Randolf Received Three Cheques This Month

question 342

Multiple Choice

Randolf received three cheques this month. The cheque amounts and the delay in clearing times are as follows: What is the total float for the month?

• A) $45,000
• B) $46,833
• C) $47,500
• D) $49,667
• E) $52,500

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Definitions:

Expenditure Item

An item or category within a budget or financial statement representing money spent on goods, services, or other expenses.

Average Tax Rate

The proportion of the total income that is paid in taxes, calculated by dividing total tax amount by total income.

Marginal Tax Rate

The percentage of tax applied to your income for each tax bracket in which you qualify.

Income Tax Schedule

A chart or table provided by tax authorities that indicates the tax rates applicable to different levels of income.