Which of the Following Is an Example of the Second

question 25

Multiple Choice

Which of the following is an example of the second step in the sales/collection process?

• A)A customer completes a form on the Internet.
• B)A sales clerk scans the customer's credit card.
• C)The accounting department sends an invoice to the customer.
• D)The cash receipts department processes the customer's check.

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Definitions:

Guarantor

A party that agrees to be responsible for the debt or obligation of another if the original obligor fails to meet their obligations.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged.

Deed of Trust

A legal document in some states that involves a borrower, lender, and a trustee, securing a real estate transaction as collateral for a loan.

Surety

A person or entity that takes responsibility for the performance of another's obligations, such as fulfilling the terms of a contract or repaying a loan.