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Business Finance Understanding Assessment

Business Finance Understanding Assessment

This assessment helps identify training needs. It is not a performance evaluation.

Please answer all questions before submitting.
1. Retail vs Debtor
A customer selects items and asks to pay at a later date. What type of transaction is this?
2. Customer Identification
Why is it important to capture correct customer details before issuing a quote that will be paid later?
3. Invoicing Accuracy
What is the main reason an invoice should show the correct customer name and details?
4. Changing Details Later
Why can changing customer details after a quote is accepted cause problems?
5. Delivery Deadline
Why is it important to record a delivery or completion date when issuing a quote?
6. Payment Terms
What do payment terms such as “30 days” mean?
7. Cash on Delivery (COD)
What does COD describe in a transaction?
8. Handling Unclear Information
If customer details or payment terms are unclear, what is the best action?
9. Business Risk
Which situation creates the most risk for a business?
10. Financial Responsibility
Which best describes good financial control in a business?
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