4.4 Identify the Steps to Process Exceptions or Non-Standard Elements of a Renewal Quote 700-805 Practice Questions (Page 4)

Questions 16–20

1. 16foundation · easy

   What is the first step in processing an exception on a renewal quote?

   • AIdentify the exception on the quote
   • BDocument the exception in the quote system
   • CSubmit the quote for final approval
   • DObtain approval from the appropriate manager
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2. 17foundation · easy

   A renewal quote includes a custom payment schedule that is not part of the standard terms. How should this be classified?

   • AAs a discount
   • BAs a standard renewal element
   • CAs an exception requiring processing
   • DAs a standard pricing adjustment
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4. 18expert · hard

   A renewals specialist has processed a quote with two exceptions: a 15% discount and a custom payment term. The discount was approved by the regional director, and the payment term was approved by the CFO. The specialist is now preparing to finalize the quote. During a final review, the specialist notices that the approval for the discount was recorded in the quote system, but the approval for the payment term was not. What should the specialist do?

   • AAsk the CFO to re-approve the payment term in writing, then finalize the quote without recording it.
   • BRemove the payment term from the quote to avoid the missing documentation.
   • CFinalize the quote since both exceptions were verbally approved, and the discount approval is already recorded.
   • DRecord the payment term approval in the quote system, including the approver and date, before finalizing the quote.
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5. 19application · medium

   A renewals manager is preparing a quote for a long-standing customer who is requesting a 15% discount on a large multi-year renewal. The standard discount threshold for the manager's approval level is 10%. The customer's contract also includes a custom payment term that deviates from the standard net-30 terms. What should the manager do first?

   • AAdjust the discount to 10% to match the manager's approval limit and process the custom payment term as a standard contract modification.
   • BSubmit the quote with the 15% discount and custom payment terms directly to the finance director for approval.
   • CIdentify both the discount and the payment term as exceptions, document them in the quote system, and then route them through the approval workflow based on the exception policy.
   • DEmail the customer to explain that the 15% discount exceeds the standard policy and ask if they would accept a lower discount instead.
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6. 20foundation · easy

   Who is typically responsible for approving a discount exception on a renewal quote?

   • AThe sales representative who created the quote
   • BA manager or authorized approver within the company
   • CThe finance department only
   • DThe customer's procurement officer
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