When You Reconciled Your Chequebook, You Had an Adjusted Bank

question 305

Multiple Choice

When you reconciled your chequebook, you had an adjusted bank balance of $2,650. You had 6 cheques outstanding with a total value of $4,100 and 2 outstanding deposits worth $1,200 each. What is the amount of your collection float?

• A) $1,200
• B) $2,400
• C) $6,500
• D) $24,600
• E) $27,000

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Definitions:

Imposed

Refers to actions or conditions that are applied or enforced by authority or necessity without the recipient's active consent.

Total Surplus

The sum of consumer and producer surplus, representing the total benefit to society from the production and consumption of goods or services.

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

Creative Entrepreneur

An individual who innovates and creates new products, services, or business models, often in the arts, media, or technology sectors.