Your Firm Receives 85 Cheques from Customers on an Average

question 263

Multiple Choice

Your firm receives 85 cheques from customers on an average day. These cheques, on average, are worth $132 each, and are processed and clear the bank in 3 days. In addition, your firm disburses 10 cheques a day with an average amount of $10,400. These cheques clear your bank in 2 days. What is the average amount of the collection float?

• A) $11,220
• B) $33,660
• C) $64,900
• D) $70,340
• E) $104,000

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Definitions:

Earth's Crust

The outermost layer of the Earth, comprising a thin layer of rocks and minerals that houses the planet's oceans and continents.

Upper Mantle

The region of the Earth's mantle that lies just beneath the crust and extends to deeper mantle layers, involved in tectonic movements.

Moderate Temperature

A climate condition characterized by neither extreme heat nor extreme cold, often considered ideal for human habitation and agriculture.

Tiger Snakes

Highly venomous snakes found in Australia with distinct banding, known for their potent venom and varied habitats.