Streamlining the Processes and Communications Between the Buyer and Supplier

question 10

Multiple Choice

Streamlining the processes and communications between the buyer and supplier using software applications that enable these processes to be managed more efficiently and effectively can be referred to as:

• A)CRM
• B)SRM
• C)ISO 9000
• D)SCSS

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Definitions:

Secured Party

A lender or creditor in a secured transaction who has a legal interest or lien on collateral provided by the debtor.

Preferential Payments

Transactions made before a bankruptcy filing where a debtor gives preferential treatment to certain creditors over others.

Bankruptcy Filing

The formal process by which an individual or entity declares an inability to pay outstanding debts, seeking relief through legal proceedings.

Bankruptcy Trustee

A legally appointed individual responsible for managing the financial affairs of a person or business declared bankrupt, including asset liquidation and disbursing proceeds to creditors.