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Questions and Answers
Which document is typically considered the starting point for gathering information about a customer's creditworthiness?
Which document is typically considered the starting point for gathering information about a customer's creditworthiness?
- Credit Application (correct)
- Neighborhood Sari-Sari Store
- Credit Instrument
- Written Contract
What is the purpose of credit instruments?
What is the purpose of credit instruments?
- To justify the use of written contracts
- To gather information about the customer
- To serve as the cornerstone of the customer's credit file
- To support credit transactions (correct)
When are credit instruments particularly useful?
When are credit instruments particularly useful?
- For transactions with written contracts
- For transactions involving large sums of money (correct)
- For transactions involving small amounts of money
- For transactions with neighborhood sari-sari stores
How should the credit application be treated?
How should the credit application be treated?
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What is the primary purpose of the credit application?
What is the primary purpose of the credit application?
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