PFIN Online, 1 term (6 months) Printed Access Card for Billingsley/Gitman/Joehnk's PFIN 6
6th Edition
ISBN: 9781337118026
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 6, Problem 10FPE
Summary Introduction
To identify: The liability of Person WX in case of unfamiliar and fraudulent charges.
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Kip opens an account at Lotsa Goodies, and buys a digital music player and other items, but makes no payments on the account. To collect the debt, a Lotsa Goodies representative contacts Kip’s parents. This violates
a.
the Fair Debt Collection Practices Act.
b.
the Fair and Accurate Credit Transactions Act.
c.
the Truth-in-Lending Act.
d.
no federal law
How do sellers benefit from allowing their customers to use credit cards? Do sellers bear any risk if their customer does not pay their credit card bill?
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Chapter 6 Solutions
PFIN Online, 1 term (6 months) Printed Access Card for Billingsley/Gitman/Joehnk's PFIN 6
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- True or false: An example of a soft inquiry would be a credit card company looking into your credit history to determine if they will approve you for their credit card or not. True Falsearrow_forward30. Georgina is in dispute with her bank about some debits to her business account which she does not recognize. Which of the following is Georgina's duty with regards to her fiduciary relationship with her bank? To check bank statements To reimburse the bank if her personal identification number (PIN) is used fraudulently by a thief to obtain cash To keep her bank cards safe To maintain the account in credit unless specifically agreed otherwise 31. Helkats plc ensures that it offers breakthrough products in the market niche in which it operates. In terms of Porter's generic competitive strategies, Helkats plc's strategy is Cost leadership Cost-focus Differentiation Differentiation-focusarrow_forwardWhen a customer is delinquent on paying a notes receivable, your company has the option to continue to attempt collection or sell the debt to a collection agency. Research the benefits and challenges with each of these options and in a short essay, answer the following questions. A. What are the benefits and challenges of continuing to attempt collection yourself? B. What are the benefits and challenges of selling debt to a collection agency? C. If you had a dishonored notes receivable, which option would you select and why? D. Would you weight certain benefits or challenges differently when making your selection? How?arrow_forward
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