How Is Credit Approval Generally Handled for Established Customers with a Documented

question 24

Multiple Choice

How is credit approval generally handled for established customers with a documented payment history?

• A)A new credit application is requested.
• B)General authorization by a sales clerk
• C)Specific authorization by the credit manager
• D)A formal credit check should be made for each sale.

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Definitions:

Income Mobility

The ability of an individual or family to move up or down the economic ladder within a society over time.

Higher Income Groupings

Refers to classifications of individuals or households that earn above a certain threshold of income, often compared within a broader economic context.

Lower Income Groupings

classifications of individuals or families that earn relatively less income compared to the median or average levels within a society.

Income Inequality

The unequal distribution of household or individual income across the various participants in an economy, leading to social and economic disparities.