Unit quiz: Evidence, authority and comparable offers

Check understanding, separately from reading

5 questions · 80% to pass · no timer. This quiz checks the lessons in this unit. These authored questions assess recognition and application of the taught distinctions, not professional qualification. You may review the lessons and retry. Repeat attempts reuse the question bank; a remembered answer is not proof of transfer to a new situation.

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Question 1

Ridge’s deposits exceed reported sales because an owner transfer was included. Flag and document the difference. A catering invoice is still disputed; label it as such rather than removing the dispute from an aging report.

Owner: “Can we leave the other advance off the application?”No. The file must accurately disclose required obligations and explain any discrepancy.Yes. Underwriting only needs the strongest version of the story.

Question 2

An owner offers to text a bank password. Decline and direct them to the provider’s verified secure process. If considering another funder, explain the destination and obtain the appropriate authorization first; do not “shotgun” submissions.

Owner: “Send my documents to anyone who might approve me.”I will forward the entire file to an unrestricted broker list.Let us identify approved recipients, purposes and authorizations before any sharing.

Question 3

An offer says no real-estate collateral, yet includes a personal guaranty and business-asset security agreement. Those are not contradictions in every case, but they are material terms the owner must understand, not features to hide.

Owner: “No property appraisal means no guarantee or lien?”No. Let us review guarantee language, the security agreement and any proposed filings separately.Yes. No appraisal means there is no personal or asset exposure.

Question 4

Harbor has a daily advance and a secured bank line. A new offer may conflict with covenants or collateral rights even if each payment seems small. A buyout quote needs written payoff amounts and confirmation of releases; estimated balances are not enough.

Owner: “Another funder said stacking never needs permission.”Take the money first; existing providers cannot object.We need to review each existing agreement and any consent or restriction before proceeding.

Question 5

Offer A gives more headline cash but subtracts fees. Offer B has a smaller headline and a balloon. Put net proceeds and the complete dated schedules beside each other before calling either “cheaper.” Mark unknowns instead of silently using zeros.

Owner: “Can we compare only the advertised rate?”No. We need net funding, all costs, timing and contractual risks on the same basis.Yes. The lowest headline rate is automatically the best offer.

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