Which Payment Method Does Not Time the Payment of Goods

question 53

Multiple Choice

Which payment method does not time the payment of goods when the goods arrive in the importer's country?

• A) countertrade
• B) credit card
• C) letter of credit
• D) open account

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Definitions:

Charitable Purposes

Activities undertaken with the aim of providing relief to the poor, advancing education, or other acts benefiting the community without profit motive.

Formalities

Specific procedures or requirements that must be observed in legal transactions, such as contracts or the execution of a will.

Void

A term describing a contract or legal agreement that has no legal effect and cannot be enforced by law.

Bequest

In a will, a gift of personal property or money. Also called a legacy.