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1) Float and weighted average delay: your neighbor goes to the post office once a month and picks up two checks, one for $17,000 and one for $6,000.The larger check takes four days to clear after it is deposited; the smaller one takes five days.
a) What is the total float for the month
b) What is the average daily float
c) What are the average daily receipts and weighted average delay?

2) Lockboxes and collection: It takes cookie cutter modular homes, Inc., about six days to receive and deposit checks from customer's .Cookie cutters management is considering a lockbox system to reduce the firm's collection times. It is expected that the lockbox system will reduce receipt and deposit times to three days total. Average daily collections are $145,000 and the required return is 9 percent per year.
a) What is the reduction in outstanding cash balance as a result of implementing the lockbox system?
b) What is the dollar return that could be earned on these savings?
c) What is the maximum monthly charge cookie cutter should pay for this lockbox system if the payment is due at the end of the month? What if the payment is due at the beginning of the month?

3) Size of account receivable: The Arizona bay corporation sells on credit terms of net 30. Its accounts are, on average,8 days past due. If annual credit sales are $8.4 million, what is the company's balance sheet amount in account receivable?

4) EOQ: The trektronics store begins each week with 300 phasers in stock. This stock is depleted each week and reordered. If the carrying cost per phaser is $41 per year and the fixed order cost is $95, what is the total carrying cost? What is the restocking cost? Should trektronics increase or decrease its order size? Describe an optimal inventory policy for trektronics in terms of order size and order frequency.

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Help with your homework study question:

1) Float and weighted average delay : your neighbor goes to the post office once a month and picks up two checks, one for $17,000 and one for $6,000.The larger check takes four days to clear after it is deposited; the smaller one takes five days.

a) What is the total float for the month = 4 (17000) + 5 (6000) = 98,000

b) What is the average daily float 98,000 / 30 = 3266.67

c) What are the average daily receipts and weighted average delay?

average daily receipts =
(17000+6000)/30 = 766.67

average delay = 4(17000 / 23000 ) + 5 (6000 / 23000 ) = 4.26 days.

2) Lockboxes and collection: It takes cookie cutter modular homes, Inc., about six days to receive and deposit checks from customer's. Cookie cutters ...

Solution Summary

The solution provides the correct answers with explanations and calculations for the finance practice questions presented. All questions are answered.

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Grammar practice

Part I: True or False

1. The following word group is a FRAGMENT: That movie, one of my favorites.
__True
__False

2. The following word group is a FRAGMENT: The local baseball team, needing a good pitcher most of all.
__True
__False

3. The following word group is a FRAGMENT: Using a flashlight, he looked under the bed for his shoes.
__True
__False

4. The capitalized verb agrees with the subject: Three employees from our company and one from our competitor WAS fired.
__True
__False

5. The capitalized verb agrees with the subject: Three of my friends LIKE this band.
__True
__False

6. The capitalized verb agrees with the subject: Six girls and one boy WAS in the dance class.
__True
__False

7. Quotation marks are correctly used in the following sentence, the entire sentence is correctly punctuated, and all words in the sentence are correctly capitalized:
"This is a fantastic opportunity", the salesman insisted.
__True
__False

8. Quotation marks are correctly used in the following sentence, the entire sentence is correctly punctuated, and all words in the sentence are correctly capitalized:
"Are you serious ?!?" Fred asked.
__True
__False

9. Quotation marks are correctly used in the following sentence, the entire sentence is correctly punctuated, and all words in the sentence are correctly capitalized:
My best friend said that "She'd heard something like that."
__True
__False

Part II: Multiple Choice
In the following sentences, identify if the word grouping contains sentence fragments, a comma splice, or a run-on sentence, or if the grouping is a complete sentence.

10. Cats, unlike dogs and fond of sitting on laps.
__ Sentence fragment
__ Comma splice
__ Run-on sentence
__ Complete sentence (contains no error)

11. I don't know what you want me to do, the directions are not clear.
__ Sentence fragment
__ Comma splice
__ Run-on sentence
__ Complete sentence (contains no error)

12. While I like bacon, it is not good for me.
__ Sentence fragment
__ Comma splice
__ Run-on sentence
__ Complete sentence (contains no error)

13. I like chocolate she likes butterscotch.
__ Sentence fragment
__ Comma splice
__ Run-on sentence
__ Complete sentence (contains no error)

Identify the pronoun error in each of the following sentences.

14. When one buys insurance, you need to be clear about your needs.
__ Pronoun shift in number
__ Pronoun shift in person
__ Ambiguous reference
__ No error

15. The teacher said they were going to grade the test over the weekend.
__ Pronoun shift in number
__ Pronoun shift in person
__ Ambiguous reference
__ No error

16. Sally told Janice that she made the honor roll.
__ Pronoun shift in number
__ Pronoun shift in person
__ Ambiguous reference
__ No error

17. The new employees worked long hours, hoping that doing so would advance their careers.
__ Pronoun shift in number
__ Pronoun shift in person
__ Ambiguous reference
__ No error

18. Dave hoped that Steve and __ would win the tennis tournament.
__ him
__ himself
__ he
__ his

19. Lisa hoped that Shelly had remembered to ask her mother for the chocolate chip cookies.
__ Pronoun shift in number
__ Pronoun shift in person
__ Ambiguous reference
__ No error

Identify the location or locations where apostrophe errors occur:

20. When we we're (A) on our way home, we were (B) eager to get they're (C).
__Only A
__Only B
__Only C
__A and C

21. Identify the location or locations where apostrophe errors occur:
"Put the clothes over they're (A)," he said. "That is where they're (B) going."
__Only A
__Only B
__A and B
__No error

22. Identify the location or locations where apostrophe errors occur:
When the dog knocked over it's (A) bowl, the little girl claimed that the dog wasn't (B) her's (C).
__Only A
__Only B
__Only C
__A and C

23. Which portion of this sentence followed by a letter is not parallel?
The company president inspired his employees (A), charmed the press (B), and redefined his company's strategic plan (C).
__A
__B
__C
__No error

24. Which portion of this sentence followed by a letter is not parallel?
The clown juggles (A), makes balloon animals (B), and will paint faces (C).
__A
__B
__C
__No error

25. Which portion of this sentence followed by a letter is not parallel?
The retired fireman liked fishing (A), to hunt (B), and watching basketball on television (C).
__A
__B
__C
__No error

26. Choose the correct verb tenses required in the following sentence.
Whenever I __ to the grocery, I always ___ for fresh produce.
__ went/looked
__ went/look
__ go/looked
__ had gone/look

27. Choose the appropriate irregular verb form in the following sentence.
In light of recent developments, the company president ___ his position.
__ rethink
__ rethinked
__ rethought
__ rethoughted

28. Choose the appropriate irregular verb form in the following sentence.
I was surprised by how successful Janice ____.
__ become
__ had become
__ became
__ had became

29. Choose the appropriate irregular verb form in the following sentence.
In retrospect, Jason shouldn't have taken that important business call right after he'd been ___.
__ awake
__ awaked
__ awakened
__ awaken

Choose the answer that completes each sentence correctly.

30. Investing in pure research ___ yields no immediate profit, can be hard to justify when a company is in financial difficulties.
__ who
__ which
__ , which
__ that

31. I had hoped the police would blame Bruce, not ___.
__ me
__ myself
__ mineself
__I

32. Some interviewers ____ have a clear sense of what they want in an employee, ask very tough questions.
__ who
__, who
__ which
__ that

33. A venture capitalist has to be willing to take risks when ___ invests ___ money.
__ they /their
__ he / his
__ she /her
__ he or she /his or her

34. Many times people will ask a writer where ____ gets ____ ideas.
__ they/their.
__ he/his
__ she/her
__ he or she/his or her

Part III: Revision
In this section of the final, revise the sentences provided to correct the grammar errors indicated. (In many cases there will be more than one correct alternative to the sentence provided; credit will be given for all correct answers.)

Revise the following word groups to remove all fragments and/or parallelism errors.

35. I like baseball because it is fun and teaches me about the sport.

36. The White Sox are really good at the fundamentals of baseball. Which is why they won the World Series in 2005.

Revise the following word groups to remove all run-on sentences.

37. Studying is hard work many students find they study better when they take regular breaks.

38. Some tests are so hard that no one does well on them other tests are too easy and don't really test comprehension.

Revise the following sentences so that the subjects and verbs agree with one another.

39. One of my friends want to attend my graduation ceremony.

40. Seven cats, two monkeys, and a dog plays in the store window.

Revise the following sentences to remove all pronoun errors.

41. When a police officer fires his gun, he must fill out a lot of paperwork.

42. When a teacher writes an exam, they think about what aspects of student learning they want to test.

Revise the following sentences to remove all apostrophe errors.

43. Some people know where they parked they're car's, and some dont.

44. I gave you your's, and Im sorry if its broken now.

Revise the following sentences to make one of the existing sentences subordinate to the other.

45. The hurricane destroyed some oil rigs. Fuel prices rose.

46. People know they are going to have to retire. They often don't save enough money to do so comfortably.

Revise the following sentences to remove all errors in the use of quotation marks and all incorrect punctuation.

47. Have you ever read the story "The Tell-Tale Heart" by Edgar Allan Poe? Dave asked.

48. Did the professor say Put down your pencils? Janice asked.

Revise the following sentences to create parallel constructions.

49. To succeed in the new economy, workers will have to learn throughout their careers, adapt to changing circumstances, and self-motivation will be needed.

50. Some students hate math; some students dislike math, and math is liked by other students.

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