The European Union Started Out as a

question 238

Multiple Choice

The European Union started out as a

• A) regional trade agreement.
• B) union of nations with identical currency.
• C) union of nations where the same language was spoken.
• D) union of nations with identical tariffs.

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Definitions:

Bank Releases

Legal documents indicating that a bank has released its claim on assets, typically after a loan has been paid off.

Collection Time

The typical duration a company waits to collect payments from its clients following a sale.

Lockbox System

A service offered by banks to process payments quickly by having those payments mailed directly to a secure post-office box, from which the bank collects and deposits into the company's account.

Cheque Clearing

The process by which banks settle transactions made by cheques, transferring funds from the issuer's account to the payee's account.