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Scavenger Hunt II
1. Last week, Global New Products Director, Grady Greishem, of American Cyanamid pharmaceutical company in Wayne, New Jersey, was off on one of his globetrotting business trips. He visited many of his firm’s subsidiaries. His purpose was to meet with Country Managers and their New Products managers. He spent one to several days in each subsidiary discussing progress on local clinical animal trials of several products in development, product registration milestones and reviewing new product marketing plans and sales projections for the next five years. Generally, there would be two to four weekends where he could rest and tour the various cities, or take the slow trains from one country to another.
One of the personal challenges of these business trips was managing his expenses, since often he was in small agricultural towns or villages where his company American Express card was not honored. Cash was often the best form of payment. He received a $5,000 cash advance at the beginning of his business trip. Below is his business trip expense record. Mr. Greishem lists all his cash payments for which he has receipts. In this exercise, A) determine how much cash Mr. Greishem has on hand at the end of his business trip, B) his total charge card expenses and C) the total cost of his business trip (cash and charge card expenses). You may round-off all numbers to the nearest dollar amount. Be sure to identify each exchange rate, or cross rate. For the purpose of this exercise, assume a 0.2% cost for each currency transaction. For example, if 1000 euros were exchanged then the fee cost would be 2 euros. In this exercise you do not need concern yourself with airline or train expenses. These costs are another transaction handled by the home office or local subsidiary, i.e., a different budget line!
BELOW ARE MR. GREISHEM’S EXPENSE LOG:
Day One (Monday)
US$500 is exchanged for CN$ at the airport in Montreal, Ontario, Canada. (Remember, there is always a 0.5% currency transaction cost.)
CN$50 is cash expensed for a taxi from the airport to the hotel.
Dinner with country manager, Yves Martin, included two taxi rides. Each was CN$40.
Dinner and hotel were put on a credit card for CN$ 120 and CN$200, respectively.
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