A System by Which Firms Assign Their Customers for Collection

question 21

Multiple Choice

A system by which firms assign their customers for collection purposes to regional banks that transfer funds to a central bank is known as:

• A) a lock-box system.
• B) a zero-balance account.
• C) a wire transfer.
• D) concentration banking.

Identify the components and significance of a job description and job specification.

Understand the legal and ethical considerations in hiring, including anti-discrimination laws.

Recognize the importance of training and its role in improving employee performance and motivation.

Understand the role of employment testing in the selection and evaluation process.

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Definitions:

Higher Standard

A level of quality or attainment that is above the ordinary or expected.

Nonmerchants

Individuals or entities that do not engage in buying, selling, or dealing in goods as their regular business activity.

Unconscionable Contract

An agreement that is so unfairly one-sided that it is deemed unenforceable under the law.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law.