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Payee vs. Payor: Definition & Explanation

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The party receiving money in exchange for goods and services is the _____.

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1. The party who pays money in exchange of goods and services is the _____.

2. The payor and payee can be the same person in all but which situation?

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About This Quiz & Worksheet

These assessments will cover the differences between payors and payees. You'll be asked to answer questions on topics that include a party who delivers money in a transaction and a party who receives money.

Quiz & Worksheet Goals

Find out what you know about the following:

  • When the payor and payee can be the same person
  • Who to make a check out to in a sample scenario
  • The role played by an account owner when moving money between accounts

Skills Practiced

  • Distinguishing differences - compare and contrast topics from the lesson, such as payors and payees
  • Making connections - use your understanding of making payments to identify the person you would write out a check to in a given scenario
  • Information recall - access the knowledge you've gained regarding the transfer of money between two separate accounts under your name

Additional Learning

To learn more, simply review the accompanying lesson we've named Payee vs. Payor: Definition & Explanation. The following points of study will be addressed:

  • Details about the parties involved in an exchange of goods and services
  • Real-world examples of payors and payees in business
  • Situations where the government is the payor or payee
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