Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

State with Reasons Whether the Following Statements Are True of False. Credit Cards Are Used for Cash Payments. - Organisation of Commerce and Management

MCQ
True or False

State with reasons whether the following statement true of false.
Credit cards are used for cash payments.

Options

  • True 

  • False 

Advertisement Remove all ads

Solution

Credit cards are used for cash payments: False
Explanation:
The statement is false. Credit cards are used for making payments on credit. When a person uses a credit card to purchase goods and services, there is no physical exchange of money. However, the amount is paid to the seller by the card-issuing bank; that is, the seller’s account is credited and the cardholder’s account is debited.

Concept: Payment Mechanism
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Micheal Vaz Organisation of Commerce and Management (OCM) HSC 12th Standard Maharashtra State Board
Chapter 3 Emerging Modes of Business
True or false | Q 2 | Page 97
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×