Tammy is talented at craft but lacks the cash flow management skills required to run a business.She opens a store,Tammy's Craft Corner,with the help of her son David-a business major.Jane purchases a picture frame from Tammy using a credit card.She notices a crack in the frame and returns it to Tammy.Jane contacts the credit card service provider for a refund.The credit card company removes the sale amount from Tammy's account which is referred to as a(n)_____.

Question

Quizplus · Accepted Answer

The situation described in the question is a classic example of a chargeback, which is when a customer requests a refund from their credit card company instead of going directly to the merchant. The credit card company then takes the money back from the merchant's account and gives it to the customer. This can happen for a variety of reasons, such as fraud, errors, or disputes over product quality. In this case, it was because the picture frame had a crack in it.

Tammy Is Talented at Craft but Lacks the Cash Flow