An Association of Banks and Other Payors Whose Members Settle

question 1

Multiple Choice

An association of banks and other payors whose members settle accounts with each other on a daily basis is a:

• A) payor banking group.
• B) clearinghouse.
• C) provisional reserve.
• D) credit union.

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Definitions:

Specialty Product

A product that is characterized by a unique quality, brand, or characteristic that consumers are willing to make a special purchase effort to obtain.

Shopping Product

A type of product that consumers purchase after comparing quality, price, and style from various sellers, requiring more thought and effort than routine purchases.

Discretionary Product

Products or services that are non-essential and purchased with disposable income, the demand for which tends to be more elastic and influenced by consumers' economic status.

Unsought Product

Goods or services that consumers typically do not think about buying or do not know exist until they encounter them, usually requiring aggressive sales strategies.