The System That Allows Money to Be Transferred Between Banks

question 61

Multiple Choice

The system that allows money to be transferred between banks electronically without the exchange of paper currency is ____.

• A) electronic data interchange (EDI)
• B) Internet banking (IB)
• C) electronic funds transfer (EFT)
• D) virtual private banking (VPB)

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Definitions:

Total Revenue

The total amount of money received by a firm from sales of its products or services.

Total Cost

Total cost is the complete cost of production, including both fixed and variable costs incurred in the production of goods or services.

Marginal Cost

The cost of producing one more unit of a good or service, crucial for economic decision-making processes.

Marginal Revenue

The revenue increase resulting from the sale of an extra unit of a good or service.