The answer is: d. .a pension payment to a retired military person
Transaction payment could only occurs if there is NO direct EXCHANGE in goods or service from the money that being transferred.
Because of this, All type of welfare, financial aid, social security, benefits or subsidy given by the government would be considered as a transfer payment.
Examples of transfer payment : Pension payment to veterans, check reimbursement for people with disabilities, financial aid for poor students, etc.
