___ involve physical exchange such as purchasing, selling, collection of receivables, and payment of accounts.
Exchange transactions
Oops!
Check
Okay!
Check
seesaw
Swap points!
Oops!
star
Double points!
Okay!
shark
Other team loses 25 points!
Okay!
banana
Go to last place!
Oops!
15
____ are events that do not involve physical exchanges but where changes in monetary values are determinable.
Non-exchange transactions
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Check
Okay!
Check
15
The payment is made after a set amount of time in this transaction.
Credit Transaction
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Check
Okay!
Check
trap
No points!
Oops!
seesaw
Swap points!
Okay!
rocket
Go to first place!
Okay!
thief
Give points!
5
10
15
20
25
monster
Reset all scores!
Oops!
gold
Win 50 points!
Okay!
shark
Other team loses 25 points!
Okay!
baam
Lose 25 points!
Oops!
15
This is not a business transaction.
Non-business transaction
Oops!
Check
Okay!
Check
15
Occur when two or more parties are involved in the transaction.
External Transaction
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Check
Okay!
Check
15
____ are sometimes called exchange transactions.
External Transaction
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Check
Okay!
Check
15
The payment was received or paid in cash at the time the transaction occurred.
Cash Transaction
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Check
Okay!
Check
15
The students benefit from the useful or inspiring contents of the commencement speech, while the CEO and his corporation are publicized in the process. What transaction is this?
Non-business transaction
Oops!
Check
Okay!
Check
thief
Give points!
5
10
15
20
25
rocket
Go to first place!
Okay!
gift
Win 20 points!
Okay!
lifesaver
Give 25 points!
Oops!
15
If the transaction cannot be recorded in a business account, then it is not a ___.
Business Transaction
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Check
Okay!
Check
15
No external party is involved in this transaction.
Internal transaction
Oops!
Check
Okay!
Check
15
___ are economic events that affect the financial position of a business.