Which of the following definitions describes an accommodation party of a bill or a note?
A. a person who receives an endorsed bill or note from an endorser
B. a person who endorses a bill or note as a guarantor of an endorsee
C. a person who signs a bill or note as a surety and comaker
D. a person who signs a bill or note to lend his or her credit to another party
D
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A house sold for $109,000 with the buyer making a 20% downpayment. The grantor's tax is based on the:
a. down payment b. loan amount c. selling price d. none of the above
A monthly depositor:
A) is an employer who only has to deposit Form 941 taxes on the 15th day of the month (or next banking day). B) is determined by the amount of Form 941 taxes that they paid in the look-back-period. C) will remain a monthly depositor, once classified, for one year at which time they will be reevaluated. D) All of the above answers are correct.