The Incentive Built in for Prompt Payment of Cash by a Customer

question 38

True/False

The incentive built in for prompt payment of cash by a customer for a credit sale is called a cash discount.

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Definitions:

Professional Associations

Organizations seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.

Standards of Performance

The levels of service or achievement that are expected according to a contract or law.

Accredited Process

A formal recognition procedure that ensures a service, organization, or program meets predefined standards.

Breach of Contract

Breaching any term of a contract, whether it be in writing or oral, without an appropriate legal defense.