1.

UGRD-BAFM6303-2213T
2. Final Quiz 1

QUIZ

Final Quiz 1
Started on Tuesday, 13 December 2022, 3:56 PM
State Finished
Completed on Tuesday, 13 December 2022, 4:16 PM
Time taken 20 mins
Marks 19.00/20.00
Grade 95.00 out of 100.00
Question 1
Correct
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Question text
Billing procedure addresses three tasks in the billing process, which involve the following, except
 

Select one:

a.
creating invoices  

b.
receiving the payment
 

c.
collecting the information needed to construct an invoice
d.
issuing  invoices to customers 
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Question 2
Correct
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Question text
The company should send a letter to the customers in default even if they don't intend to actually
go to collection of debts.

Select one:
True
False 

Question 3
Correct
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Question text
The firm should send out bills more frequently or make phone calls in between to remind
customers to pay.

Select one:
True 
False

Question 4
Correct
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Question text
First statement:   According to the “Balance Small Business”, in order to get paid by debtors,
collection process should vary and execute  based on the kind of customers.
Second statement:   Bill is a statement that indicates the money disbursed for payment of services
or products.
Select one:

a.
Both statements are true

b.
Only first statement is true

c.
Only second statement is true

d.
Both statements are false
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Question 5
Correct
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Question text
 These are the steps to set up Collection Management System
I. Make plan for invoice reminders
II. Determine how you deal with non-payments
III. Make a plan for turning non-payees over to an outside source
IV. Capture information about customer account
V. Learn the laws relating to collections
VI. Decide if you need to check credit
 

Select one:

a.
II, IV, VI, I, III, V

b.
I, II, III, IV, V, VI

c.
 I, III, V, II, IV, VI

d.
 IV, V, VI, I, II, III, IV
 Feedback
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Question 6
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Question text
 Statement that indicates the money owed for services or products

Select one:

a.
bill

b.
official receipt

c.
sales invoice

d.
invoice
Feedback
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Question 7
Incorrect
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Question text
The Billing process

 
Select one:

a.
II, IV, I, III

b.
II, III, IV, I

c.
I, II, III, IV

d.
II, I, III, IV
Feedback
Your answer is incorrect.

Question 8
Correct
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Question text
Billable transactions means those lane level transactions delivered to the authority's toll collection
system such that they may be billed to accounts.
 

Select one:
True 
False

Question 9
Correct
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 Question text
 A document with a list of products or services that the customer needs to pay

Select one:

a.
voucher

b.
official receipts

c.
bill

d.
invoice
Feedback
Your answer is correct.

Question 10
Correct
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Question text
File the retained invoice copies as needed, either by invoice number or by customer name.

Select one:
True 
False

Question 11
Correct
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Question text
. This level assumes that the customer forgot to send payment

Select one:

a.
level four

b.
level one

c.
level two

d.
level three
Feedback
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Question 12
Correct
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Question text
The process of generating invoice to recover sales price from the customer is called

Select one:

a.
selling

b.
purchasing
c.
collecting

d.
billing
Feedback
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Question 13
Correct
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Question text
This level assumes that the customer has no intention to pay and states a specific data by which
payment must be made on collection processes that will be initiated.

Select one:

a.
level one

b.
level two

c.
level four

d.
level three
Feedback
Your answer is correct.

Question 14
Correct
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 Question text
First statement:  The credit company should send out bills more frequently, or make phone calls in
between, to remind customers to pay.
Second statement:  Billable transactions are those lane level transactions delivered to the
authority's toll collection system such that they may be billed to accounts.
  

Select one:

a.
Only first statement is true

b.
Both statements are true

c.
Both statements are false

d.
Only second statement is true
Feedback
Your answer is correct.

Question 15
Correct
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Question text
The billing process
I. Review billing information
II. Prepare and send invoices
III. Print invoice batch
IV. File invoice copies

Select one:

a.
I, III, II, IV

b.
I, II, III, IV

c.
II, IV, I, III

d.
 I, III, IV, II

Feedback
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Question 16
Correct
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Question text
First statement:  Bill is the process of generating invoice to recover sales price from the customer. 
Second statement:  Billing  is a document  that indicates the money owed for services or products.

Select one:

a.
Only first statement is true

b.
Both statements are false
c.
Only second statement is true

d.
Both statements are true
Feedback
Your answer is correct.

Question 17
Correct
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Question text
First statement:  Bill is a statement that indicates the money disbursed for payment of services or
products. 
Second statement:  How the firm collected money from customers depends on the type of
business.

Select one:

a.
Both statements are false

b.
Only first statement is true

c.
Only second statement is true

d.
Both statements are true
Feedback
Your answer is correct.

Question 18
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
A document sent to a customer with a list of products or services they have bought and their
prices, any sales tax, the total amount, and the date before which the customer must pay

Select one:

a.
official receipt

b.
voucher

c.
sales invoice

d.
bill
Feedback
Your answer is correct.

Question 19
Correct
Mark 1.00 out of 1.00

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Question text
There's no need to ask for business customer's permission in checking their credit by the credit
company in having a trade credit application.

Select one:
True
False 

Question 20
Correct
Mark 1.00 out of 1.00

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 Question text
First statement:   According to the “Balance Small Business”, in order to get paid by debtors,
collection process should vary and execute  based on the kind of customers.
Second statement:  The longer the bill is unpaid, the less likely is the chance to collect money
from customers.

Select one:

a.
Both statements are false

b.
Only second statement is true

c.
Only first statement is true

d.
Both statements are true
Feedback
Your answer is correct.

1. UGRD-BAFM6303-2213T
2. Final Quiz 2

QUIZ

Final Quiz 2
Started on Tuesday, 13 December 2022, 5:02 PM
State Finished
Completed on Tuesday, 13 December 2022, 5:33 PM
Time taken 30 mins 45 secs
Marks 19.00/20.00
Grade 95.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00

Flag question

Question text
 When you have several contacts with a non-paying customer and he hasn’t resolved the account,
you may need to

Select one:

a.
 send him a second invoice

b.
consider legal action.

c.
 listen to customer response and try to be understanding.

d.
 call the person in charge of paying the invoice and remind him the account is past due.
Feedback
Your answer is correct.

Question 2
Correct
Mark 1.00 out of 1.00

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Question text
 Collection procedure is laid down usually in the credit policy.

Select one:
True 
False
Question 3
Correct
Mark 1.00 out of 1.00

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Question text
 In the contract of sale, the seller can sue the buyer if he refused to pay his obligation. The buyer is
liable to pay
I.  The price of the goods delivered
II. Damages
III. Interest for the delayed payment
 

Select one:

a.
I, II, & III

b.
I

c.
I & II

d.
II
Feedback
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Question 4
Correct
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Question text
 It refers to the set of procedures a company uses to ensure payment of overdue account
receivables.
Select one:

a.
collection policy

b.
credit policy

c.
credit procedure

d.
collection procedure
Feedback
Your answer is correct.

Question 5
Correct
Mark 1.00 out of 1.00

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Question text
 When the credit firm have made several contacts with a non-paying customer and he hasn't
resolved the account, the credit firm may need to consider legal action.

Select one:
True 
False

Question 6
Correct
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Question text
 Right to stop the goods in transit
Select one:

a.
right of lien

b.
Stoppage in transit

c.
right against the buyer

d.
right of resale
Feedback
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Question 7
Correct
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Question text
 Victory Appliance Co. Has past due installment as of September 30, 2019 amounting to P 300,000
and installment falling due on September 2019, P 800,000. If the actual collection is P 880,000, what
is the total collection goal for September 2019?

Select one:

a.
P 1,180,000

b.
P 880,000
c.
P 800,000

d.
P 1,100,000
Feedback
Your answer is correct.

Question 8
Incorrect
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Question text
Victory Appliance Co. Has past due installment as of September 30, 2019 amounting to P 300,000
and installment falling due on September 2019, P 800,000. What is the collection efficiency as of
September 30, 2019 if the actual collection is P 880,000?

Select one:

a.
90.91%

b.
80%

c.
37.50%

d.
67.80%
Feedback
Your answer is incorrect.

Question 9
Correct
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 Question text
 The first step in collecting a debt from a customer is to

Select one:

a.
 be understanding while remaining firm.

b.
consider legal action

c.
listen to customer’s response

d.
send him a second invoice clearly marked as overdue.
Feedback
Your answer is correct.

Question 10
Correct
Mark 1.00 out of 1.00

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Question text
 The total amount that must be collected to bring all accounts up-to-date or in current form.

Select one:

a.
collection policy

b.
collection procedure

c.
collection goal
d.
credit policy
Feedback
Your answer is correct.

Question 11
Correct
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Question text
 If the bank’s past due ratio is below 25%, some of their privileges are suspended by the Bangko
Sentral.

Select one:
True
False 

Question 12
Correct
Mark 1.00 out of 1.00

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Question text
 Past due accounts are also called

Select one:

a.
Productivity loans

b.
Non-performing assets

c.
Non-performing loans
d.
Productive loans
Feedback
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Question 13
Correct
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Question text
Right of lien is the

Select one:

a.
 right against the buyer

b.
right to retain possession of goods until full payment of account

c.
right to stop the goods in transit

d.
right to resell goods
Feedback
Your answer is correct.

Question 14
Correct
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Question text
The specific procedures for collecting a debt cannot be changed and same procedure should be
applied in any situation throughout the process.

Select one:
True
False 

Question 15
Correct
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Question text
AAA Merchandising has past due accounts amounting to P 750,000 and has maturing accounts of
P 4,500,000. What is the collection efficiency if AAA's actual collection is P 5,000,000 ?

Select one:

a.
90%

b.
85.71%

c.
95.24%

d.
101%
Feedback
Your answer is correct.

Question 16
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
 AAA Merchandising has past due accounts amounting to P 750,000 and has maturing accounts of
P 4,500,000. If the actual collection is P5,000,000, what is the total collection goal for the period?

Select one:

a.
P 9,750,000

b.
P 5,250,000

c.
P 4,500,000

d.
P 750,000
Feedback
Your answer is correct.

Question 17
Correct
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Question text
 Detailed list of steps for ordered execution leading to when and how to collect past-due amounts

Select one:

a.
collection procedure

b.
 Collection goal
c.
credit procedure

d.
collection policy
Feedback
Your answer is correct.

Question 18
Correct
Mark 1.00 out of 1.00

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Question text
 The specific procedures for collecting a debt can vary, a company needs to follow several general
guidelines to ensure collection while trying to retain customers for future sales.

Select one:
True 
False

Question 19
Correct
Mark 1.00 out of 1.00

Flag question

Question text
First statement:  The unpaid seller has the right to resell goods when he stops the goods in
transit regardless of the condition. 
Second statement:  Right of lien is the right to resell goods when the creditor stops the goods in
transit.

Select one:

a.
Both statements are true
b.
Both statements are false

c.
Only first statement is true

d.
Only second statement is true
Feedback
Your answer is correct.

Question 20
Correct
Mark 1.00 out of 1.00

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Question text
First statement:   Collection procedure is laid down usually in the credit policy.
Second statement:   When the credit firm have made several contacts with a non-paying customer
and he hasn't resolved the account, the credit firm may need to consider legal action.

Select one:

a.
Only first statement is true

b.
Both statements are true

c.
Both statements are false

d.
Only second statement is true
Feedback
Your answer is correct.

UGRD-BAFM6303 Credit and Collection

 1. Home
2. My courses
3. UGRD-BAFM6303-2213T
4. FINAL EXAM
5. Final Exam

Started on Friday, 16 December 2022, 12:22 PM

State Finished

Completed on Friday, 16 December 2022, 12:54 PM

Time taken 31 mins 45 secs

Grade 49.00 out of 50.00 (98%)

Question 1
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Collection procedure is laid down usually in the credit policy.

Select one:

True 

False

Question 2
Correct

Mark 1.00 out of 1.00

Flag question
Question text
AAA Merchandising has past due accounts amounting to P 750,000 and has maturing accounts of
P 4,500,000.  What is the collection efficiency If the actual collection is P 5,000,000? 

Select one:

a.

95.24%

b.

 90%

c.

 85.71%

d.

101%
Feedback
Your answer is correct.

Question 3
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Billable transactions means those lane level transactions delivered to the authority's toll collection
system such that they may be billed to accounts.
Select one:

True 

False

Question 4
Correct

Mark 1.00 out of 1.00

Flag question

Question text
 Victory Appliance Co. Has past due installment as of September 30, 2019 amounting to P 300,000
and installment falling due on September 2019, P 800,000. If the actual collection is P 880,000, what
is the total collection goal for September 2019?

Select one:

a.

P 1,180,000

b.

P 1,100,000

c.

P 800,000

d.
P 880,000
Feedback
Your answer is correct.

Question 5
Correct

Mark 1.00 out of 1.00

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Question text
 Right to stop the goods in transit refers to 

Select one:

a.

Right of lien

b.

Stoppage in transit

c.

Right of resale

d.

Right against the buyer

Feedback
Your answer is correct.

Question 6
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Collection policy is the detailed list of steps for ordered execution leading to when and how to
collect past-due amounts.

Select one:

True

False 

Question 7
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The credit company should send out bills more frequently, or make phone calls in between, to
remind customers to pay.
Select one:

True 

False
Question 8
Correct

Mark 1.00 out of 1.00

Flag question

Question text
First statement:    Collection procedure is laid down usually in the credit policy.
Second statement:  If the bank’s past due ratio is below 25%, some of their privileges are
suspended by the Bangko Sentral.

Select one:

a.

Both statements are false

b.

Both statements are true

c.

Only first statement is true

d.

Only second statement is false

Feedback
Your answer is correct.
Question 9
Correct

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Question text
1. This level assumes that the customer has no intention to pay and states a specific data by which
payment must be made on collection processes that will be initiated.

Select one:

a.

level three

b.

level two

c.

level one

d.

level four
Feedback
Your answer is correct.

Question 10
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
The total amount that must be collected to bring all accounts up-to-date or in current form.

Select one:

a.

collection goal

b.

collection policy

c.

credit policy

d.

collection procedure
Feedback
Your answer is correct.

Question 11
Correct

Mark 1.00 out of 1.00

Flag question
Question text
Collection procedure is laid down usually in the credit policy.

Select one:

True 

False

Question 12
Correct

Mark 1.00 out of 1.00

Flag question

Question text
There's no need to ask for business customer's permission in checking their credit by the credit
company in having a trade credit application.
Select one:

True

False 

Question 13
Correct

Mark 1.00 out of 1.00

Flag question

Question text
This level assumes that the customer forgot to send payment.
Select one:

a.

level four

b.

level three

c.

level two

d.

level one
Feedback
Your answer is correct.

Question 14
Correct

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Question text
Collection efficiency  is equal to actual collections over collection goal

Select one:

True 
 False

Question 15
Correct

Mark 1.00 out of 1.00

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Question text
The Billing Process
I. Prepare and send invoices
II. Review billing information
III. File invoice copies
IV. Print invoice batch

Select one:

a.

II, I, III, IV

b.

II, IV, I. III

c.

II, III, IV, I

d.

I, II, III, IV
Feedback
Your answer is correct.

Question 16
Correct

Mark 1.00 out of 1.00

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Question text
Bill is a statement that indicates the money disbursed for payment of services or products 

Select one:

True

False 

Question 17
Incorrect

Mark 0.00 out of 1.00

Flag question

Question text
How the firm collected money from customers depends on the type of business.

Select one:

True
 False 

Question 18
Correct

Mark 1.00 out of 1.00

Flag question

Question text
 A document sent to a customer with a list of products or services they have bought and their
prices, any sales tax, the total amount, and the date before which the customer must pay

Select one:

a.

bill

b.

official receipt

c.

sales invoice

d.

voucher
Feedback
Your answer is correct.
Question 19
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Send out bills more promptly or make phone calls in between to remind to customers to pay.
Select one:

True 

False

Question 20
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Right of lien is the

Select one:

a.

right against the buyer

b.

right to stop the goods in transit

c.

 right to retain possession of goods until full payment of account

d.

right to resell goods

Feedback
Your answer is correct.

Question 21
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The process of generating invoice to recover sales price from the customer is called

Select one:

a.

billing

b.

purchasing

c.

collecting
d.

selling
Feedback
Your answer is correct.

Question 22
Correct

Mark 1.00 out of 1.00

Flag question

Question text
When you have several contacts with a non-paying customer and he hasn’t resolved the account,
you may need to

Select one:

a.

consider legal action.

b.

listen to customer response and try to be understanding.

c.

send him a second invoice.

d.

call the person in charge of paying the invoice and remind him the account is past due.
Feedback
Your answer is correct.

Question 23
Correct

Mark 1.00 out of 1.00

Flag question

Question text
If the bank’s past due ratio is below 25%, some of their privileges are suspended by the Bangko
Sentral.

Select one:

True

False 

Question 24
Correct

Mark 1.00 out of 1.00

Flag question

Question text
 Past due accounts are also called

Select one:

a.
invoicing

b.

productivity loan

c.

personal loans

d.

non-performing loans
Feedback
Your answer is correct.

Question 25
Correct

Mark 1.00 out of 1.00

Flag question

Question text
 If the bank’s past due ratio is below 25%, some of their privileges are suspended by the Bangko
Sentral.

Select one:

True

False 

Question 26
Correct
Mark 1.00 out of 1.00

Flag question

Question text
 The billing process
I. Review billing information
II. Prepare and send invoices
III. Print invoice batch
IV. File invoice copies

Select one:

a.

 I, II, III, IV

b.

 I, III, II, IV

c.

 I, III, IV, II

d.

II, IV, I, III

Feedback
Your answer is correct.

Question 27
Correct

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Flag question

Question text
Collection procedure is laid down usually in the credit policy.

Select one:

True 

False

Question 28
Correct

Mark 1.00 out of 1.00

Flag question

Question text
List of steps for ordered execution leading to when and how to collect past-due amounts

Select one:
a.

collection goal

b.

credit policy

c.

collection policy

d.

collection procedure
Feedback
Your answer is correct.

Question 29
Correct

Mark 1.00 out of 1.00

Flag question

Question text
File the retained invoice copies as needed, either by invoice number or by customer.
Select one:

True 

False

Question 30
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
First statement:  The unpaid seller has the right to resell goods when he stops the goods in
transit regardless of the condition.
Second statement:  Right of lien is the right to resell goods when the creditor stops the goods in
transit.

Select one:

a.

Only first statement is true

b.

Both statements are true

c.

Only second statement is true

d.

Both statements are false

Feedback
Your answer is correct.

Question 31
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
 AAA Merchandising has past due accounts amounting to P 750,000 and has maturing accounts of
P 4,500,000. If the actual collection is P 5,000,000, what is the total collection goal?

Select one:

a.

 P 9,750,000

b.

 P 750,000

c.

P 5,250,000

d.

P 4,500,000
Feedback
Your answer is correct.

Question 32
Correct

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Question text
In the contract of sale, the seller can sue the buyer if he refused to pay his obligation. The buyer is
liable to pay
I.  The price of the goods delivered
II. Damages
III. Interest for the delayed payment

Select one:

a.

I & II

b.

II

c.

d.

I, II, III
Feedback
Your answer is correct.

Question 33
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
 The first step in collecting a debt from a customer is to

Select one:

a.

be understanding while remaining firm.

b.

 listen to customer’s response.

c.

 consider legal action.

d.

send him a second invoice clearly marked as overdue.

Feedback
Your answer is correct.

Question 34
Correct

Mark 1.00 out of 1.00

Flag question
Question text
 The specific procedures for collecting a debt can vary, a company needs to follow several general
guidelines to ensure collection while trying to retain customers for future sales.

Select one:

True 

False

Question 35
Correct

Mark 1.00 out of 1.00

Flag question

Question text
First statement:   Bill is a statement that indicates the money disbursed for payment of  products
or services .
Second statement:   How the firm collected money from customers depends on the type of
business.

Select one:

a.

Only first statement is true

b.

Only second  statement is true 

c.

Both statements are false

d.

Both statements are true

Feedback
Your answer is correct.

Question 36
Correct

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Question text
These are the steps to set up Collection Management System
I. Make plan for invoice reminders
II. Determine how you deal with non-payments
III. Make a plan for turning non-payees over to an outside source
IV. Capture information about customer account
V. Learn the laws relating to collections
VI. Decide if you need to check credit
 

Select one:

a.

 II, IV, VI, I, III, V

b.

 IV, V, VI, I, II, III

c.

I, II, III, IV, V, VI

I, II, III, IV, V, VI

d.

 I, III, V, II, IV, VI

 I, III, V, II, IV, VI

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Question 37
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Question text
It refers to the set of procedures a company uses to ensure payment of overdue account
receivables

Select one:

a.

collection procedure

b.

collection policy

c.

credit policy

d.

credit procedure
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Question 38
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Question text
First Statement:   Collection policy goals can take a liberal or conservative approach to collections,
allowing that to define their collection procedures.
Second statement:   If the bank’s past due ratio is over 25%, some of their privileges are
suspended by the Bangko Sentral.

Select one:

a.

Both statements are false

b.

Only second statement is true

c.

Both statements are true

d.

Only first statement is true

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Question 39
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Question text
Billing procedure addresses three tasks in the billing process, which involve the following, except

Select one:

a.

creating invoices 

b.

Receiving the payment

c.

collecting the information needed to construct an invoice

d.

issuing them to customers 

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Question 40
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Question text
Victory Appliance Co. Has past due installment as of September 30, 2019 amounting to P 300,000
and installment falling due on September 2019, P 800,000. If the actual collection is P 880,000, what
is the collection efficiency as of September 30, 2019?

Select one:

a.

90.91%

b.

37.5%

c.

67.8%

d.

80%
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Question 41
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Question text
The unpaid seller has the right to resell  goods when he stops the goods in transit.
What conditions should be considered in this case?   

I     goods are perishable in nature

II    seller should notify the buyer of his intention of resale
III   unpaid seller resells the goods post exercising his right of lien or stoppage
IV   resale where the right of resale is reserved in the contract of sale
V    property in the goods has not passed to the buyer

Select one:

a.

I, II, & IV

b.

I, II, & III

c.

I, II, III, IV, & V

d.

I, II, III, & IV

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Question 42
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Question text
The specific procedures for collecting a debt cannot be changed and same procedure should be
applied in any situation throughout the process.

Select one:

True

False 

Question 43
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Question text
Right of lien  is applicable when the goods have not been delivered or still in the seller’s
possession.

Select one:
 True 

False

Question 44
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Question text
Billing procedure addresses three tasks in the billing process, which involve the following , except

Select one:

a.

issuing invoices to customers

b.

creating invoices  

c.

collecting the information needed to construct an invoice

d.

receiving payment
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Question 45
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Question text
Send the letter even if the company don't intend to actually go to collection of debts.
Select one:

True

False 

Question 46
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Question text
First statement:    When the credit firm have made several contacts with a non-paying customer
and he hasn't resolved the account, the credit firm may need to consider legal action.
Second statement:   The specific procedures for collecting a debt can vary, a company needs to
follow several general guidelines to ensure collection while trying to retain customers for future
sales.
 

Select one:
a.

Both statements are false

b.

Both statements are true

c.

Only first statement is true

d.

Only second statement is true

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Question 47
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Question text
The unpaid seller has the right to resell goods when he stops the goods in transit.

Select one:

True 

False
Question 48
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Question text
The bank's past due ratios are continually being monitored by top management and also by the
Bangko Sentral.

Select one:

True 

False

Question 49
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Question text
 A document with a list of products or services that the customer needs to pay.

Select one:

a.
voucher

b.

official receipt

c.

bill

d.

invoice
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Question 50
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Question text
Statement that indicates the money owed for services or products.

Select one:

a.

bill

b.

sales  invoice
c.

invoice

d.

official receipt 
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