A credit card is which of the following? Is nothing more than a tool Is one part of a comprehensive strategy to managing a person's finances Is a huge convenience Makes it extremely easy for a person to mess up their finances All of the answers are correc
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A credit card is which of the following?
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- Which of the following is not a reason for the Jones Hardware Store to accept credit cards from customers? Group of answer choices A)Jones can receive its money faster than if it directly extended credit to the customer by an account receivable. b)The credit card company offers a discount to Jones so that Jones will have more money available for operations. C)Jones will not have to be concerned with nonsufficient funds checks from customers. d)Jones will not have to have extra office workers to make phone calls to customers requesting collections on accounts. E)All these are reasons to accept credit cards.Even when a computer software system is used for management of the practice’s finances, discuss why following the bookkeeping guidelines for a manual system still has merit. 2. Identify precautions for accepting the types of payments: cash, check, credit card, and debit card.Mobile payment systems such as Square, Paypal, Venmo, Apple Wallet among others are becoming popular to record business transactions, and transfer payments to or from bank accounts. Along with mobile payment system, debit and credit cards, actual cash transactions are declining. How much does a person rely on cash for some of their transactions? How can financial transactions be audited when using mobile payment systems?
- Now with mobile payment systems such as Square, Paypal, Venmo, and Apple Wallet are becoming popular to record business transactions, and transferring payments to or from bank accounts. Along with mobile payment systems, debit and credit cards, actual cash transactions are declining, how much does a person rely on cash for some of their transactions? How can financial transactions be audited when using mobile payment systems?Which of the following statements are true? Select the two correct answers. Responses A) credit cards are the same as debit cards B) store credit cards co-branded with visa, Mastercard, discover can be used anywhere that those cards are accepted C) bank issue credit cards and debit cards D) a credit card from a bank is linked to the user’s checking account E) you can never use a store credit card anywhere elseThe companies dispose their accounts receivables due to a. Shortage of accounting staff b. Billing and collection expense are costly c. There are other ways to earn cash d. The accounts receivable are all good
- The companies dispose their accounts receivable because _____________ a. of shortage of accounting staff b. there are other ways to earn cash c. billing and collection expense are costly d. the accounts receivable are all goodAgree or disagree with the following statements then discuss: ” Liquidity services are services that make it easier for customers to conduct financial transactions” “Most people's involvement with the financial system is through financial intermediaries rather than financial markets”. “Every financial market allows loans to be made”.Your friend, Gerald, has asked you to help him with his bank statement. He is sure there are some errors and some things just do not make sense to him. Study the bank statement shown below and answer the questions that follow. • The fee for deposits is R2,00 plus R1,00 for every R100,00. • Stop order payments cost R2,50 regardless of the amount. • Card purchases cost R1,00 regardless of the amount • Gerald's biggest expense is his accommodation, he pays rent to S. Yusuf. Questions 3.4 Use the information regarding the banking fee to find a mistake in the fee column. Identify the mistake and correct it. 3.5 How much rent does Gerald pay each month? 3.6 The tax of R2 440 has already been deducted from Gerald’s salary. What tax rate (percentage of his total salary) is he paying towards tax? Round off your answer to two decimal values.
- Direction: Answer the following questions. The main difference between other financial institutions and banks is that other financial institutions cannot accept deposits into savings and demand deposit accounts, while the same is the core business for banks. Use your knowledge to explain the following financial institutions: 1. Insurance company 2. Investment Bank 3. Central Bankplease solve a and b a)Why it important to reconcile the bank statement?b)What are some of the items involved in the reconciliation process? What do you do when you find errors during reconciliation? What happens if you don’t fix them? Name other accounts that can be reconciled.what is the job of a financial intermediary*? What might happen if they fail to do their job? *as part of your response, you should probably name the different types of financial intermediaries