Using a Credit Card,such as Visa or MasterCard,is an Example

question 40

True/False

Using a credit card,such as Visa or MasterCard,is an example of closed-end credit.

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Definitions:

Specific Payee

indicates a person or entity named explicitly in a negotiable instrument as the recipient of the payment.

Document

A recorded piece of information, either in physical or electronic format, used for communication or to provide evidence.

Named

Designated or identified by a specific name.

Currency Requirement

A stipulation for the type of currency that must be used in a financial transaction or agreement.