What Is a Digital Wallet

question 24

Multiple Choice

What is a digital wallet?

• A) An Internet-based company that facilitates payments over the Internet
• B) A mechanism for sending a payment from a chequing or savings account
• C) A system that sends bills over the Internet and provides an easy-to-use mechanism to pay the bill
• D) Both software and information-the software provides security for the transaction and the information includes payment and delivery information

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Definitions:

Short-Term Financial Plan

A financial strategy or planning document that outlines the revenue, expenses, and cash flow for a business over a short period, typically less than one year.

Letter of Credit

A financial document issued by a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.

Bank Loan

A bank loan is a sum of money borrowed from a bank that must be repaid with interest over a predetermined period.

Receivables Balance

The complete amount of financial liabilities customers hold towards a company for supplied goods or services awaiting payment.