A debt that is expected to be collected in less than 1 year is a __________________.

Karen has a checking account at First Bank. Karen writes a check to Bonanza Apartments for her

rent. In this situation: A) Karen is the payee, First Bank is the drawee, and Bonanza is the drawer. B) Karen is the drawer, First Bank is the drawee, and Bonanza is the payee. C) Karen is the payee, First Bank is the drawer, and Bonanza is the drawee. D) Karen is the maker, First Bank is the drawee, and Bonanza is the payee. E) Karen is the drawee, First Banks is the drawer, and Bonanza is the payee.

Which of the following statements is TRUE of a last chance agreement?

a. Whenever any change occurs in the union, the collective bargaining agreement is renegotiated with the employer and it is known as the last chance agreement. b. A last chance agreement is an agreement between a union and an employee who is not a union member. c. If an employee violates a last chance agreement then the matter is directly reported to an arbitrator without following the usual grievance procedure and the arbitrator makes a final binding decision. d. A last chance agreement allows an employee who was fired for misconduct his job back with the condition that if the employee violates the agreement he will be discharged without right of an appeal.