After Spending a Week in the United States, You Are

question 53

Multiple Choice

After spending a week in the United States, you are travelling back to Canada. Before departure from JFK, you convert your remaining US$ to C$ at the exchange rate of 1.0287 per US$. How many C$ will you receive for $321 if the currency shop charges a 5% commission on this transaction?

• A) $321.21
• B) $330.21
• C) $313.70
• D) $296.44
• E) $312.04

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or the business's operating cycle, whichever is longer.

Current Liabilities

Financial obligations that a company is expected to pay within one year or within its operating cycle, whichever is longer.

Obligations

Legal or financial duties that one party owes another, such as debt repayment or service delivery.

Operating Cycle

The time it takes for a company to make an initial outlay of cash to produce goods or services and then receive cash back from selling these goods or services.