Final answer:
In business transactions, the essential facets to collect include the timing and method of receiving money, the amount of money, and cross-checking the data from various sources for accuracy.
Step-by-step explanation:
When collecting data for business transactions, three critical facets are considered pivotal for accurate data collection. Firstly, it is essential to identify how and when the company receives money from its sales. This information can be gathered through sales receipts, invoices, or financial statements. Secondly, the amount of money involved in each transaction must be meticulously recorded. This may involve going to locations like supermarkets to ask individuals or cashiers for the total amount on transaction receipts as a part of a field survey.
Thirdly, it's important to analyze the data collected from multiple sources, such as the U.S. Department of the Treasury for capital flows or the Census Bureau for shipping data, to ensure accuracy and to help in preparing comprehensive reports like the U.S. balance of trade statistics. Furthermore, data on prices and inflation can be collected from various retailers, landlords, or tenants, which contributes to indices such as the Consumer Price Index (CPI) or the Producer Price Index (PPI).