Question

The practice of buying goods and services now and paying for them later is termed:______

Answer 1

The practice of buying goods and services now and paying for them later is termed is Bartering.

A barter is a transaction in which two or more parties exchange products or services without exchanging cash or other forms of payment like credit cards.

In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service.

A carpenter who constructs a fence for a farmer is a straightforward illustration of a barter transaction.

The farmer might compensate the carpenter with $1,000 worth of crops or groceries rather than paying the builder $1,000 in cash for labor and supplies.

To learn more about Bartering here

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