Instruments Of Payment

Question 1

What is Barter

Answer 1

The exchange of goods and services without the use of Money

Question 2

What is a Bill Of exchange

Answer 2

An order from one person/organization to another agreeing to make a payment in the future.

Question 3

What is Electronic Transfer

Answer 3

Any transfer or payment that is made electronically

Question 4

Tele Banking

Answer 4

refers to online banking

Question 5

e-commerce

Answer 5

The buying and selling of goods online

Question 6

Cheque

Answer 6

A form printed by a bank and sent to customers in a checkbook

Question 7

Money Order

Answer 7

A money order can be paid at a bank, post office, or telegraph office.

Question 8

Debit card

Answer 8

A means of payment where the details f the card is read by a card machine and funds are transferred directly and immediately

Question 9

Credit card

Answer 9

used to make payments on credit

Question 10

Bank draft

Answer 10

A cheque made out by a bank on behalf of a customer, to allow the customer to make a substantial payment

Question 11

Telegraphic money transfer

Answer 11

A fast way of transferring money, usually from an account in one country to an account in another country