A Customer Sends Payment to a Post Office Box Which

question 115

Multiple Choice

A customer sends payment to a post office box which is emptied by a firm's bank daily. The bank then processes the payments and notifies the firm of the day's collections. This collection technique is known as ________.

• A) a direct send
• B) concentration banking
• C) the lockbox system
• D) controlled disbursing

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Definitions:

Standardized Responses

Preset or uniform reactions or answers to specific stimuli or situations, often used to ensure consistency and efficiency.

Recurring Situations

Events or conditions that happen repeatedly over time in a predictable pattern or sequence.

Justice Criteria

Standards or principles used to assess fairness and equity within processes, decisions, and distributions in social and professional contexts.

Constituents

Individuals or groups represented by an elected official or a decision-maker.