Your Firm Generally Receives 3 Cheques a Month

question 160

Multiple Choice

Your firm generally receives 3 cheques a month. A month is defined as a 30-day period. The cheque amounts and the collection delay for each cheque are shown below. Given this information, what is the amount of the average daily float?

• A) $1,333.33
• B) $1,736.67
• C) $2,188.89
• D) $5,133.33
• E) $6,673.33

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Definitions:

Sensory Adaptation

The method through which sensory receptors adapt their responsiveness to a stimulus over a period, frequently leading to reduced sensitivity towards a steady stimulus.

Subliminal Stimuli

Signals below the threshold of conscious perception designed to influence thoughts, feelings, or actions.

Top-down Processing

A cognitive process that starts with the analysis of high-level information before proceeding to more detailed data.

Weber's Law

A principle in psychology stating that the just-noticeable difference in a stimulus is proportional to the magnitude of the initial stimulus.