Match Each Term with Its Definition

question 72

Multiple Choice

Match each term with its definition.
-Guaranteed check that is always acceptable when a personal check is not

• A)ABA number
• B)agent
• C)ATM
• D)bank statement
• E)cashier's check
• F)certified check
• G)check register
• H)checking account
• I)currency
• J)deposit

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Definitions:

Price Floor

A government-imposed limit on how low a price can be charged for a product, service, or commodity.

Competitive Price

A pricing strategy where the price of a product or service is set based on the prices of competing products or services in the market.

Consumer Surplus

The discrepancy between what buyers are inclined to pay for a service or product and their actual expenditure.

Producer Gains

The profits or positive financial outcomes that producers experience from selling goods or services, often due to pricing or market conditions.