Under the Gross Method,when the Credit Card Processor Deposits the Cash

question 257

Multiple Choice

Under the gross method,when the credit card processor deposits the cash proceeds from credit and debit card sales ________.

• A) there will be no fee charged for the transaction
• B) the deposit is made on the last day of the month
• C) the total sales plus the processing fee assessed equals the net amount of cash deposited
• D) the processing fees are deducted from the company's bank account by the processor

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Definitions:

Revolutionary War

The conflict between Great Britain and its thirteen American colonies from 1775 to 1783 that resulted in the colonies gaining independence and forming the United States of America.

Negotiations

The process by which two or more parties aim to reach a mutual agreement through dialogue and compromise on a matter of mutual interest.

Treaty of Fort Stanwix

A 1768 agreement between Native American nations and British colonists, establishing boundary lines in what is now the United States.

Iroquois Confederacy

The Iroquois Confederacy, also known as the Haudenosaunee or Six Nations, was a powerful and influential alliance of six Native American tribes primarily located in the northeastern United States and southeastern Canada.