Real-Time Processing

question 66

Multiple Choice

Real-time processing:

• A)Would not be used for payment to vendor type transactions since they are not time sensitive.
• B)Occurs when similar transactions are grouped into a batch and processed as a group.
• C)Would be utilized for processes such as payroll due to their time-sensitive nature.
• D)Occurs when the transaction is processed immediately.

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Definitions:

Producer Surplus

The discrepancy between what sellers are prepared to take for a product or service and the actual payment they get in the marketplace.

Efficiency Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is not achievable.

Franchising

A business model that allows individuals or entities to operate a portion of a larger company's brand or system in exchange for fees and adherence to the company's policies.

Fast-Food Restaurants

Fast-food restaurants are eateries that offer quick service and a menu of food items that are prepared and served quickly to the customer, typically at lower cost.