I dont Know 1
You just finished a 5-hour meeting and finally agreed on everything. You have reached a...
Answer: A Deal.
Meaning: A formal agreement or contract between two or more parties.
You are shipping fragile glass across the ocean. To stay safe, you should take out an insurance...
Answer: A Policy.
Meaning: The legal contract with an insurance company that explains what is covered and how much they will pay.
The bill you sent was for $500, but the client says it should be $400. They are querying the...
Answer: An Invoice.
Meaning: A document sent by a seller to a buyer that lists the goods/services provided and the amount of money owed.
After a fire in the warehouse, you send a letter to the insurance company to file a...
Answer: A Claim.
Meaning: An official request to an insurance company asking for payment based on the terms of your policy.
A new client wants to buy goods now and pay next year. They must submit a credit...
Answer: An Application.
Meaning: A formal request (usually a form) to be allowed to pay for things later rather than immediately.
You have a big group of different companies that buy from you. This is your customer...
Answer: Portfolio.
Meaning: The collection of all clients or accounts that a business deals with.
To make the agreement legal and official, both CEOs must sign the...
Answer: The Deal.
Meaning: The act of writing one's signature to signify that the contract is now legally binding.
Your shop gives 30 days for a buyer to pay the bill. This 30-day window is the credit...
Answer: Period.
Meaning: The specific amount of time a customer is allowed to wait before they must pay for the goods.
You must follow every rule written in the contract. You are complying with the...
Answer: The Conditions.
Meaning: Specific requirements or rules that must be met for a contract to remain valid.
To stop losing money when international buyers don't pay, you use credit...
Answer: Insurance.
Meaning: Protection for the seller in case a customer fails to pay their debt.