Which of the Following Sequences Accurately Describes the Evolution of the Payments

question 97

Multiple Choice

Which of the following sequences accurately describes the evolution of the payments system?

• A) Barter, coins made of precious metals, paper currency, cheques, electronic funds transfers
• B) Barter, coins made of precious metals, cheques, paper currency, electronic funds transfers
• C) Barter, cheques, paper currency, coins made of precious metals, electronic funds transfers
• D) Barter, cheques, paper currency, electronic funds transfers

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Definitions:

Priority Claims

Claims with the legal right to be paid before other types of debts in the event of a bankruptcy or similar financial liquidation process.

Chapter 7 Bankruptcy

A form of bankruptcy that involves the liquidation of assets to pay off creditors.

Unsecured Creditors

Creditors who have provided credit without obtaining specific collateral as security for the loan or credit extended.

Secured Party

An individual or entity that holds an interest in a debtor's property as security for a debt, giving them claims over the property if the debt is not paid.