Means of payments. - SS3 Commerce Past Questions and Answers - page 1
1
Which means of payment involves using physical currency in the form of coins and banknotes?
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A
Cash
B
Credit
C
Payment in arrears
2
What is the primary characteristic of credit as a means of payment?
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A
Immediate settlement of debt
B
Borrowing money for future payment
C
Payment made after receiving goods or services
3
What does payment in arrears refer to?
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A
Settling debt with physical currency
B
Immediate payment for goods or services
C
Deferred payment after receiving goods or services
4
Which form of payment is widely recognized as legal tender?
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A
Banknotes
B
Credit cards
C
Digital wallets
5
What are coins primarily used for?
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A
Higher value transactions
B
Borrowing money
C
Smaller value transactions
6
Explain the concept of credit as a means of payment.
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7
What is the significance of legal tender in means of payment?
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