INMT 341 Exam 1 Prep Questions and
Answers Graded A+
ACH Automated Clearing House - Correct answer-Electronic bank-to-bank
payment system P5 O2C
Available to Purchase - Correct answer-Inventory that is available to promise to
customer. Process 2: Sales Order O2C
BackOrder - Correct answer-Customer order placed when inventory is unavailable.
Process 2 Sales Orders, O2C
Balance Forward Approach - Correct answer-Billing method where unpaid balance
rolls forward each cycle; Bill Customer O2C
Closed Sales Order - Correct answer-Invoice has been fully paid. Cash Collection
O2C
Customer Relationship Management - Correct answer-System that manages all the
info.
cycle billing - Correct answer-Customers are billed at different times during the
month; Bill Customer, O2C
©COPYRIGHT 2026, ALL RIGHTS RESERVED 1
, EOQ - Correct answer-Optimal order level for inventory that minimizes the costs.
P2P
Electronic Funds Transfer - Correct answer-transfer of funds from customer to
company; Cash Collections, O2C
Enterprise Resource Planning - Correct answer-Integrated system that manages the
sales inventory accounting finance.
(FEDI) Financial Electronic Data Interchange - Correct answer-Definition:
Electronic exchange of financial documents between parties. Process: #5 Record
Cash CollectionsType: O2C
General Authorization - Correct answer-Pre approved authority for routine
transaction. Approve Credit O2C
Lock Box - Correct answer-Bank Service that receives and processes customer
payment. Record cash collection O2C
Monthly Periodic Statement - Correct answer-Summary of customer invoices and
balances; Bill Customer O2C
Open Sales Invoice - Correct answer-Invoice issued but not yet paid; Bill
Customer, O2C
©COPYRIGHT 2026, ALL RIGHTS RESERVED 2
Answers Graded A+
ACH Automated Clearing House - Correct answer-Electronic bank-to-bank
payment system P5 O2C
Available to Purchase - Correct answer-Inventory that is available to promise to
customer. Process 2: Sales Order O2C
BackOrder - Correct answer-Customer order placed when inventory is unavailable.
Process 2 Sales Orders, O2C
Balance Forward Approach - Correct answer-Billing method where unpaid balance
rolls forward each cycle; Bill Customer O2C
Closed Sales Order - Correct answer-Invoice has been fully paid. Cash Collection
O2C
Customer Relationship Management - Correct answer-System that manages all the
info.
cycle billing - Correct answer-Customers are billed at different times during the
month; Bill Customer, O2C
©COPYRIGHT 2026, ALL RIGHTS RESERVED 1
, EOQ - Correct answer-Optimal order level for inventory that minimizes the costs.
P2P
Electronic Funds Transfer - Correct answer-transfer of funds from customer to
company; Cash Collections, O2C
Enterprise Resource Planning - Correct answer-Integrated system that manages the
sales inventory accounting finance.
(FEDI) Financial Electronic Data Interchange - Correct answer-Definition:
Electronic exchange of financial documents between parties. Process: #5 Record
Cash CollectionsType: O2C
General Authorization - Correct answer-Pre approved authority for routine
transaction. Approve Credit O2C
Lock Box - Correct answer-Bank Service that receives and processes customer
payment. Record cash collection O2C
Monthly Periodic Statement - Correct answer-Summary of customer invoices and
balances; Bill Customer O2C
Open Sales Invoice - Correct answer-Invoice issued but not yet paid; Bill
Customer, O2C
©COPYRIGHT 2026, ALL RIGHTS RESERVED 2
