If Lake Boats Charges an Annual Membership Fee of $1,200

question 20

Multiple Choice

If Lake Boats charges an annual membership fee of $1,200 for the use of a boating slip (a place to store a boat) and charges a $50 fee each time a member docks their boat, this is an example of ______.

• A)a single pricing scheme
• B)commodity bundling
• C)two- part pricing
• D)an all- or- nothing offer

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Definitions:

Intermediary Bank

A financial institution that acts as a middleman between a payer's and a payee's banks, especially in international wire transfers.

Check Collection

The process of a bank or other financial institution obtaining the funds promised in a check from the check writer's bank.

Transferred

The act of moving or being moved from one place, position, person, or organization to another.

Gramm-Leach-Bliley Act

A U.S. federal law that requires financial institutions to explain how they share and protect their customers' private information, aiming to safeguard consumer financial privacy.