Receivable Financing
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Business
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University
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John Servidad
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of factoring?
To increase accounts receivable
To decrease accounts receivable
To transfer ownership of accounts receivable
To create more debt for the company
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In factoring, who assumes responsibility for the collection of accounts receivable?
The assignor
The factor
The bank
The customer
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a factor's holdback?
A predetermined amount for protection against customer returns and allowances
A fee for factoring services
A commission paid to the factor
A discount on the face value of a note receivable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In factoring as a continuing agreement, what is recognized as a loss?
The factoring fee
The factor's holdback
The amount of the accounts receivable
The difference between the carrying amount of the note and the proceeds
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In discounting of notes receivable, who becomes the endorser?
The bank
The customer
The payee
The factor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the net proceeds in discounting of notes receivable?
The maturity value minus the discount
The principal amount plus the interest
The amount due on the note at the maturity date
The interest for the full term of the note
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the maturity date in discounting of notes receivable?
The date of discounting
The date on which the note should be paid
The date of maturity value
The date of interest accrual
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