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[INLINE] _______________________________________________________________________________________________________ You must have javascript enabled to view this website. Please change your browser preferences to enable javascript, and reload this page. _______________________________________________________________________________________________________ Multiple Choice Quiz [1](See related pages) Your Results: The correct answer for each question is indicated by a This is the correct answer. . [INLINE] 1 [INLINE] [INLINE] Which one of the following is the motive to hold cash for activities such as making bargain purchases? [INLINE] (*) A) [INLINE] float [INLINE] ( ) B) [INLINE] transaction [INLINE] ( ) C) [INLINE] precautionary [INLINE] ( ) D) [INLINE] speculative [INLINE] 2 [INLINE] [INLINE] Which one of the following represents the present value of eliminating float? [INLINE] (*) A) [INLINE] one day's float [INLINE] ( ) B) [INLINE] daily float / risk-free rate [INLINE] ( ) C) [INLINE] total float [INLINE] ( ) D) [INLINE] average daily float [INLINE] 3 [INLINE] [INLINE] Which one of the following will decrease collection float? [INLINE] (*) A) [INLINE] issuing checks to your suppliers from a remote location [INLINE] ( ) B) [INLINE] installing a lockbox system for customer payments [INLINE] ( ) C) [INLINE] paying your suppliers electronically [INLINE] ( ) D) [INLINE] increasing the processing delay [INLINE] 4 [INLINE] [INLINE] Which one of the following statements is correct? [INLINE] (*) A) [INLINE] The Check Clearing Act for the 21^st Century increases disbursement float. [INLINE] ( ) B) [INLINE] Providing early payment discounts to customers increases collection float. [INLINE] ( ) C) [INLINE] Payroll checking accounts always require a safety stock. [INLINE] ( ) D) [INLINE] Cash concentration accounts tend to simplify cash management systems. [INLINE] 5 [INLINE] [INLINE] Which one of the following affects your disbursement float? [INLINE] (*) A) [INLINE] time it takes for your bank to make funds available once you make a deposit [INLINE] ( ) B) [INLINE] time for your staff to process and deposit checks [INLINE] ( ) C) [INLINE] time for your customers' checks to reach your office once they are mailed [INLINE] ( ) D) [INLINE] time for your staff to verify and pay invoices [INLINE] 6 [INLINE] [INLINE] When you reconciled your checkbook to the bank, you had outstanding deposits of $7,219 and outstanding checks of $4,511. Your adjusted check book balance is $2,029. What is the amount of the collection float? [INLINE] (*) A) [INLINE] $2,029 [INLINE] ( ) B) [INLINE] $4,737 [INLINE] ( ) C) [INLINE] $4,511 [INLINE] ( ) D) [INLINE] $7,219 [INLINE] 7 [INLINE] [INLINE] A firm has only four customers. Shown below is the average amount of the monthly check received from each customer along with the average collection delay. What is the amount of the average daily receipts assuming that each month has 30 days? [INLINE] [2][LINK] (12.0K) [INLINE] (*) A) [INLINE] $7,933 [INLINE] ( ) B) [INLINE] $6,667 [INLINE] ( ) C) [INLINE] $15,867 [INLINE] ( ) D) [INLINE] $59,500 [INLINE] 8 [INLINE] [INLINE] On average, High Tower Insurance receives 75 checks each day. The average amount of each check is $1,300. The firm is considering installing a lockbox system which will reduce the average collection time by 3 days. The bank will charge $0.25 a check for the lockbox arrangement. The daily interest rate on Treasury bills is 0.01 percent. What is the net present value of the lockbox arrangement? [INLINE] (*) A) [INLINE] $97,500 [INLINE] ( ) B) [INLINE] $105,000 [INLINE] ( ) C) [INLINE] $112,500 [INLINE] ( ) D) [INLINE] $95,000 [INLINE] 9 [INLINE] [INLINE] Burlington Company receives an average of 426 checks each day that have an average value of $420 per check. If the firm decides to install a lockbox system it can reduce the average collection time by 2 days. The cost of the lockbox system is $0.32 per check. The daily interest rate on Treasury bills is 0.0125 percent. What is the daily cost of the lockbox system? [INLINE] (*) A) [INLINE] $45 [INLINE] ( ) B) [INLINE] $134 [INLINE] ( ) C) [INLINE] $136 [INLINE] ( ) D) [INLINE] $273 [INLINE] 10 [INLINE] [INLINE] You are analyzing a firm that receives an average of 330 checks each day with an average amount of $49 per check. These checks clear the bank on average in 1.38 days. The applicable daily interest rate is 0.015 percent. What is the present value of the float assuming that each month has 30 days? [INLINE] (*) A) [INLINE] $9,200 [INLINE] ( ) B) [INLINE] $3,593 [INLINE] ( ) C) [INLINE] $19,240 [INLINE] ( ) D) [INLINE] $22,315 [BUTTON Input] (not implemented)______________ IFRAME: [3]logQuizSubmission E-mail Your Results [INLINE] Date: My name: ________________________________________ Section ID: ________________________________________ E-mail these results to: E-mail address: Format: Me: ________________________________________ My Instructor: ________________________________________ My TA: ________________________________________ Other: ________________________________________ [BUTTON Input] (not implemented)__________________ [INLINE] To learn more about the book this website supports, please visit its [4]Information Center. [INLINE] (c) 2013 McGraw-Hill Higher Education Any use is subject to the [5]Terms of Use and [6]Privacy Notice. [7]McGraw-Hill Higher Education is one of the many fine businesses of [8]The McGraw-Hill Companies. 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