ACG 3401 FINAL EXAM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. FTP (File Transfer Protocol)
Answer:
Securely transfers data (e.g., invoices, orders) between trading partners.
Question:
2. What is a lockbox?
Answer:
A bank-operated service where customers send payments directly to reduce theft and speed up deposits.
Question:
3. What is the purpose of a lockbox agreement with a financial institution?
Answer:
To process cash, where the money goes directly to the bank.
Question:
4. What happens to the money in a lockbox service?
Answer:
The bank deposits it directly into your account w a fee
Question:
5. RFID (Radio Frequency Identification)
Answer:
Tags used to track inventory automatically and reduce picking/shipping errors.
Question:
6. FEDI (Financial Electronic Data Interchange)
Answer:
Secure, electronic exchange of payment and remittance information between companies.
Question:
7. ACH (Automated Clearing House)
Answer:
Network for processing electronic funds transfers (EFTs), such as payroll and direct deposits.
Question:
8. Stock / Out of Stock
Answer:
Stock = inventory available for sale; Out of stock = shortage that may lead to lost sales or back orders.
Question:
9. Sales Order Entry
, Answer:
Enters customer orders, verifies credit, checks inventory, responds to inquiries.
Question:
10. Credit Approval
Answer:
Authorizes credit sales, establishes credit limits.
Question:
11. Shipping
Answer:
Picks, packs, and ships goods to customers.
Question:
12. Billing
Answer:
Prepares and sends invoices, records sales, updates A/R.
Question:
13. Cash Collections
Answer:
Handles incoming payments, prepares remittance lists, deposits cash/checks, updates accounts.
- Theft of cash; cash flow problems.
Question:
14. sequential pre numbering
Answer:
to keep checks in order, making sure none are missing (accountability)
Question:
15. Sales Order
Answer:
Records customer order details: items, quantities, prices, address.
Question:
16. Picking Slip (Picking List)
Answer:
Lists items and quantities to pick from stock.
Question:
17. Packing Slip
Answer:
Lists items actually shipped; included in customer's package.
Question:
18. Bill of Lading (BOL)
AND CORRECT ANSWERS
Question:
1. FTP (File Transfer Protocol)
Answer:
Securely transfers data (e.g., invoices, orders) between trading partners.
Question:
2. What is a lockbox?
Answer:
A bank-operated service where customers send payments directly to reduce theft and speed up deposits.
Question:
3. What is the purpose of a lockbox agreement with a financial institution?
Answer:
To process cash, where the money goes directly to the bank.
Question:
4. What happens to the money in a lockbox service?
Answer:
The bank deposits it directly into your account w a fee
Question:
5. RFID (Radio Frequency Identification)
Answer:
Tags used to track inventory automatically and reduce picking/shipping errors.
Question:
6. FEDI (Financial Electronic Data Interchange)
Answer:
Secure, electronic exchange of payment and remittance information between companies.
Question:
7. ACH (Automated Clearing House)
Answer:
Network for processing electronic funds transfers (EFTs), such as payroll and direct deposits.
Question:
8. Stock / Out of Stock
Answer:
Stock = inventory available for sale; Out of stock = shortage that may lead to lost sales or back orders.
Question:
9. Sales Order Entry
, Answer:
Enters customer orders, verifies credit, checks inventory, responds to inquiries.
Question:
10. Credit Approval
Answer:
Authorizes credit sales, establishes credit limits.
Question:
11. Shipping
Answer:
Picks, packs, and ships goods to customers.
Question:
12. Billing
Answer:
Prepares and sends invoices, records sales, updates A/R.
Question:
13. Cash Collections
Answer:
Handles incoming payments, prepares remittance lists, deposits cash/checks, updates accounts.
- Theft of cash; cash flow problems.
Question:
14. sequential pre numbering
Answer:
to keep checks in order, making sure none are missing (accountability)
Question:
15. Sales Order
Answer:
Records customer order details: items, quantities, prices, address.
Question:
16. Picking Slip (Picking List)
Answer:
Lists items and quantities to pick from stock.
Question:
17. Packing Slip
Answer:
Lists items actually shipped; included in customer's package.
Question:
18. Bill of Lading (BOL)
