A Payment System That Uses Computerized Electronic Impulses to Effect

question 162

True/False

A payment system that uses computerized electronic impulses to effect a cash transaction is called electronic funds transfer (EFT).

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Definitions:

Direct Materials

Raw materials that are directly traceable and allocable to the production of specific goods or services.

Raw Materials

Basic substances in their natural, modified, or semi-processed state, used as inputs to a production process for subsequent modification or transformation into finished goods.

Direct Labor

The workforce directly involved in product manufacturing, whose labor is easily traced to the product itself.

Wages of Supervisors

Compensation paid to individuals who oversee and manage the work of others within an organization.