Alockbox plan is

a. used to identify inventory safety stocks.
b. used to slow down the collection of checks our firm writes.
c. used to speed up the collection of checks received.
d. used primarily by firms where currency is used frequently in transactions, such as fast food restaurants, and less frequently by firms that receive payments as checks.
e. used to protect cash, i. e., to keep it from being stolen.

The correct answer is (C)

Explanation:

The lockbox is a facility which is offered to customers to pay their liabilities. The main purpose of the lockbox is to provide customers to send their payment from any part of a country. Moreover, customers just mail their payments to a lockbox which is easily accessible for the banks. The lockbox has helped banks and customers in the payment procedure.

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