An Example of a Transfer Payment Is

question 154

Multiple Choice

An example of a transfer payment is

• A)a teacher's paycheque.
• B)a paycheque for a member of the Royal Canadian Air Force.
• C)an Old Age Security Payment.
• D)a purchase of a new bridge to PEI.
• E)federal income taxes collected in Saskatchewan.

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Definitions:

Creditor/Debtor Transaction

A financial agreement involving a creditor providing funds or resources to a debtor who in return promises to repay the creditor.

Real Property

Immovable property such as land, buildings, and other structures that are permanently attached to the land.

Chose in Action

A personal right not attached to any physical property, recoverable by a lawsuit, such as debts, copyrights, or patents.

Chattels

Personal property that is tangible and movable.