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Types of Business Transactions

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Questions and Answers

What is a business transaction?

A financial statement analysis

A marketing campaign

An advertising strategy

An exchange of goods, services, or money between two or more parties (correct)

What are the key elements in a business transaction?

Labor, equipment, and materials

Goods, services, and money (correct)

Marketing, sales, and distribution

Research, development, and innovation

What is the defining characteristic of a cash transaction?

Immediate settlement of the financial exchange (correct)

Involvement of credit cards only

No need for physical currency

Delayed payment for goods or services

What payment methods are typically used in cash transactions?

Physical currency and electronic forms of payment Signup and view all the answers

Which of the following is an example of a cash transaction?

Purchasing groceries with cash Signup and view all the answers

What is the main characteristic of a credit transaction?

Delayed payment for goods or services Signup and view all the answers

What is the period within which the payment is expected in a credit transaction called?

Credit term Signup and view all the answers

In a credit transaction, what happens to the settlement of the financial exchange compared to cash transactions?

Delayed settlement Signup and view all the answers

Which of the following is an example of a credit transaction?

Receiving services and being billed to pay at the end of the month Signup and view all the answers

What type of transaction involves costs incurred in the normal course of business operations, such as rent, salaries, and utilities?

Expense transaction Signup and view all the answers