As You Prepare to Winnow the Field in Your Selection

question 79

Multiple Choice

As you prepare to winnow the field in your selection of a new system, you want a quick refresher on the difference between RFPs and RFQs. If you need an RFP, Simone will write it, and if you need an RFQ, Marny is responsible for writing that. Which of the following is true?

• A)An RFP that Simone writes is more specific than an RFQ Marny will write.
• B)When Simone is tasked with the job, you already know the specific product or service you want and you need to obtain price quotations or bids.
• C)When Marny is tasked with the job, her output can involve outright purchase or a variety of leasing options.
• D)RFPs and RFQs have very different objectives.

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Definitions:

Purchase Money Security Interest (PMSI)

A legal claim that allows a lender to repossess or foreclose on property if the borrower defaults on the loan used to purchase the property.

Collateral

Property or assets that a borrower offers to a lender as security for a loan. If the borrower defaults, the lender may seize the collateral to recoup its losses.

Automatic Stay

A legal provision that halts actions by creditors to collect debts from a debtor who has declared bankruptcy, giving the debtor temporary relief.

Chapter 7

A type of bankruptcy that involves the liquidation of a debtor's non-exempt assets by a trustee to pay creditors.