11 Questions
What is the safest guideline for credit professionals during informal meetings after industry credit meetings?
To limit conversations to past events and refuse to talk about the future
What is the recommended approach for giving trade references?
To provide a bare bones written reference in return for a written request
What is the potential problem for credit professionals during industry credit meetings?
Breaking the law
What is a good reason for participating in an industry credit group?
To stay alert of customers in financial difficulty
What can happen when a customer gets into financial difficulty?
They pick and choose whom to pay
What is the risk of not performing annual credit reviews on customers with good paying habits?
Not knowing if the customer has deteriorated financially
What is the danger of reasoning that, since your product has high margins, you can afford to not get paid for one shipment?
Preferences are not taken into account
What is a bustout?
A situation where a customer closes its doors and disappears leaving unpaid creditors behind
What are unclaimed property laws also known as?
Escheat laws
What do some credit professionals do with credit balances instead of researching them?
Ignore them and keep them as miscellaneous income
Why are unclaimed property laws becoming a prime target for states?
To generate income
"Protecting Your Business: Test Your Knowledge of Credit Laws and Ethics" - Take this quiz to assess your understanding of the laws and ethical considerations that impact credit professionals. Learn how to avoid potential legal and reputational risks while networking with industry peers. Keywords: credit laws, ethics, legal risks, networking, industry peers.
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