Bill And Collect Article Quiz

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| By Mvarner

Mvarner

Community Contributor

Quizzes Created: 1 | Total Attempts: 71

Questions: 9 | Attempts: 71 | Updated: Jun 26, 2023

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This quiz is to test how well you know your bill and collect. You may consult the recent article "The Death Utility Bill and Collect" as you take it. Good luck!

Questions and Answers

1.

Approximately how many U.S. apartment residents are billed for utilities in addition to rent?
- A.
  
  1 million
- B.
  
  5 million
- C.
  
  10 million
- D.
  
  20 million
- E.
  
  50 million
Correct Answer
B. 5 million

Explanation
Approximately 5 million U.S. apartment residents are billed for utilities in addition to rent. This suggests that a significant number of apartment residents have to pay for utilities separately from their rent. This could be due to various reasons such as the apartment complex not including utilities in the rent or the residents having individual meters for their utilities. Regardless of the reason, this statistic highlights the financial burden that many apartment residents face in addition to their monthly rent payments.

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2.

When utility bill and collect services were first introduced, which of the following was a benefit of them?
- A.
  
  Increase in property income
- B.
  
  Being able to collect bills faster
- C.
  
  Decrease in the amount of delinquent payments
- D.
  
  Decrease in the workload for property staff
Correct Answer
D. Decrease in the workload for property staff

Explanation
The benefit of utility bill and collect services is that they decrease the workload for property staff. This means that property staff members do not have to spend as much time and effort on collecting and managing utility bills, allowing them to focus on other important tasks. This can lead to increased efficiency and productivity in property management.

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3.

Which of the following would NOT be included on a convergent bill?
- A.
  
  Garbage fees
- B.
  
  Pet fees
- C.
  
  Utilities
- D.
  
  Rent
- E.
  
  All of the above might be included on a convergent bill.
Correct Answer
E. All of the above might be included on a convergent bill.

Explanation
A convergent bill is a single bill that combines multiple expenses into one payment. It typically includes various charges such as utilities, rent, and additional fees like garbage fees and pet fees. Therefore, all of the options listed in the question might be included on a convergent bill.

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4.

Convergent billing now represents about _________ resident utility and rent bills per month.
- A.
  
  25,000 to 100,000
- B.
  
  500,000 to 1 million
- C.
  
  1.5 to 2 million
- D.
  
  10 to 25 million
Correct Answer
C. 1.5 to 2 million

Explanation
Convergent billing now represents about 1.5 to 2 million resident utility and rent bills per month. This means that a significant number of residents are using convergent billing services to pay their utility and rent bills. The range of 1.5 to 2 million suggests that the service is being widely adopted and is gaining popularity among residents.

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5.

Which of the following is NOT a benefit of electronic convergent billing?
- A.
  
  Accelerated collections
- B.
  
  Decreased vacant costs
- C.
  
  Less required working capital
- D.
  
  Reduced administrative workload
- E.
  
  Improved transparency
- F.
  
  Increased resident satisfaction
Correct Answer
B. Decreased vacant costs

Explanation
Electronic convergent billing does not directly impact vacant costs. Electronic convergent billing refers to a system that consolidates and streamlines billing processes, allowing for faster and more efficient collections, reducing the required working capital, reducing administrative workload, improving transparency, and increasing resident satisfaction. However, it does not directly address or impact the costs associated with vacant units.

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6.

Who of the following is the owner of Holly Station, a Tristar property, and is quoted in the article?
- A.
  
  Virginia Love
- B.
  
  Peter Voelkel
- C.
  
  Dave Staal
- D.
  
  Doug Hastings
Correct Answer
B. Peter Voelkel

Explanation
Peter Voelkel is the owner of Holly Station, a Tristar property, and is quoted in the article.

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7.

Which of the following is NOT a reason why the practice of utility bill and collect persists?
- A.
  
  It’s the lowest priced option.
- B.
  
  It operates “out of sight, out of mind.”
- C.
  
  Cryptic, complex vendor remittance statements
- D.
  
  It’s accepted as a necessary evil.
Correct Answer
A. It’s the lowest priced option.

Explanation
The practice of utility bill and collect persists not because it is the lowest priced option, but because it operates "out of sight, out of mind," has cryptic and complex vendor remittance statements, and is accepted as a necessary evil.

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8.

According to Dave Staal’s estimates, by how much could electronic convergent billing increase utility collections?
- A.
  
  10 to 20 percent
- B.
  
  20 to 30 percent
- C.
  
  30 to 40 percent
- D.
  
  40 to 50 percent
Correct Answer
B. 20 to 30 percent

Explanation
Dave Staal estimates that electronic convergent billing could increase utility collections by 20 to 30 percent. This suggests that implementing electronic convergent billing methods can lead to a significant improvement in the efficiency and effectiveness of utility collections. By utilizing electronic billing systems, utilities can streamline the collection process, reduce errors, and enhance customer convenience, ultimately resulting in higher collection rates.

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9.

Which of the following is NOT a feature of electronic convergent billing?
- A.
  
  Rent, utilities, etc., included on one bill
- B.
  
  Bills emailed to residents
- C.
  
  Direct links to online payment services
- D.
  
  All of the above are features of electronic convergent billing.
Correct Answer
D. All of the above are features of electronic convergent billing.

Explanation
All of the options listed in the question are features of electronic convergent billing. This means that rent, utilities, etc. are included on one bill, bills are emailed to residents, and there are direct links to online payment services.

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Current Version
Jun 26, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 26, 2012

Quiz Created by
Mvarner

Bill And Collect Article Quiz

Approximately how many U.S. apartment residents are billed for utilities in addition to rent?

When utility bill and collect services were first introduced, which of the following was a benefit of them?

Which of the following would NOT be included on a convergent bill?

Convergent billing now represents about _________ resident utility and rent bills per month.

Which of the following is NOT a benefit of electronic convergent billing?

Who of the following is the owner of Holly Station, a Tristar property, and is quoted in the article?

Which of the following is NOT a reason why the practice of utility bill and collect persists?

According to Dave Staal’s estimates, by how much could electronic convergent billing increase utility collections?

Which of the following is NOT a feature of electronic convergent billing?