Receivable Financing

Receivable Financing

University

10 Qs

quiz-placeholder

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10th Grade - Professional Development

10 Qs

Receivable Financing

Receivable Financing

Assessment

Quiz

Business

University

Medium

Created by

John Servidad

Used 12+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of factoring?

To increase accounts receivable

To decrease accounts receivable

To transfer ownership of accounts receivable

To create more debt for the company

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In factoring, who assumes responsibility for the collection of accounts receivable?

The assignor

The factor

The bank

The customer

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a factor's holdback?

A predetermined amount for protection against customer returns and allowances

A fee for factoring services

A commission paid to the factor

A discount on the face value of a note receivable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In factoring as a continuing agreement, what is recognized as a loss?

The factoring fee

The factor's holdback

The amount of the accounts receivable

The difference between the carrying amount of the note and the proceeds

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In discounting of notes receivable, who becomes the endorser?

The bank

The customer

The payee

The factor

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the net proceeds in discounting of notes receivable?

The maturity value minus the discount

The principal amount plus the interest

The amount due on the note at the maturity date

The interest for the full term of the note

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maturity date in discounting of notes receivable?

The date of discounting

The date on which the note should be paid

The date of maturity value

The date of interest accrual

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