The credit card interest works upon the per-day interest rate. When the interest rate is charged on daily basis, the next thing that can happen over the credit card is the payment of a penalty over non-payment of interest till the due date.
What is a credit card?A credit card is a plastic card issued by financial institutions for lending a certain limit amount to the cardholder for a certain period of time. The amount of the credit card needs to be paid back to the bank along with the interest before the due date.
In the given case:
Assume an Annual Percentage Rate of 12% then the monthly rate is 1%, so the daily percentage rate is 0.0329% (12%/365).
The initial settlement of $100, the credit card balance reduces to $200. Daily the card company will add 0.0329% interest to the balance until you pay off the debt.
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Write a list of at least 3 things that Eric has done right before applying for a loan.
Answer:
A. Three important Items to double check before submitting a loan application to underwriting.
• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.
• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.
• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.
B. List at least two things you would be sure to tell a borrower in preparation for closing
• I will seek clarity in terms of the money borrower would be bringing to the closing table.
• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.
C. List at least three calculations that are typically used during the course of mortgage loan transaction.
• Income calculation
• Front end and back end ratio (DTI ratio)
• Monthly payment.
Explanation:
The three things that Eric has done before making a loan application are as follows:
Careful examination of loan applicationCommunication to the borrowing party regarding the closing of the loanComputations related to the loan transactionWhat is a loan?A loan is an amount given to the borrowing party at an interest rate that can be annual, monthly, or quarterly basis by the lender.
Eric should make sure the three following things:
He should carefully read the loan agreement and its causes before accepting it by signing the document. He must ensure that the data is accurate and the calculations are correct in themselves.He should communicate with the borrower about the closing time period in advance so that no delay could happen.He computes the monthly installment to be paid by the borrower on the basis of his income and debt-income ratio.Therefore, the three things which Eric should check have been explained above.
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1. Should you have a separate checking and saving account?
Back when interest rates were high, I had just one account. I had a money-market checking account that offered good interest rates and unlimited check writing. But those days are long gone.
I want as high an interest rate as I can get for my savings. In order to get those rates, I am using a money-market savings account. All such accounts I’ve seen restrict the number of transactions I can make in a month. I need to be able to pay bills, no matter how many of them there are — and I never ever want to pay fees for excess transactions!
So I have a separate checking account. It pays less than half the interest rate of my savings account, but I can make as many transactions as I want. The bank offers a bill pay application that I use for most payments, and I can write as many checks as I want to. I can transfer money between the accounts quickly.
Jamison Company has two service departments and two producing departments. Square footage of space occupied by each department follows:
Custodial services 1,600 feet
General administration 3,600 feet
Producing Department A 8,600 feet
Producing Department B 8,600 feet
22,400 feet
The department costs of Custodial Services are allocated on a basis of square footage of space. If Custodial Services costs are budgeted at $44,000, the amount of cost allocated to General Administration under the direct method would be:
The total cost allocated from the Custodial Services to the General Administration under the direct method would be $3,745.
What is the direct method of cost allocation?The direct allocation method is an accounting technique for charging the overhead costs of service departments to other units or departments of a business in an attempt to ensure that these costs are absorbed by production units or jobs.
The direct method is distinguished from the step-down method and the reciprocal method of cost allocation.
Data and Calculations:Custodial services 1,600 feet
General administration 3,600 feet
Producing Department A 8,600 feet
Producing Department B 8,600 feet
22,400 feet
Total Custodial Services costs = $44,000
Allocation method = direct method
Thus, the total cost allocated from the Custodial Services to the General Administration under the direct method would be $3,745 (1,600/18,800 x $44,000).
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plagerism COMPARISON OF PRIMARY AND SECONDARY RESEARCH
Primary research is the first research that is involved in collecting data. The primary researcher assembles first-hand information to form the basis of systematic analysis, rather than utilizing available data. Generally speaking, research is largely based upon specific needs, which often necessitates a large number of highly qualified individuals. Because of this, this type of research gives the researcher full control of the data, making it extremely useful in fast-paced environments. This is why many companies outsource market research to third parties. Unlike secondary research, primary research grants the investigator 100% control over the study data, which makes it extremely valuable."
In secondary research, the secondary researcher does not have to gather first-hand information. In addition, research helps avoid knowledge repetition by mapping out previous research efforts, allowing the original researcher to concentrate on new areas of inquiry. On the other hand, research builds upon already gathered data to develop a systematized investigation. This implies that data is not actively collected by the researcher. In secondary research, the researcher does not acquire secondary data, so he or she cannot confirm the accuracy of the research materials. Secondary research can be accomplished relatively quickly and with few resources because the study data already exists unlike primary research, which is time-consuming and expensive.
thanks for the answer...
1.Setting standards for a product may involve many employees of the company. Identify some of the employees who may ne involved in setting the standard costs and describe what their role might be in setting those standards.
2.SMithson, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 0.9 pound per glass at a price $0.45 per pound. The actual results for the production of 7,100 glasses were 1.3 pound per glass at a price of $0.55 per pound. Calculate the materials price variance and the materials efficiency variance.
3.The standard direct labor time is 1/4 hour per glass, at a price of $15.00 per hour. The actual results for the production of 6,800 glasses were 1/3 per glass, at a price of $14.00 per hour. Calculate the labor price variance and the labor efficiency variance.
1. The employees involved in setting the standard costs in a manufacturing company include the following managers:
Production managerSales managerPurchasing managerQuality control managerCost accounting managerHR manager.Who are the employees involved in setting standard costs?1. a) The above managers play different roles in setting the standard costs. For example, the sales manager knows much about the market price, which determines the other variables in the production and support activities.
The standard costs cannot be set without the input of the production manager, who determines the standard production time and quantity of raw materials, in addition to influencing the overhead costs.
The purchasing manager determines the purchase cost of raw materials and how to minimize it by sourcing quality materials from suppliers.
The quality manager will also play a role by determining how efficiently production activities could be carried out without increasing costs.
The cost accounting manager is responsible for gathering the cost data and determining the standard costs.
The HR manager fixes the labor rates and time and controls the efficiency of production workers.
2. The materials price variance is $923 Unfavorable (1.3 x 7,100) x ($0.45 - $0.55) and the materials efficiency variance is $1,278 Unfavorable (0.9 - 1.3 x 7,100) x $0.45.
3. The labor price variance is $6,238 Unfavorable (2,267 x $14) - ($15 x 1,700) and the labor efficiency variance is $8,505 Unfavorable (2,267 - 1,700) x $15.
Data and Calculations:Standard materials quantity per glass = 0.9 pounds
Standard price per pound = $0.45
Actual production units = 7,100 glasses
Actual materials usage quantity per glass = 1.3 pounds
Actual price per pound = $0.55
Standard labor time per glass = 1/4 hours
Standard labor rate per labor-hour = $15
Actual production units = 6,800 glasses
Actual labor time per glass = 1/3 hours
Actual labor rate per labor-hour = $14
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What advice would you give to friends and or classmates regarding college students and debts mistakes?
Answer:
How to Avoid Debt:
- Make a budget, and stick to it. ...
- Set realistic financial goals. ...
- If you can't pay cash, don't buy it. ...
- If you use a credit card, pay on time and pay more than the minimum amount due.
- Monitor your credit card accounts for changes in rates or fees.
Hope this helps! Have a nice day!
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R.I.P. Conner. He was a patriot.
- Jaron, King of Carthya.
Explain the Relationship between tripe bottom line and social responsibility
Answer:
In economics, the triple bottom line (TBL) maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits. TBL theory posits that instead of one bottom line, there should be three: profit, people, and the planet
Answer:
FROM INVESTOPEDIA:
In economics, the triple bottom line (TBL) maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits. the three elements of TBL is,social, environmental, and financial.
On the other hand, social responsibility is used to describe businesses' integration of social and environmental issues into decisions, goals, and operations.
What’s the best advantage of a fha loan
Some advantages of an FHA loan are that:
They have a low down payment. They have low discount points. What is a benefit of FHA loans?A Federal Housing Administration (FHA) loan is a loan that has government protection because it is insured by the FHA.
The benefit of this is that it has a low down payment and low discount points because there is a lower risk of default with the government backing it.
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If revenue is $5000 and operating expenses are $6000, cash flow equals _____. $1000 $1000 $11000 $11000 -$11000 -$11000 -$1000 -$1000
Answer:
-1,000
Explanation:
Answer:
$100
Explanation:
A restaurant certificate is an example of a(n)
O aptitude
O license
O inspection
answer : may be license..........
Which of these businesses has the highest failure rate?
Question 1 options:
Bed-and-breakfast
Demolition
Wedding photographer
Brewery
Failure rate is defined as the frequency that an engineered system fails, and that is shown in failures per unit of time. The business that have the highest failure rate is the Brewery business.
What is Brewery?A brewery is often known as a brewing firm. It is a company that produces and sells beer. A brewery or a beer house is where commercial beer is created, and different sets of brewing equipment are referred to as plants.
There is the highest failure rate in that type of business because the businessmen invested large amount of capital and there is also the larger amount of risk in that business.
Therefore, option D is correct.
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A request for information (RFI) signals that the buyer has identified the supplier as the source of supply and represents a commitment for future business.
True or False
The statement is True as a request for information indicates that the buyer has recognized the supplier as a potential source of supply and implies a commitment to do business with them in the future.
What is request for information?An RFI is a structured process for gathering information from potential suppliers of a product or service. Customers are supposed to write RFIs and send them to potential vendors.
A request for information is the initial and most general set of requests used to narrow down a list of potential vendor candidates.
Thus, the statement is true.
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The slope of a vertical line is what
Answer:
y-axis or x-axis?
Explanation:
Imagine you inherited $50,000 and you want to invest it to meet two financial goals: to save for your wedding which you plan to have in two years; and to save for your retirement several decades from now. How would you invest the money? Explain your answer.
I would invest the money needed for the wedding in bonds.
I would invest the money needed for retirement in alternative investments and stocks.
How would I invest the money?
The money needed for the wedding is needed in the near future (two years from now), thus, the suitable investment should be a short-term investment. The short-term investment should be in less risky and liquid assets.
Retirement is still a long way ahead. Thus, the investment would be classfiied as a long-term investment. Long term investment can be invested in risky and less liquid assets such as alternative assets and stocks.
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Select all the correct answers. What are the two reasons that private lending institutions offer a title loan to consumers who have a poor or average credit score? because they are certain that the loan will be repaid because ownership of the car remains with them because the loan amount is minimal because they earn a high interest because they are doing a charitable service
Explanation:
1) because ownership of the car remains with them
2) because they earn a high interest
Firms that offer tailored programs for several different market segments engage in _____ marketing
The interest rate that is printed on the bond certificate is referred to as any of the following except: Question 6 options: Effective rate. Contract rate. Stated rate. Nominal rate.
The interest rate that is printed on the bond certificate is referred to as Stated rate.
What is states interest?Stated interest rate is that interest rate that usually attached to a bond this is decided by the company or the individual.
This money is paid by the person or company that issued the bond.
Therefore, The interest rate that is printed on the bond certificate is referred to as Stated rate.
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Question 33 (12 points)
Listen
Suppose that an economy is producing real GDP valued at $15.5 trillion, but the
economy's potential level of production is $18 trillion. First explain what type of
production gap this is and how unemployment will be impacted. Then explain both
how the federal government might use its three fiscal policy tools and how the
Federal Reserve would use its three traditional monetary policy tools.
The type of production (or GDP) gap identified is the Negative production Gap. This is a situation where the economic output is less than the full capacity output.
How will the Negative Production Gap impact Unemployment?A negative Unemployment Gap always translates to low growth and further shortfall in output and increasing rates of unemployment.
Three fiscal policy tools that can be used to tackle this situation are:
The above tools are expansionary in nature. They have the effects of stimulating aggregate demand hence causing an expansion in production and reducing unemployment.
The three monetary tools that can be used to combat the above situation are:
Open Market Operations such as buying back government bonds;Reduced discount rates which increase money supply; andReducing reserve ratio are all expansionary. They will increase the money supply and stimulate aggregate demand.Learn more about Negative Production Gap at:
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Mark carefully analyzed his financial portfolio and found out that every time the European Central Bank increases its discount rate by a decimal point his revenue decreases by 100 €. On the other hand, if the ECB lowers its discount rate by a decimal point his revenue increases by 65 €. In February 2012 (leap year) the ECB has not changed the discount rate for 19 days;
when it did change the rate, the variation was always of a single decimal point. Assuming the ECB can vary its discount rate only once a day, how many times did it make a positive change in the rate if Mark's revenue increased by 155 € at the end of the month?
If Mark's revenue increased by 155 € at the end of the month, the number of times that the ECB made a positive change in the rate is 2.4 times.
What is the ECB's monetary policy?The European Central Bank's monetary policy aims to influence:
Price stabilityMark's revenue increase when ECB lowers the discount rate = 65 €
Increase in Mark's revenue = 155 €
The number of times the ECB lowered the discount rate = 2.4 times (155 €/65 €).
Thus, if Mark's revenue increased by 155 € at the end of the month, the number of times that the ECB made a positive change in the rate is 2.4 times.
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In order to reset yourself after a lost deal, which strategy should you use
Answer:
For every lost opportunity schedule a check up call.The time when you schedule your back in call depends on the length of contract you were selling.For example, if you were selling a year’s worth of services and lost the deal you’d want to be back in front of that prospect within 9 months.
Explanation:
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BB Water
Mr. Vu was the director of BB Water. He started his business with capital borrowed from members of his family. Thereafter, however, Mr. Vu’s family had very limited involvement in the business. Mr. Vu emerged as the most individualistic of the family. He seemed to have sole control of his business. For example, after describing how he set up the bottling plant and negotiated with government officials to get the necessary papers, he said: “I also had to do almost everything myself. At the beginning I bought the land, designed the buildings, and supervised the construction.
I had to interview and train each person. Also, I had to discipline people.” He explained that he could not delegate discipline because workers would ‘react’ if they were admonished by “anyone but the boss, the owner of the company”.
Question: Discuss the difference in behavior, attitude, perception and business culture between Mr. Vu, his family, and employees.
The difference between Mr. Vu and his family and employees is that he is an individualist and egoistic person, while the others are docile and willing to be silent partners.
What is Culture?This is the way of life of a group of people who are bound together by a family bond.
Here, we can see that from the given scenario, there is the description of the character of Mr Vu and how there is a stark contrast between his individualist self and the docile and willingness to be silent partners by his family members.
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A customer requirement from an online retail store is "timeliness of clothing delivery." Which of the following is most likely to be the specific measure of that requirement?
The thing that is likely to be the specific measure of timeliness regarding retail store is delivery in 7 days or less.
What is a retail store?A retail store simply means a state where goods are sold to the final consumers.
In this case, the specific measure is about timeliness. Therefore, the customer will want the good as soon as possible.
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Based on the following information, compute cash flows from financing activities under GAAP.
Purchase of investments $ 250
Dividends paid 1,200
Interest paid 400
Additional borrowing from bank 2,800
Based on the financial transactions listed, and the GAAP definition of financing activities, the cashflows from financing activities is $1,600.
What is the cashflow from financing actvities?Under GAAP, the only entries that go into financing activities are Dividends and additional borrowing because these relate to Equity and long term borrowing.
The cash flow from financing activities is therefore:
= Additional borrowing - dividends paid
= 2,800 - 1,200
= $1,600
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Can an employee be suspended or terminated by not accepting promotion? If YES, why? If NO, why not?
Answer:
no
Explanation:
because it's his or her own choice
Answer:
no
Explanation:
its their wish because in the end its them who is gonna handle the pressure and work so i think they should have the choice to choose as its them in the end
What do financial planning skills ultimately enable an individual to do?
to prepare for the future
to process their tax returns
to stop spending
to become wealthier without saving money
Answer:
Its A
Explanation: I just did it lol
Yes! Assuming Economia's aggregate supply curve is upward sloping, when the aggregate demand curve shifts rightward, this will:
When the aggregate demand curve shifts rightward, this will increase Economia's real output and the price level.
What happens when the aggregate demand shifts rightward?
The aggregate demand curve is a curve that shows the total quantity of all goods and services demanded by the economy at different price levels. The aggregate demand curve slopes downward.
When aggregate demand curve shifts to the right, there would be an increase in the real output and the price levels.
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Fiscal Policy
1. Suppose the economy is in recession. The government decides to run a deficit to fund a jobs program. Find equilibrium GDP using the following data:
C = 50 + .7(Y – T)
I = 40
G = 35
T = 20
Xn = -10
2. Now suppose a Balanced Budget Amendment to the Constitution was passed, requiring the government to balance its budget. As a result, government spending is cut in order to balance the budget. Calculate the new level of GDP. Check your answer by using the multiplier method (multiplier x change in spending). What effect will balancing the budget have on GDP and on the recession?
Based on the economic data given, and the fact that the government is running a deficit, the equilibrium GDP will be 336.67.
If government spending is cut to balance the budget, the new level of GDP will be 321.67.
The effect of balancing the budget will be a decrease in GDP and a slower recovery from the recesssion.
What is the equilibrium GDP?This is given by the variable "Y" so we can find the equilibrium GDP by solving for it:
C = 50 + .7(Y – T)
Y = C + I + G - XN
C = Y - I - G + XN
Solving gives:
Y - I - G + XN = 50 + .7(Y – T)
Y - 40 - 35 + 10 = 50 + 0.7Y - 14
Y - 0.7Y = 50 + 40 + 35 - 10 - 14
0.3Y = 101
Y = 101/0.3
= 336.67
What is the new GDP if government spending is cut?Government spending will have to be cut to a size that would make it equal to taxes so government spending becomes 20.
New GDP becomes:
= C + I + G - XN
= ( 50 + .7(Y – T)) + 40 + 20 - 10
= 271.67 + 40 + 20 - 10
= 321.67
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What is the term used to describe the total amount of money produced by
the sele of goods and services.
Being optimistic judgmental and critical are creativity
Answer:
yes, I suppose they could be traits of creativity although not the most common.
Explanation:
Which type of lender offers the lowest interest rates?
A. Bank or credit union
B. Payday lender
C. Title lender
D. Credit card
Answer:
A. Bank or credit union
Payday lenders are used for people who can't get loans at banks. They are to be used last as they have very high interest rates. The bank or credit union will be the cheapest in terms of interest rates.
I got it, hope this helps