All Businesses Deal with Unhappy Customers at Some Point, and They

question 91

Multiple Choice

All businesses deal with unhappy customers at some point, and they typically follow this pattern in these situations: call the customer, describe the problem and apologize, offer an explanation and resolution, and

• A) follow up with a message that documents the phone call and promotes goodwill.
• B) suggest a face-to-face meeting to resolve any remaining issues.
• C) come to an agreement on a refund or compensation.
• D) provide resale information or promote products and services.

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Definitions:

Accounts Receivable Period

The average number of days it takes for a business to receive payments from its customers for goods or services sold on credit.

Cash Cycle

The time period between the outlay of cash for materials or inventory purchase and the receiving of cash from customer sales, critical for understanding a company's liquidity and management efficiency.

Short-term Financial Planning

The process of identifying a company's immediate financial needs and devising strategies to meet those needs within a year or less.

Collection Period

The average number of days required to collect receivables from customers.