Some Companies Have Customers Send Payments Directly to an Address

question 83

Multiple Choice

Some companies have customers send payments directly to an address maintained by a bank. This is called a(n) ________ system.

• A) direct deposit
• B) funds transfer
• C) lockbox
• D) interbank transfer

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Definitions:

Flexibility and Creativity

Flexibility and creativity are qualities that allow individuals or organizations to adapt to change and generate innovative solutions to problems.

Hierarchical Division

The breaking down of an organizational structure into levels of hierarchy, where tasks and responsibilities are clearly delineated by rank.

Formal Authority

Formal authority is the official power granted to an individual or entity within an organization to make decisions, direct others, and enforce obedience based on their position or role.

Vertical Specialization

The structuring of an organization’s workforce based on hierarchical levels of authority and specialized functions or tasks.