Which of the Following Statements Holds True for an Open

question 31

Multiple Choice

Which of the following statements holds true for an open account?

• A)It is an arrangement in which the exporter ships the goods and then bills the importer.
• B)It is an arrangement in which an exporter is paid immediately on receipt of the bill of exchange.
• C)It is an arrangement in which an exporter sells a time draft at a discount to an intermediary that will pay the exporter immediately and then collect the full amount from the importer at the later date.
• D)It is an arrangement in which the exporter is paid exactly one year after the delivery has been made to the importer.
• E)It is an arrangement in which the exporter requires payment from the importer before shipping the goods.

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Definitions:

Performance Management Systems

Systems designed to improve and maintain employee performance through goal-setting, feedback, and coaching.

Proactive

An approach characterized by taking initiative and action to prevent problems before they arise, rather than reacting to them after they occur.

Complex

Composed of many interrelated parts or elements, intricate, or difficult to understand.

Performance Review Session

A performance review session is a formal meeting between an employee and their supervisor to assess the employee's work performance, discuss goals, and provide feedback.