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

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Definitions:

Material Handling

The logistics of moving, protecting, warehousing, managing, and disposing of materials and products from the start of production, through the distribution process, to consumption and eventual elimination.

Investment Costs

Expenses associated with the acquisition of new assets, facilities, or equipment intended to increase the capacity, efficiency, or capabilities of a business.

Pilferage

A small amount of theft.

Holding Costs

Expenses related to keeping inventory in storage, including warehousing, insurance, and spoilage costs, which are part of the overall inventory carrying costs.