Final answer:
A document used for a transaction requiring immediate payment is a debit card, which is an instruction to the bank to transfer money directly and immediately from one's bank account to the seller.
Step-by-step explanation:
The document used for a transaction requiring immediate payment is known as a debit card. When you use a debit card, it functions much like a check. This is because the use of a debit card is an instruction to the user's bank to transfer money directly and immediately from your bank account to the seller. Unlike a credit card, which essentially serves as a short-term loan by borrowing money from the credit card company's checking account to pay the seller, the debit card withdraws the funds from your own account at the time of the transaction.
Understanding the difference between debit and credit is essential in financial transactions and serves as a basis for managing personal finances effectively. Money, in its broader definition, functions as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment, which are all aspects critical to transactions in the economy. Commodity money and fiat money are two types of money that perform these functions, the former having intrinsic value and the latter being declared legal tender by a government.