________ is the collective term used to describe a firm's decisions as to how customers will qualify for credit,what payment plan is allowed to creditors,and how overdue bills will be collected.

Question

Quizplus · Accepted Answer

Credit policy is the collective term used to describe a firm's decisions as to how customers will qualify for credit, what payment plan is allowed to creditors, and how overdue bills will be collected. Credit history refers to a record of a person's or company's borrowing and repayment activities. Collection policy specifically relates to the process and tactics used by a company to recover overdue payments from customers. Payment policy refers to a firm's decisions regarding the types of payment it accepts, such as cash, credit cards, or electronic payments.

________ Is the Collective Term Used to Describe a Firm's