LO3.1

What does the abbreviation COD stand for in transaction documents?

• Cash on Demand

• Cash on Delivery

• Credit on Delivery

• Cash on Deposit

What do T&Cs refer to in transaction documents?

• Terms and Conditions

• Terms and Credits

• Transactions and Conditions

• Transactions and Credits

What does "Terms 30 days" indicate in transaction documents?

• When delivery is expected

• When payment is expected

• When the contract ends

• When the product is shipped

What is a purchase order?

• A legal document between supplier and buyer

• A receipt for payment

• A shipping label

• A warranty agreement

What information does a purchase order typically include?

• Items ordered, price, and possibly delivery date

• Payment method and shipping address

• Return policy and warranty details

• Supplier's contact information only

What is an invoice?

• A document businesses issue to customers requesting payment

• A receipt for a completed transaction

• A contract between two businesses

• A report of annual earnings

What information is typically included in an invoice?

• Customer account, invoice number, delivery date, and payment terms

• Employee details, job description, and salary

• Product reviews, ratings, and feedback

• Company history, mission, and vision

What is a credit note used for?

• To charge a customer for a new purchase

• To issue a refund or credit for a future purchase

• To confirm a payment received

• To provide a discount on a future order

When is a credit note typically issued?

• When a customer makes a new purchase

• When a seller charges too little

• When an order is incorrect or overcharged

• When a customer requests a receipt

What is a Statement of Account?

• A document sent by a customer to a supplier

• A summary of transactions sent by a supplier to a customer

• A monthly report of employee performance

• A yearly financial statement for a business