COGNITIVE ASSESSMENT What Type of Device Reads the Strip of Magnetic

question 3

Multiple Choice

COGNITIVE ASSESSMENT What type of device reads the strip of magnetic material on the back of your father's credit card?

• A) credit card reader
• B) magReader
• C) magnetic stripe card reader
• D) MCR

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Definitions:

Revenues

The total income generated by a company or organization from its activities, before any expenses are subtracted.

Economic Profit

The difference between the total revenues received by a business and the total opportunity costs of all resources used in the production.

Accounting Profit

The net income of a business as calculated by subtracting total expenses from total revenues, according to standard accounting practices.

Savings

Money that is not spent and is set aside for future use, often in a bank account or other financial instrument.