The Three Steps in Establishing a Credit Policy Are Establishing

question 81

True/False

The three steps in establishing a credit policy are establishing credit standards, establishing credit terms, and establishing a collection policy.

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Definitions:

Consensus

General agreement among a group of people, typically reached after discussion and sometimes negotiation.

Consistency

The quality of being stable, coherent, and uniform in performance, behavior, or decision-making over time.

Distinctiveness

The quality of being noticeably different and unique from others.

External Causes

Relates to factors originating outside an individual or system that affect behavior or outcomes.