XYZ Credit Union serves members who live or work in Texas County. In general, can someone living in Dallas (with no ties to Texas County) get a car loan or open a checking account at XYZ Credit Union? A. Only if the person fills out a membership application and pays a member fee B. Yes C. No, because they don't meet the membership requirements
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XYZ Credit Union serves members who live or work in Texas County. In general, can someone living in Dallas (with no ties to Texas County) get a car loan or open a checking account at XYZ Credit Union?
- A. Only if the person fills out a membership application and pays a member fee
- B. Yes
- C. No, because they don't meet the membership requirements
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- Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the aboveYou have been appointed as a loans officer for the local state bank. One day a person walks intothe bank looking for loan to buy a new car. List items about that individual that you should findout before making a decision whether or not to approve the loan.
- Dan’s Hardware is a small hardware store in the rural township of Twin Bridges. It rarely extends credit to its customers in the form of an accountreceivable. The few customers who are allowed to carry accounts receivable are long-time residents of Twin Bridges with a history of doing businessat Dan’s Hardware. What method of accounting for uncollectible receivables should Dan’s Hardware use? Why?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.Your friend is trying to decide on two different checking accounts. Your friend just graduated high school and has a part-time job while waiting for technical school to begin. Checking account number one has a minimum balance requirement of $750, a direct deposit requirement, and a $12 fee each month. Checking account number 2 is a student checking account. It is free as long as you can prove he is a student. Checking account number 2 only had a minimum balance of $350. Which do you think he should choose? Why?
- Randy, a student, has $534 to deposit in a new chequing account, but Randy knows he will not be able to maintain a minimum balance. He will not use an ATM card, but will write a large number of cheques. Randy is trying to choose between the unlimited check writing offered by South Trust and the low per-check fee offered by Sun Coast. How many checks would Randy have to write each month for the account at South Trust to be the better option?Your small business client, Phillip’s Computer Repair Shop, is experiencing financial difficulties and has to lay off one of its four employees in the accounting area. Phillip has asked you to determine what duties should be assigned to the three remaining employees—Abigail, Bryan, and Chris—to maintain the best separation of duties.Required:Assign the following 10 duties to each of the three employees.a. Reconcile bank statement.b. Open mail and list checks.c. Prepare checks for Phillip’s signature.d. Prepare payroll checks.e. Maintain personnel records.f. Prepare deposit and take to bank.g. Maintain petty cash.h. Maintain accounts receivable records.i. Maintain general ledger.j. Reconcile accounts receivable records to general ledger account.Adel & Co is a company manufacturing various types of mini bar refrigerators for hotels. The company does not have an internal control department. Below is the company’s sale and receivables system:i. Sales staff will carry out credit references checks for all new customers. ii. These references will be submitted to the finance department, where the finance manager will approve on accepting a new customer if the customer has a good credit rating. iii. Once this is completed, an appropriate credit limit is set for each customer by the financial controller.iv. Customers must use a standard sales order form when placing orders.v. Sales clerks will enter details of the sales order into the system which then check if the goods ordered are available and if the customer has sufficient credit limit available for this order. vi. All forms are pre numbered sequentially.vii. Prices for all products are stored in the system’s master file. viii. These details can only be amended by the…
- FAY (Financial Advice for You) was formed as a not-for-profit and non-governmental organization by Qamar Qureshi, a retired civil servant. In his words, common people who have scarce resources and save money through extreme hardships often lose all their saving primarily because of non-availability of good financial advice. Investment banks and other financial institutions are not interested in having such common persons as their clients; nor can these people afford to pay their exorbitant fees. Retired from civil service with no personal financial worries, Qamar Qureshi has devoted his remaining life to the cause of helping the less fortunate and less informed members of the society. His organization, Financial Advice for You or FAY, offers free financial advice to anyone who knocks at its doors. However, if a better off person with considerable means approaches them for financial advice, they charge a nominal fee in order to defray some of their administrative costs. Qamar Qureshi…Her bank advisor has told Ursula, a sole trader, that to obtain a loan for her busness she will need to give a written personal gustarice for the business's debts, and to give the bank a charge over the business's assets. Ursula has no personal assets or income separate from her business. Ursula is unsure about whether to go ahead, and she has made a comment in relation to each requirement(1) I already own all the business's assets and labilities so a written guarantee is not necessary if the bank wishes to ensure that I am personally committed to repaying the loan (2) I can give the bank a Bloating charge, so that if I breach the terms of the loan the bank can take action to sell my inventoryidentify whether Ursula's comments are accurate or not accurateA. (1) Accurate; (2) Not accurateB. (1) Not accurate; (2) AccurateC. (1) Accurate; (2) Accurate;D. (1) Not accurate; (2) Not accurate;Acme Pty Ltd runs a carpark in the city. Acme want to have an exclusion clause that applies to all contracts with carpark customers to ensure that Acme is not liable if a customer’s car is stolen or damaged when parked in the Acme carpark. The following is the procedure for customers to use the carpark: The carpark customer receives a small ticket from a machine located at a boom gate at the entrance to the carpark. The customer pays for their car parking by inserting their ticket into a machine and paying with cash or credit card before they collect their car to leave. These machines are located at each level of the carpark. To exit the carpark, the customer inserts the paid-for-ticket into the machine at the boom gate. Usually customers do not meet or speak with any Acme employees at any time during their visit. However, customers can speak to an employee by pushing buttons on either the ticket dispensing machine or the payment machine.Required: Provide Acme with legal…