The four primary elements in a firm's credit policy are (1)credit standards, (2)discounts offered, (3)credit period, and (4)collection policy.

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These are indeed the four primary elements in a firm's credit policy. Credit standards determine who can qualify for credit, discounts offered incentivize customers to pay promptly, credit period specifies the duration of time customers have to pay, and collection policy dictates the actions taken when customers do not make timely payments.

The Four Primary Elements in a Firm's Credit Policy Are