An Effective Approach to Successful Collections Includes ________

question 115

Multiple Choice

An effective approach to successful collections includes ________.

• A)an abrupt, in-your-face style of communication once a payment is late
• B)waiting to invoice and communicate with the customer once a payment problem clearly exists
• C)setting up an automated collection system to generate "Past Due" notices that does not require personal intervention
• D)timely, well-communicated payment expectations with well-documented records

---

Definitions:

Saving

The act of setting aside money for future use, rather than spending it immediately, typically to achieve a financial goal or prepare for emergencies.

Domestic Output

The total value of all goods and services produced within a country's borders within a given time period.

Sociocultural Impediment

Barriers or obstacles arising from social and cultural factors that affect behaviors, practices, and decision-making.

Economic Growth

Economic growth refers to the increase in the inflation-adjusted market value of the goods and services produced by an economy over time, often measured by GDP.