Which of the following is the actual definition of transfer payments?

Q. Which of the following is the actual definition of transfer payments?

1. Transfer payments refer to the payments made as compensation to the employees within an organisation
2. Transfer payments refer to the payments made to workers on transferring from one job to another
3. Transfer payments refer to the payments made without any exchange of goods and services
4. None of the above

Answer: Transfer payments refer to the payments made without any exchange of goods and services