Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor or use caution? JCrystal-• Took time off after high school and during the first year, worked full-time and moved out ofher parents house• Is responsible for her own expenses• Took out a large car loan which she quickly fell behind on in payments• Overdrew her checking account numerous times, spending money she didn't have to livea fun, carefree lifestyle●In year two, traded in the car for a much cheaper one, settled her outstanding debt on thecar loan, and put herself on a much stricter budget• Now moved back in with her parents and enrolled in community collegeConsidering applying for her first credit card

Based on the information provided, it seems that Crystal has had some financial difficulties in the…

Answered: Should this person open a credit card…

Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor or use caution?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 20P: Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows...

See similar textbooks

Similar questions

What kind of obligation are the following? 1.1. Rosalie agreed to pay her tuition fee in five monthly installments. 1.2. Gino promised to give Rhino a puppy husky four months from now. 1.3. Ivy is buying a pair of headlights for her car but requested that she will buy one piece at a time because her money is insufficient for both pieces. 1.4. The parents donated a farm lot to their children Josie, Jojo, and Joey. 1.5. The teacher opted for “blended” teaching where she can meet students face to face for 10 hours and give them e-learning materials for 40 hours.
Read the case and analyze. Identify which part of the case refers to the 5C’s of credit. Mr. Cruz is a scholar in one of the charitable organizations in the town. He is in 2nd year college and took up Bachelor of Science in Management. Even though he is receiving P10,000.00 per semester, Mr. Cruz realize that the money from his scholarship is not enough to provide his needs that is why he work as a part time worker in a computer shop as an encoder and earns P4,000.00 a month. During pandemic, Mr. Cruz was not able to earn from his sideline and was informed that his scholarship allowance will be delayed for one month. Mr. Cruz is really dedicated in enrolling; what do you think should Mr. Cruz do?
Dimi wants to start up his own business. Unfortunately, he doesn’t have a lot of money. That’s why his bank is offering him a credit cards on December 1, 2015. This allows him to spend money and only pay it back when it suits him. On January 1, 2016 Dimi spends 3,000 and then on April 1, 2017 another 5,000 euros. On January 1, 2018, he spends 150 euros every month during one year. Off course a credit card is not cheap. Dimi will need to pay an annual effective interest rate of 3.2% for the first 12 months and an annual effective interest rate of 16.8% for the period after. What does Dimi need to repay the credit card company on December 1, 2018? (I will send you another question that related to this answered after you provide the solution) please answer in paper its easy to understand
Henri quit his job as a teacher earning AUD 70,000 per year to start his own food kiosk business. To save on rent, Henri utilized his own property. He normally earned AUD 50,000 annual rent from this property. Also, to start the business, Henri used AUD 60,000 from his own savings which he earned 4% interest per year. Further in order to start the business, Henri borrowed $40,000.00 from the bank and was paying 6% interest per year. Henri’s first year of business can be summarized as follows: Item Amount $ Revenue- Food section 250,000 Revenue- Liquor 180,000 Revenue-Soft drinks 40,000 2 Cashiers expense (wages per worker) (30,000) Food van (100,000) Manager wages (60,000) Food preservatives (30,000) Equipment expense (60,000) Motorcycle expense to ease movement in city (30,000) 2 food freezers (cost per freezer) (5000) Based on your calculations of accounting profit and economic profit, would you advise Henri to return to his teaching job or continue…
Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…
Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…
Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…
Ansm Audrey worked a part-time job during college to help pay for various expenses. She also set aside $200 each month and invested it into the stock market. During that time, the stock market retumed 10.6 % annually. If she did this each month for the four years she was in college, how much will her account be worth when she graduates? Enter your answer as a numerical value (no labels), rounded to the nearest dollar
Jamie Lee Jackson, age 27, full-time student and part-time bakery employee, has just moved into a bungalow-style, unfurnished home of her own. The house is only a one-bedroom, but the rent is manageable and has plenty of room for Jamie Lee. She decided to give notice to her roommate that she would be leaving the apartment and the shared expenses after the incident with the stolen checkbook and credit cards a few weeks back. Jamie had to dip in to her emergency savings account to help cover the deposit and moving expenses, as she had not planned to move out of the apartment and be on her own this soon. Jamie is in need of a few appliances, as there is a small laundry room, but no washer or dryer, nor is there a refrigerator in the kitchen. She will also need a living room set and a television because the only furniture she currently has is a bedroom suite. Jamie is so excited to finally have the say in how she will furnish the bungalow, and she began shopping for her home as soon as the…
Clara Hammond persuaded her daughter, Never-Do-Well to give up her secretarial work and read BSc (Accounting Option) at Ghana Communication Technology University by promising to pay her GH¢1,500 maintenance fee per month. After the daughter had begun the course, the mother bought a house at Tesano, so that the daughter could live there rent-free. Eventually, after the daughter had had more than three unsuccessful attempt at passing business law examinations, the mother and daughter fell out. The mother sought to gain possession of the house, and the daughter refused. Advise Clara Hammond and Never-Do-Well. what is the legal issue or law?
Clara Hammond persuaded her daughter, Never-Do-Well to give up her secretarial work and read BSc (Accounting Option) at Ghana Communication Technology University by promising to pay her GH¢1,500 maintenance fee per month. After the daughter had begun the course, the mother bought a house at Tesano, so that the daughter could live there rent-free. Eventually, after the daughter had had more than three unsuccessful attempt at passing business law examinations, the mother and daughter fell out. The mother sought to gain possession of the house, and the daughter refuse.what is the area of law?
Clara Hammond persuaded her daughter, Never-Do-Well to give up her secretarial work and read BSc (Accounting Option) at Ghana Communication Technology University by promising to pay her GH¢1,500 maintenance fee per month. After the daughter had begun the course, the mother bought a house at Tesano, so that the daughter could live there rent-free. Eventually, after the daughter had had more than three unsuccessful attempt at passing business law examinations, the mother and daughter fell out. The mother sought to gain possession of the house, and the daughter refused. Advise Clara Hammond and Never-Do-Well. with conclusion advice both parties?