Good and services transferred from seller to buyer without immediate payment is referred to as...
COMMERCE
JAMB 2023
Good and services transferred from seller to buyer without immediate payment is referred to as
- A. leasing
- B. hire purchase
- C. credit sale
- D. mutual understanding
Correct Answer: C. credit sale
Explanation
A credit sale is a sale in which the customer does not pay in full at the time of purchase, but agrees to pay later. The seller transfers the ownership of goods or services to the customer and expects to receive payment in the future.
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