The table shows all of the transactions for a small business's check

Question

The table shows all of the transactions for a small business's checking account from March 1 to March 10 of a certain year. The transactions are classified as being one of four mutually exclusive types—bank fee, deposit, draft (payout by check), or withdrawal. In each row, the balance shown is the account balance, in euros (€), immediately after the transaction occurred. The account balance did not change except during the transactions shown.

Date  Type  Amount  Balance    1-Mar   withdrawal   -84.85  2,946.03    3-Mar    deposit  815.00   3,761.03    3-Mar   withdrawal   -87.82  3,673.21    6-Mar  draft   -235.12    3,438.09    7-Mar  bank fee  -20.00   3,418.09    7-Mar  withdrawal   -321.85  3,096.24     10-Mar  deposit   702.10   3,798.34

For each of the following statements about this bank account during the period shown, select  Yes  if the statement accurately reflects the information provided. Otherwise, select  No .

ID: 700221

chetan2u · Accepted Answer

This would fall into Easy category but the most important thing would be to answer quickly without making any error.

1. On March 3, the account balance immediately prior to the first transaction of the day was less than that immediately after the last transaction of the day. 
Now, search for Mar 3. There are two actions - first a deposit and next a withdrawal. The amount prior to deposit is same as the closing balance on 01 mar, that is 2946, while the account balance ta the end of the day is 3673.
2946<3673..YES

2. The greatest account balance occurred on the day when the greatest deposit was made. 
Sort the table as per account balance. The greatest account balance is on 10 Mar, when a deposit of 702.10 was done. Rather, the maximum deposit was on 03 Mar. The two events occur on different dates. Hence, NO.

3. The lowest account balance occurred on the same day as the withdrawal that decreased the account balance by the least amount. 
Again, sort the table as per account balance. The least account balance is on 01 Mar, that is 2946. The least amount deducted is 20, which is bank fee. But we are looking at withdrawal, and the least withdrawal was on 01 Mar. The two events occur on same day. Hence, YES.

https://www.youtube.com/watch?v=jI51w4EYy2c

Oppenheimer1945 · Answer

S1) 3rd march balance at start of day=2946, bal at end of day=3673, 
Is 2946<3673? YES

S2) greatest deposit waas made on 3rd Mar, but we had greatest balance on 10th Mar . NO

S3) lowest balance is on 1st Mar=, withdrawl=84.85, Out of all withdrwal this is the least. YES

Yes , No, Yes

lostboy31 · Answer

For 2nd question, it should be Yes as if you check the balance on 3rd March (the day of greatest deposit), the balance would have been higher if we check for the time just before withdrawal was made

D3N0 · Answer

The language stumps me more than the actual calculations or observations in these questions.

mohitchowdhury · Answer

How statement 3 can be in accordance with the answer?
Clearly bank fee is the least amount which negate it.

cheshire · Answer

The statement is only asking for the lowest withdrawal amount, which occurred on the same day the account had the lowest balance.

HarshG7 · Answer

we are explicitly being asked about the "Withdrawal" and "Bank Fee" does not count as withdrawal. even i almost fell for the trap but saved myself from getting it wrong as soon as i read the description of the transaction.

mohitchowdhury

How statement 3 can be in accordance with the answer?
Clearly bank fee is the least amount which negate it.

The table shows all of the transactions for a small business's check

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Date	Type	Amount	Balance
1-Mar	withdrawal	-84.85	2,946.03
3-Mar	deposit	815.00	3,761.03
3-Mar	withdrawal	-87.82	3,673.21
6-Mar	draft	-235.12	3,438.09
7-Mar	bank fee	-20.00	3,418.09
7-Mar	withdrawal	-321.85	3,096.24
10-Mar	deposit	702.10	3,798.34

Yes	No
		On March 3, the account balance immediately prior to the first transaction of the day was less than that immediately after the last transaction of the day.
		The greatest account balance occurred on the day when the greatest deposit was made.
		The lowest account balance occurred on the same day as the withdrawal that decreased the account balance by the least amount.

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­The table shows all of the transactions for a small business's check

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The table shows all of the transactions for a small business's check