Credit Managment knowledge test

Credit Managment knowledge test

Professional Development

8 Qs

quiz-placeholder

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Credit Managment knowledge test

Credit Managment knowledge test

Assessment

Quiz

Business

Professional Development

Practice Problem

Hard

Created by

John Whittaker

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a cash transaction?

Purchase of a non-current asset on an installment basis

Sale of goods for list price less 2% discount if paid within 7 days

Payment of expenses on a credit card

sale of non-current assets with terms of 30 days

Answer explanation

Anything which gives terms (we had 7 and 30) means it hasn't yet been paid. Similarly, reference to 'instalments' means some will still be owing.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a credit transaction

Purchase of goods by cheque

Purchase of a non-current asset in three installments

sale of goods by credit card

Delivery of goods to customer for cash

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A customer receiving an invoice is part of the [what] cycle? Collection or ordering?

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Establishing a customer's credit status is part of the [what] cycle? Collection or ordering?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your business is offering credit terms of 30 days but if you pay within 10 days you pay 2% less. How would this be phrased on an invoice?

Gross 30 dats net 20 days 2%

Gross 30 days 2% discount for 10 days

Net 30 days 2% discount for 10 days

Net 30 days 2% discount for 20 days

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following would be relevant for assessing credit worthiness of an existing customer?

Bank reference

Aged receivables list

Sales representatives knowledge

Credit Agency reference

Analysis of recent financial statements

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a measure of liquidity?

Making a profit

Ability to pay when debts fall due

Ability to raise finance

Ability to pay dividends when due

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