Elaine Gets Quiz Grades of 60, 86, and 78

question 19

Multiple Choice

Elaine gets quiz grades of 60, 86, and 78. She gets a 70 on her final exam. Find the weighted mean if the quizzes each count for 20% and the final exam counts for 40% of the final grade. Round to one decimal place.

• A) 70.8
• B) 72.3
• C) 73.5
• D) 72.8

Calculate and understand the components involved in determining bad debt expense.

Identify and calculate key financial ratios like average collection period and receivables turnover ratio.

Analyze the effects of cash collections and sales discounts on financial statements.

Perform bank reconciliations and understand their importance for internal control over cash.

---

Definitions:

Unfavorable Difference

A situation where actual costs exceed the standard or expected costs, often referred to in budgeting and variance analysis.

Planned Results

The expected outcomes or objectives set by a business or project before it starts, often used for budgeting and performance evaluation.

Differences

Variances or disparities between entities, items, or processes that are being compared or evaluated.

Actual

Referring to real, measured, or experienced facts and figures as opposed to estimates or projections.