Suppose You Have $10,000 in Your Chequing Account

question 115

Multiple Choice

Suppose you have $10,000 in your chequing account.You write a cheque for $2,000 and deposit $3,000.What is your collection float?

• A)-$2,000
• B)-$3,000
• C)-$7,000
• D)-$8,000

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Definitions:

Duty Between Partners

The obligations and responsibilities partners have towards each other in a partnership, including honesty, fairness, and loyalty.

Sole Proprietorship

A business structure in which a single individual both owns and operates the business, bearing unlimited liability for its debts.

Major Shareholder

An individual or entity that owns a significant percentage of a company's shares, exerting influence or control over its management.

Vicariously Liable

Legal principle where one party is held responsible for the actions or omissions of another party.