Answered: business

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Chapter3: Purchasing Policy And Procedures

Section: Chapter Questions

Problem 3DQ

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Question

For your small business indicate your thoughts on the following credit policy areas.

Q1. What are your credit or payment terms? How might this vary for a preferred customer compared to a new customer?

Q2. How are your payment terms communicated? Where are they stated?

Q3. Before issuing invoice or progress claim, what should make sure about the job or work you completed?

Q4. Based on the trading terms of your business, when do you follow up late payment? (i.e. xx days)

Q5. If your days collections blew out by 14 days, estimate how much would it affect your cash position in the first 4 months? (Approximate $$ will suffice

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