A Designated Geographic Region in Which Merchandise Is Allowed to Pass

question 5

Multiple Choice

A designated geographic region in which merchandise is allowed to pass with lower customs duties and/or fewer custom procedures is called a(n) ________.

• A)foreign trade zone
• B)free trade area
• C)single market
• D)open border

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Definitions:

NSF Check

A check that a bank has declined to honor because the account on which it was drawn does not have sufficient funds.

EFT Deposit

Stands for Electronic Funds Transfer deposit, a method of transferring money directly from one bank account to another electronically.

Service Charge

A fee collected to pay for services related to the primary product or service being purchased, often added to bills in restaurants, banking, and lodging industries.

Outstanding Checks

Checks that have been written and recorded in the accounting records but not yet cleared or cashed by the bank.