When You Reconciled Your Chequebook, You Had an Adjusted Bank

question 211

Multiple Choice

When you reconciled your chequebook, you had an adjusted bank balance of $4,068. You had 5 cheques outstanding with a total value of $6,213 and 3 outstanding deposits worth $1,629 each. What is the amount of your collection float?

• A) $1,326
• B) $3,701
• C) $4,887
• D) $5,394
• E) $6,213

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Definitions:

Wage Rate

The standardized amount of pay that a worker receives for performing a certain job or task, typically expressed per hour or unit of work.

Retail Market

The part of the economy that deals with the sale of goods or services directly to consumers, encompassing a wide range of businesses and stores.

OPEC Nations

Member countries of the Organization of the Petroleum Exporting Countries, a group that coordinates the petroleum policies of its members to secure fair and stable prices for petroleum producers.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good suppliers are willing to sell.