Jolly Co Had Net Sales of $111,500 and Accounts Receivable of of $12,700

question 12

Multiple Choice

Jolly Co. had net sales of $111,500 and accounts receivable of $12,700. Its days' sales uncollected was:

• A) 46.6.
• B) 11.7.
• C) 23.3.
• D) 41.6.
• E) 42.5.

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Definitions:

Budget Constraint

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods.

Consumption Possibilities

The set of all consumption bundles that can be consumed given a consumer’s income and prevailing prices.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.

Giffin Good

A type of good for which demand increases as its price increases, contrary to the typical law of demand.