Which of the Following Is True of Electronic Fund Transfers

question 18

Multiple Choice

Which of the following is true of electronic fund transfers?

• A) It is a transfer of funds begun by a promissory note.
• B) It is a transfer of funds begun by a telephonic instrument.
• C) It is a transfer of funds begun by a check or draft.
• D) It is a transfer of funds begun by any paper instrument.

---

Definitions:

Flexible Budget

An adjustable budget that is sensitive to changes in levels of activity or the amount of volume.

Service Company

A service company is a business that earns revenue by providing intangible products or services, as opposed to selling physical goods.

Cost Formula

An equation used to predict costs at different levels of activity, incorporating fixed and variable cost components.

Wages and Salaries

The compensation paid to employees for their labor, including hourly wages and annual salaries.