1- Which of the following is true?

a-trade credit is credit extended by one firm to another

b- businesses do not routinely grant trade credit on the sales of their goods and services.

c- when trade credit is extended the buyer specifies the period of time allowed for payment

2-Firms use several devices and procedures to manage float including

a-lockboxes

b-zero balance accounts

c-control disbursing

d-all of the above

3- Assume you skip the discount and pay at the end of the net period for the following credit terms: 1/15, net 32. Calculate the APY for the trade credit.