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Test Your Knowledge on Payors and Payees Quiz

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1. In a standard transaction, who is responsible for initiating the payment?

2. What role does the payee have in a financial transaction?

3. Which of the following is NOT a common method used by payors to send payments?

4. A payor wants to cancel a scheduled payment to a payee. Which factor is NOT typically considered in whether the payment can be cancelled?

5. In electronic funds transfer (EFT), who primarily determines the transfer amount?

6. Which financial document specifies the amount owed by the payor to the payee?

7. In the context of online payments, which security feature is MOST likely to protect payors from unauthorized transactions?

8. When a payee receives a check from a payor, which process must occur for the funds to be transferred to the payee's account?

9. Which of the following scenarios would NOT involve a payee?

10. In a debit card transaction, who is initially credited and who is eventually debited?