * Lesson 3 = John Smith * Lesson 4 = John Smith * Lesson 5 = John Smith * Lesson 6 = Cashier’s Check = Bank Certified Check = John Smith * Lesson 7 = Secure Savings Bank [4. PAYEE ] * Lesson 3 to 7 = Jane Doe [5. HOLDER ] * Lesson 3 to 7 = Jane Doe 💥Bonus Question:💥 Which parties appear on a Promissory Note but not on a Check? * Promissory Note Maker - Payee (Promise) * Draft or Check Drawer - Drawee - Payee

Using Certificate of Deposit image provided in this lesson. Identify: 1. The Depositor - Jane Doe 2. The Issuing Bank - Secure Savings Bank 3. The Deposit Amount - 10,000.00 4. The Interest Rate - 4% 5. The Maturity Date - May 15 2026 - 12 months 6. The Certificate Number - CD No. 1234567 Bonus Question: How does a Certificate of Deposit differ from both a Promissory Note and a Check? ANSWER Promissory Note - Promise by a borrower to repay - Maker and Payee - Often used in lending Certificate of Deposit: - Acknowledgment of deposited funds - Issued by a bank - Promise by the bank to repay - Often used for savings and investment purposes

Identify 1. Who issued the instrument? - Cashier's Check - Chase - Certified Check - Written by Wayne Johnson Certified by bank. 2. Where do the funds originate? - Cashier's Check - Chase - Certified Check - Wayne Johnson personal account. 3. Who is responsible for payment? - Cashier's Check - Chase - Certified Check - Wayne Johnson 4. Why might a seller prefer one of these instruments over a personal check? - Bank Guarantees funds Bonus Question: If you were selling a vehicle for $25,000, would you rather receive a personal check, a cashier’s check, or a certified check? Explain your reasoning. ANSWER - A cashier’s check is backed by bank owned funds. - A certified check is verified by the bank that funds are available, held aside until withdrawn. - Personal check can easily bounce. EXPLINATION - I would not want to be paid by any of them, both cashier's and certified checks can be made fake by scammers. - I would want to be paid by cash , easier to tell if cash is real.

Using the sample check provided in the lesson image: Identify: 1. The Drawer = John Smith 2. The Drawee Bank = Community Bank 3. The Payee = Jane Doe 4. The Amount = 12,500.00 5. The Routing Number = 123456789 6. The Account Number = 1234567890123 7. The Check Number = 1001 Promise to pay V Order to pay Has 2 parties, * Maker , * Payee Promise to pay Has 3 parties, * Drawer, * Drawee, * Payee Payment now

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