A British Firm May Need Dollars to Pay for U

question 7

Multiple Choice

A British firm may need dollars to pay for U.S.imports.It can work with banks in London to exchange pounds for dollars to make this payment via electronic transfer.This is an example of a(n) _____ market.

• A) exchange
• B) futures
• C) independent
• D) balance
• E) spot

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Definitions:

Routing Number

A unique nine-digit code used to identify a banking institution in the United States, essential for processing electronic transfers and checks.

Internal Control

A system of policies and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Employees Rotated

A process where employees are moved between different jobs or tasks to gain experience, reduce monotony, or improve workforce flexibility.

Monthly Bank Statements

Detailed financial statements provided by banks, summarizing account activity, balances, and other financial transactions for each month.