Question

Discuss the difference between cash and credit settlement.

Answer 1

Tʜᴇ ᴋᴇʏ ᴅɪғғᴇʀᴇɴᴄᴇ ʙᴇᴛᴡᴇᴇɴ ᴄᴀsʜ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ɪs ᴛʜᴀᴛ ᴏɴᴇ ɪs ʏᴏᴜʀ ᴍᴏɴᴇʏ (ᴄᴀsʜ) ᴀɴᴅ ᴏɴᴇ ɪs ᴛʜᴇ ʙᴀɴᴋ's (ᴏʀ sᴏᴍᴇᴏɴᴇ ᴇʟsᴇ's) ᴍᴏɴᴇʏ (ᴄʀᴇᴅɪᴛ). Wʜᴇɴ ʏᴏᴜ ᴘᴀʏ ᴡɪᴛʜ ᴄᴀsʜ, ʏᴏᴜ ʜᴀɴᴅ ᴏᴠᴇʀ ᴛʜᴇ ᴍᴏɴᴇʏ, ᴛᴀᴋᴇ ʏᴏᴜʀ ɢᴏᴏᴅs ᴀɴᴅ ʏᴏᴜ ᴀʀᴇ ᴅᴏɴᴇ. ... Wʜᴇɴ ʏᴏᴜ ᴘᴀʏ ᴡɪᴛʜ ᴄʀᴇᴅɪᴛ, ʏᴏᴜ ʙᴏʀʀᴏᴡ ᴍᴏɴᴇʏ ғʀᴏᴍ sᴏᴍᴇᴏɴᴇ ᴇʟsᴇ ᴛᴏ ᴘᴀʏ.

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Answer 2

Answer:

The key difference between cash and credit is that one is your money (cash) and one is the bank's (or someone else's) money (credit). When you pay with cash, you hand over the money, take your goods and you are done. ... When you pay with credit, you borrow money from someone else to pay.

Explanation:

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