Banks Normally Use a Flat Rate Fee for the Processing

question 115

True/False

Banks normally use a flat rate fee for the processing of debit card transactions and a percentage fee for the processing of credit card transactions.

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Definitions:

Partnership Form

A type of business entity where two or more individuals share ownership and the responsibilities of running the business.

Limited Liability

A legal structure that limits the financial liability of the owners of a business to the amount of money they have invested in the business.

Continuous Existence

A characteristic of corporations that allows them to outlast the lives of their individual members or owners, enabling ongoing operations over time.

Transferring Ownership

The process of legally moving the title of an asset or property from one entity or individual to another.