The Ability to Respond Quickly to Changes in the Volume

question 83

Multiple Choice

The ability to respond quickly to changes in the volume and type of demand is called _____.

• A) learning
• B) service quality
• C) demand variability
• D) volume flexibility

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Definitions:

Drawer

The party in a transaction that issues or writes a check or draft, instructing their bank to pay a specified sum to a certain beneficiary.

Notice Of Dishonor

A formal notification that a negotiable instrument, like a check, has been refused payment and is dishonored.

Collecting Bank

A bank that processes checks and other instruments for payment on behalf of the payee.

Secondarily Liable

Being indirectly responsible for a debt or obligation, where primary liability falls to another party.