How Much Money Can Be Saved Annually by Setting Up

question 79

Multiple Choice

How much money can be saved annually by setting up a lock-box system that will process 500 cheques per day at a cost of $0.20 per cheque if each cheque averages $220, collection float is reduced by three days, and the annual interest rate is 8 percent?

• A)($27,700)
• B)($10,100)
• C)$10,000
• D)$16,400

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Definitions:

Conscientiousness

A personality trait characterized by diligence, carefulness, and a desire to do a task well.

Big Five

A model describing human personality through five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Personality Traits

Enduring characteristics that describe an individual's behavior.

Personality

The profile of characteristics making a person unique from others.