Knowledge Check 01 Which of the following are considered disadvantages of allowing customers to purchase goods on credit? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) A delay in cash collections ? Bad debt costs 7 Decreased rev revenues 2 Increased wage costs to determine if customers are creditworthy 2 Increased wage costs resulting from the collection process Knowledge Check 01 Which of the following describe a note receivable? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) More formal way of extending credit Specified interest rate Specified maturity date Stronger legal claim Used for small-dollar items