Prelim Quiz 1

Started on Tuesday, 11 October 2022, 5:41 PM

State Finished
Completed on Tuesday, 11 October 2022, 5:54 PM
Time taken 13 mins 23 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
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Question text
Leniency in the implementation of credit policies will enable the firm to sell obsolete goods
or get rid of inventories which are no longer salable.

Select one:
True 
False

Question 2
Correct
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Question text
 The ability to obtain a thing of value in exchange for a promise to pay definite sum of
money on future determinable time is

Select one:

a.
credit procedure

b.
credit
c.
collection

d.
money
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Question 3
Correct
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Question text
This outlines the activities and responsibilities in obtaining credit approval for a potential
customer before sales orders are processed.

Select one:

a.
credit 

b.
policy

c.
credit policy

d.
credit policy procedure
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Question 4
Correct
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Question text
The individual or entity that lends money to another individual or entity is the

Select one:

a.
debtor

b.
investigator

c.
creditor

d.
applicant
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Question 5
Correct
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Question text
The promise to pay should specify

Select one:

a.
Venue, principal amount, maturity date

b.
Principal amount, maturity value, interest

c.
 Principal amount, interest, venue
d.
 Principal amount, interest, maturity date
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Question 6
Correct
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Question text
 The routine functions performed by credit personnel
I. Checking the discount
II. Evaluating credit risk
III. Checking credit ratings
IV. Checking orders for credit
 

Select one:

a.
IV, I, II, III

b.
I, II, III, IV

c.
I, III, IV, II

d.
II, III, IV, I
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Question 7
Correct
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Question text
 A statement that defines or restricts the actions that a credit professional can take or not
take in a specific situation or decision.

Select one:

a.
rule

b.
objective

c.
practice

d.
procedure
Feedback
Your answer is correct.

Question 8
Correct
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Question text
 These are detailed ways of carrying out policies.

Select one:

a.
company objectives
b.
rules 

c.
procedure

d.
company practices
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Question 9
Correct
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Question text
The following are the C's of credit except

Select one:

a.
character

b.
credit standing

c.
capacity to pay

d.
capital
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Question 10
Correct
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 Question text
The debtor refers to individual or entity that

Select one:

a.
approves credit application.

b.
lends money to individual or entity.

c.
Investigate for the approval of credit application.

d.
borrows money from another individual or entity.
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Question 11
Correct
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Question text
 This is actual working steps that should be followed in an appropriate order to accomplish
a desired result.

Select one:

a.
Procedure

b.
Company practices
c.
Rule

d.
Company objectives
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Question 12
Correct
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Question text
 Credit procedures and practices includes such operations as:
I. Credit investigation and appraisal
II. Documentation, loan or product releases and collaterization
III. Credit application and interview
IV. Credit evaluation, recommendation and approval
V. Collection, release of collaterals, and documents
 

Select one:

a.
 I,II,III,IV,V

b.
 I, III, V, IV, II

c.
 III,I,IV,II,V
d.
 II,IV,I,V,III
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Question 13
Correct
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Question text
During wide fluctuations of money value, it is unwise for creditors to grant loans.

Select one:
True 
False

Question 14
Correct
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Question text
 The one who has the major role in developing the credit policies is the
 

Select one:

a.
Sales manager

b.
Credit investigator
c.
Credit manager 

d.
Sales representative
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Question 15
Correct
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Question text
The following are elements of credit except 
 

Select one:

a.
promise to pay

b.
collection
A. Collection
B. Ability to obtain a thing of value
C. A promise to pay
D. Definite sum of money
Answer: a. collection
 

c.
definite sum of money
d.
ability to obtain a thing of value
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Question 16
Correct
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Question text
These are the guides in the performance of credit functions of the company.

Select one:

a.
policy

b.
credit proposal

c.
credit policies

d.
credit procedure
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Question 17
Correct
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Question text
A promise to pay, to be valid should be in writing, acknowledge by one party only.
Select one:
True
False 

Question 18
Correct
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 The creditor has the obligation to pay debt and the debtor has the right to collect payment.

Select one:
True
False 

Question 19
Correct
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Question text
These consist of person's real and personal property which can be a strong foundation for
credit approval.

Select one:

a.
collateral

b.
capital

c.
capacity

d.
conditions
 Feedback
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Question 20
Correct
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Question text
The standardized form that a customer or borrower uses to request credit is the

Select one:

a.
application form

b.
credit evaluation form

c.
credit application

d.
invoice
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Prelim Quiz 2
Started on Tuesday, 11 October 2022, 6:06 PM
State Finished
Completed on Tuesday, 11 October 2022, 6:24 PM
Time taken 18 mins 39 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
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 Question text
 In commercial bank credit, the creditor is a commercial bank while the debtor can be a
business firm or private businessman.

Select one:
True 
False

Question 2
Correct
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Question text
 Credit according to form

Select one:

a.
Investment/ agricultural/ real estate/ industrial/ export credit

b.
 Consumer/Commercial/commercial bank credit/loan

c.
 Cash/Merchandise form of credit

d.
Short-term/ intermediate-term/ long-term loans

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Question 3
Correct
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Question text
 Medium-term loans are

Select one:

a.
payable for more than five years

b.
payable within six months

c.
payable for a period of one to five years

d.
payable within a period of one year
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Question 4
Correct
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Question text
Closed-end credit is also called

Select one:

a.
Revolving credit

b.
Standing credit
c.
commercial bank credit

d.
Installment credit
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Question 5
Correct
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Question text
Savings in time and transaction costs will result in higher margins for all the components of
the distribution system.

Select one:
True 
False

Question 6
Correct
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Question text
This refers to the information obtained from the suppliers of the customer.

Select one:

a.
Bank information

b.
Salesman's report
c.
trade information

d.
Personal information
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Question 7
Correct
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 This is a loan extended intended for the acquisition of fertilizers, pesticides, seedlings,
transportation of agricultural products and farm improvements.

Select one:

a.
Commercial credit

b.
Consumer credit

c.
Industrial credit

d.
Agricultural credit
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Question 8
Correct
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Question text
For individual applicant, the following credit information should be secured and verified
I.    Customer's name
II.   Age
III.  Employment
IV.  Bank reference

Select one:

a.
III & IV only

b.
I, II, III, IV

c.
I, III, & IV only

d.
I, II, & IV only
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Question 9
Correct
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The main objective of a credit investigation is to verify the information given in the
information sheet.

Select one:
 True 
False

Question 10
Correct
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This is the customer supplied information which is usually obtained at the time of credit
application

Select one:

a.
salesman's  information 

b.
trade information

c.
credit information sheet

d.
bank's information
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Question 11
Correct
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Open-end credit is also known as
Select one:

a.
Installment credit

b.
Standing credit

c.
Revolving credit

d.
Commercial credit
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Question 12
Correct
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Consumer credit is classified

Select one:

a.
according to maturity

b.
according to purpose

c.
according to type of user
d.
according to form
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Question 13
Correct
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Letter of credit is a tool for financing international trade.

Select one:
True 
False

Question 14
Correct
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Question text
 Credit according to purpose

Select one:

a.
Short-term/ intermediate-term/ long-term loans

b.
 Cash/Merchandise form of credit

c.
Consumer/Commercial/commercial bank credit/loan

d.
 Investment/ agricultural/ real estate/ industrial/ export credit
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Question 15
Correct
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Question text
 For individual applicants, the following credit information should be secured and verified,
except

Select one:

a.
employment

b.
extramarital affairs

c.
payment record

d.
income
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Question 16
Correct
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Question text
The following are the advantages of credit except 

Select one:
a.
Credit may be secured to establish an enterprise and finance its various transactions, adding
to its growth.

b.
 Credit also makes capital more productive

c.
Credit contributes to the extravagance and carelessness on the part of the borrowers

d.
Credit in its nature, plays a vitals and major part of the economy.
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Question 17
Correct
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Question text
 Loan which is intended for the purchase of house and lot, for house construction, or
improvement.

Select one:

a.
Industrial credit

b.
Investment credit

c.
Consumer credit

d.
Real estate loan
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Question 18
Correct
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Question text
First Statement: In a marketing oriented company, the desire to push sales might lead to
extension of credit to unworthy or risky parties who might end up to be bad debtors after
all who will cause the collapse of the company.
 Second Statement: One of the advantages of credit is that credit encourages over-zealous
and aggressive entrepreneurs to over-expand unreasonably.
 

Select one:

a.
Only first statement is true

b.
Both statements are false

c.
Both statements are true

d.
Only second statement is true
Feedback
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Question 19
Correct
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Question text
 In investment credit, the objects of credit are merchandise or goods.
Select one:
True
False 

Question 20
Correct
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Question text
First Statement: Credit in its nature plays a vital and major part in any economy.
Second Statement: A great advantage of credit in business is convenience.

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.

UGRD-BAFM6303 Credit and Collection

Started on Monday, 17 October 2022, 10:54 AM
 State Finished

Completed on Monday, 17 October 2022, 11:35 AM

Time taken 40 mins 5 secs

Grade 48.00 out of 50.00 (96%)

Question 1
Correct

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Question text
This is the customer supplied information which is usually obtained at the time of credit
application.
Select one:

a.

salesman's report

b.

credit information sheet

c.

bank's information

d.

trade information
Feedback
Your answer is correct.

Question 2
Correct

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Question text
 This is actual working steps that should be followed in an appropriate order to accomplish
a desired result.

Select one:

a.

rule

b.

company objective

c.

procedure

d.

company practices
Feedback
Your answer is correct.
Question 3
Correct

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Question text
Credit that involves exact amount of money loaned, or money value for non-cash form of
credit refers to
Select one:

a.

definite sum of money

b.

the ability to obtain a thing of value

c.

a promise to pay

d.

payable on demand or future time

Feedback
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Question 4
Correct

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 Flag question

Question text
Loans, accounts, whether checking or savings accounts, provide helpful information in sizing
up the customer's credit and financial ability.
Select one:

True 

False

Question 5
Incorrect

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Question text
A promise to pay to be valid should be in writing.
Select one:

True

False 

Question 6
Correct

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Question text
For individual applicants, the following credit information should be secured and verified
I   -  Age
II  -  References and reputation
III -  Income
IV -  Residence
Select one:

a.

I, II, III

b.

III & IV only

c.

I, II, III, IV

d.

I, III, IV
Feedback
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Question 7
Correct

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Question text
These are detailed ways of carrying out policies.
Select one:

a.

company objectives

b.

rules

c.

company practices

d.

procedures
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Question 8
Correct

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Question text
The individual or entity that lends money to another individual or entity is the

Select one:
a.

Debtor

b.

Applicant

c.

Creditor

d.

Investigator
Feedback
Your answer is correct.

Question 9
Correct

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Question text
 A statement that defines or restricts the actions that a credit professional can take or not
take in a specific situation or decision.

Select one:

a.

procedure
b.

practice

c.

rule

d.

objective
Feedback
Your answer is correct.

Question 10
Correct

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Question text
Long-term credit rating reflects the likelihood of the borrower defaulting within the year.
Select one:

True

False 

Question 11
Correct

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Question text
These are the C's of credit, except
Select one:

a.

capacity to pay

b.

credit standing

c.

capital

d.

character
Feedback
Your answer is correct.

Question 12
Correct

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Question text
These consist of person's real and personal property which can be a strong foundation for
credit approval.
Select one:
a.

conditions

b.

capital

c.

collateral 

d.

capacity
Feedback
Your answer is correct.

Question 13
Correct

Mark 1.00 out of 1.00

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Question text
 In investment credit, the objects of credit are merchandise or goods.

Select one:

True

False 

Question 14
Correct
Mark 1.00 out of 1.00

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Question text
 The one who has the major role in developing the credit policies is the

Select one:

a.

Sales representative

b.

Credit manager

c.

Credit investigator

d.

Sales manager
Feedback
Your answer is correct.

Question 15
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
The promise to pay should specify
Select one:

a.

principal amount, interest, venue

b.

venue, principal amount, maturity date

c.

principal amount, maturity value, interest

d.

principal amount, interest, maturity date

Feedback
Your answer is correct.

Question 16
Correct

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Question text
Standard credit procedures are uniform in all companies.
Select one:

True

False 

Question 17
Correct

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Question text
Credit does not have an effect to productivity.
Select one:

True

False 

Question 18
Correct

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Question text
Letter of credit is a tool for financing international trade.

Select one:

True 
 False

Question 19
Correct

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Question text
These are the factors affecting liberal policies
I   - Financial condition of the firm
II   - Keen competition
III   - Liquidation of heavy supply of merchandise
IV   - Seller monopoly
Select one:

a.

I, II, III

b.

II, III, IV

c.

I, II, III, IV

d.

I, II, IV
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Question 20
Correct

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Question text
This refers to the personality of the debtor.
Select one:

a.

collateral

b.

character

c.

condition

d.

capacity to pay
Feedback
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Question 21
Correct

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 Flag question

Question text
The following are the advantages of credit except
 

Select one:

a.

Credit also makes capital more productive

b.

 Credit contributes to the extravagance and carelessness on the part of the borrowers

c.

Credit in its nature, plays a vitals and major part of the economy.

d.

Credit may be secured to establish an enterprise and finance its various transactions, adding
to its growth.
Feedback
Your answer is correct.

Question 22
Correct

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 Flag question

Question text
This outlines the activities and responsibilities in obtaining credit approval for a potential
customer before sales
Select one:

a.

credit policy

b.

credit policy procedure

c.

credit investigation

d.

policy
Feedback
Your answer is correct.

Question 23
Incorrect

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Question text
Credit procedures and policies include such operations as:
I   -  credit investigation and appraisal
II  -  documentation, loan or product releases and collaterization 
III -  credit application and interview
IV -  credit evaluation, recommendation & approval
V  - collection, release of collateral and documents

Select one:

a.

I, II, III, IV, V

b.

III, I, IV, II, V

c.

I, III, V, IV

d.

II, IV, I, V, III

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Question 24
Correct

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Question text
 First Statement: In a marketing oriented company, the desire to push sales might lead to
extension of credit to unworthy or risky parties who might end up to be bad debtors after
all who will cause the collapse of the company.
Second Statement: One of the advantages of credit is that credit encourages over-zealous
and aggressive entrepreneurs to over-expand unreasonably.
 

Select one:

a.

Only first statement is true

b.

Only second statement is true

c.

Both statements are true

d.

Both statements are false

Feedback
Your answer is correct.

Question 25
Correct

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 Flag question

Question text
These are the guides in the performance of credit function of the company.
Select one:

a.

conditions

b.

credit

c.

policy
Feedback
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Question 26
Correct

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Question text
General guideline on how to act in an ordinary or extra-ordinary situation that recur from
time to time bearing in mind the accomplishment of established company objectives
Select one:
a.

credit policies

b.

credit

c.

credit procedure

d.

policy
Feedback
Your answer is correct.

Question 27
Correct

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Question text
 During wide fluctuations of money value, it is unwise for creditors to grant loans.

Select one:

True 

False

Question 28
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
The routine functions performed by credit personnel
I   -  checking discount
II  -  evaluating credit risk
III -  checking credit ratings
IV -  checking orders for credit
Select one:

a.

IV, I, II, III

b.

I, III, IV, II

c.

II, III, IV, I

d.

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

Question 29
Correct

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 Flag question

Question text
Long-term credit ratings predict the borrower's likelihood of defaulting at any given time in
the extended future.
Select one:

True 

False

Question 30
Correct

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Question text
Written policies have distinct advantages such as
I -   More precision
II -   More stability
III -  Avoidance of unintentional changes caused 
        by varied opinion on credit
IV -  Continuity in credit operations
V  -  Over-all company objectives
Select one:

a.

I, II, III, IV, V

b.

I, II, III, IV

c.

I, II, III, V

d.

II, III, IV, V

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Question 31
Correct

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Question text
 The debtor refers to individual or entity that

Select one:

a.

investigate for the approval of credit application.

b.

lends money to individual or entity.

c.

borrows money from another individual or entity.

d.

approves credit application.

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Question 32
Correct

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Question text
Telephone contacts can be one of the sources of credit information.
Select one:

True 

False

Question 33
Correct

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Question text
For individual applicants, the following credit information should be secured and verified,
except
Select one:
a.

employment

b.

payment record

c.

income

d.

extramarital affairs
Feedback
Your answer is correct.

Question 34
Correct

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Question text
The following are the factors affecting restrictive credit policy:
I   -  Seller over-extension
II  -  Seller monopoly
III -  Narrow profit margin
IV -  Unfavorable business condition

Select one:
a.

I, II, III, IV

b.

I, II,& III

c.

I and II only

d.

IV only
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Question 35
Correct

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Question text
Credere means
Select one:

a.

to pay

b.
promise

c.

confidence

d.

trust
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Question 36
Correct

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Question text
He is responsible for application review and investigation of the applicant's credit history.
Select one:

a.

Credit bookkeeper

b.

Credit investigator

c.

Credit manager
d.

Sales representative
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Question 37
Correct

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Question text
This is information obtained from the suppliers of the customer.

Select one:

a.

Trade information 

b.

Bank information

c.

Salesman's report

d.

Personal information
Feedback
Your answer is correct.
Question 38
Correct

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Question text
In marketing oriented company, the desire to push sales might lead to extension of credit to
unworthy or risky parties.
Select one:

True 

False

Question 39
Correct

Mark 1.00 out of 1.00

Flag question

Question text
The main objective of a credit investigation is to verify the information given in the
information sheet.

Select one:

True 

False

Question 40
Correct
Mark 1.00 out of 1.00

Flag question

Question text
Savings in time and transaction costs will result in higher margins for all the components of
the distribution system.

Select one:

True 

False

Question 41
Correct

Mark 1.00 out of 1.00

Flag question

Question text
Credit may be secured to establish an enterprise and finance its various transactions.

Select one:

True 

False

Feedback
Credit may be secured to establish an enterprise and finance its various transactions.

Question 42
Correct

Mark 1.00 out of 1.00

 Flag question

Question text
The following are elements of credit, except
Select one:

a.

definite sum of money

b.

collection

c.

ability to obtain a thing of value

d.

a promise to pay
Feedback
Your answer is correct.

Question 43
Correct

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He is responsible for reviewing credit application for completeness and accuracy.

Select one:

a.

Credit investigator

b.

Credit manager

c.

sales representative

d.

Credit bookkeeper
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Question 44
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First Statement: Credit in its nature plays a vital and major part in any economy.
Second Statement: A great advantage of credit in business is convenience.

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 45
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Things of value may mean 
Select one:

a.

a promise to pay
b.

exact amount of money loaned

c.

payable on demand

d.

cash form of credit or merchandise form of credit

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Question 46
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Credit does not only benefit the consumer but the entire business industry as well.
Select one:

True 

False

Question 47
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Question text
This refers to the ability to obtain a thing of value in exchange for a promise to pay definite
sum of money on future determinable time.
Select one:

a.

collection

b.

credit procedure

c.

money

d.

credit
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Question 48
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The standardized form that a customer or borrower uses to request credit is the
Select one:
a.

credit application

b.

application form

c.

invoice

d.

credit evaluation form

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Question 49
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The main objective of credit investigation is to
Select one:

a.

check the family budget

b.
verify the information given in the information sheet.

c.

visit the credit applicant.

d.

secure the credit documents.

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Question 50
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Credit according to purpose

Select one:

a.

Short-term/ intermediate-term/ long-term loans

b.

Consumer/Commercial/commercial bank credit/loan

c.
 Cash/Merchandise form of credit

d.

Investment/ agricultural/ real estate/ industrial/ export credit

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