A firm has actual sales in November of 1,000 and projected sales ...

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A firm has actual sales in November of 1,000 and projected sales in December and January of 3,000 and 4,000, respectively.
 
  The firm makes 10 percent of its sales for cash, collects 40 percent of its sales one month following the sale, and collects the balance two months following the sale. The firm's total expected cash receipts in January is ________.
  A) 700
  B) 2,100
  C) 1,900
  D) 300

Question 2

Your grandmother places 13,000 into an account earning an interest rate of 7 per year. After 5 years the account will be valued at 18,233.17. Which of the following statements is correct?
 
  A) The present value is 13,000, the time period is 7 years, the present value is 18,233.17, and the interest rate is 5.
  B) The future value is 13,000, the time period is 5 years, the principal is 18,233.17, and the interest rate is 7.
  C) The principal is 13,000, the time period is 5 years, the future value is 18,233.17, and the interest rate is 7.
  D) The principal is 13,000, the time period is 7 years, the future value is 18,233.17, and the interest rate is 5.

[DHRUVSHAH]

Answer to Question 1

B

Answer to Question 2

Answer: C
Explanation: C) The 13,000 is the principal or present value, the interest rate is stated as 7, the time period is identified as 5 years, and the future value is 18,233.17.

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