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