Protect Your Business

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

What is one technique to secure your position with risky customers?

  • Giving the customer a longer payment period
  • Providing a discount on the product
  • Asking for a partial payment in advance (correct)
  • Offering a payment plan

What are letters of credit?

  • Facts about the customer
  • Payment mechanisms
  • Documents that secure payment (correct)
  • Guarantees from the bank

What is a security interest?

  • A loan given to the customer
  • A guarantee from the customer
  • A lien covering goods sold to the customer (correct)
  • A payment plan agreement

What is a guaranty?

<p>A personal guarantee from the customer (D)</p> Signup and view all the answers

What is a mechanics lien?

<p>A lien against buildings or other structures (B)</p> Signup and view all the answers

What is the purpose of joint checks?

<p>To secure payment from the distributor (A)</p> Signup and view all the answers

Is a standby letter of credit a guarantee?

<p>No (B)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser