By Using of a Letter of Credit, the Buyer Need

question 11

True/False

By using of a letter of credit, the buyer need not pay the seller for goods prior to shipment and the seller can obtain payment for the goods immediately upon shipment. Use of a letter of credit in the transaction reduces the uncertainties involved.

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Definitions:

Labor Force

Refers to the total number of people employed and unemployed, who are actively seeking work in an economy.

U.S. Governments

Refers to the federal government of the United States, including its three branches: the legislative, executive, and judicial branches.

Federal

Pertaining to the form of government or a system of governance that combines a central authority for the country with states or provinces that have their own governance, sharing sovereignty between the two.

Benefits-Received Principle

The idea that those who receive the benefits of goods and services provided by government should pay the taxes required to finance them.