What Is a System Where Goods and Services Are Exchanged

question 51

Multiple Choice

What is a system where goods and services are exchanged for other goods and services as a form of payment?

• A) trading system
• B) barter system
• C) cashless system
• D) transaction system

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Definitions:

Presentment

The formal presentation of a document such as a check or bill of exchange for payment or acceptance.

Negotiable Instrument

A document that ensures the payment of a specified sum of money, either upon request or at an established date, with the payer's name indicated on it.

Presentment Warranties

Guarantees made by the presenter of a negotiable instrument, such as a check, regarding the legitimacy and authority to transfer the instrument.

Liability

The state of being responsible for something, especially in terms of legal or financial obligations.