_____ Is the Amount That the Merchant Account Provider Takes

question 41

Multiple Choice

_____ is the amount that the merchant account provider takes as a percentage of sales conducted through credit cards.

• A) holdback
• B) discount rate
• C) credit card premium
• D) security rate
• E) credit line of defense

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Definitions:

Cash Receipts

The collection of money, including coins, currency, checks, and electronic fund transfers, received by a business.

Cash Payments

The act of settling debts, purchasing goods, or services by transferring physical currency or through electronic means as opposed to using credit.

Voucher Register

A journal or ledger used to record vouchers and their corresponding financial transactions in the accounting cycle.

General Journal

A primary accounting record where financial transactions are entered before being posted to specific accounts in the general ledger.