Protect Your Business
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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</p> Signup and view all the answers

    What is a mechanics lien?

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

    What is the purpose of joint checks?

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

    Is a standby letter of credit a guarantee?

    <p>No</p> Signup and view all the answers

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