Terms

Question 1

Barter

Answer 1

Barter refers to exchanging goods and services without the use of money

Question 2

Bills of exchange

Answer 2

Bills of exchange allows the buyer/importer to pay a sum of money or demand on an agreed future date

Question 3

cheques

Answer 3

A cheque instructs a bank to make payments

Question 4

Electronic funds transfer

Answer 4

This is the electronic exchange or transfer of money from one bank account to another.

Question 5

E commerce

Answer 5

Is the buying and selling of good online
Business also advertise products online

Question 6

Credit card

Answer 6

Allows users to purchase immediately and pay at some later date

Question 7

Telegraphic money transfer

Answer 7

Telegraphic money transfer are used when the sender needs to send money overseas

Question 8

Tele banking

Answer 8

Allows the users to access and manage their accounts over the telephone

Question 9

Bank transfer

Answer 9

Bank transfer allows the movement of funds from one bank account to another

Question 10

Mobile money/m money

Answer 10

is a digital payment system that allows users to store, and receive money using their mobile phones

Question 11

Money order

Answer 11

Unlike checks money order does not pull funds directly from your account

Question 12

Debit card

Answer 12

A debit card is a payment card that deducts money directly from your checking account

Question 13

Bank draft

Answer 13

A bank draft is a payment that is like a check, but its amount is guaranteed by the issuing bank

Answer 14

A letter of credit is a document sent from a bank or financial institute that guarantees that a seller will receive a buyer’s payment on time and for the full