What is the difference between a credit card and a debit card? O A credit card is loaned money, plus interest, whereas a debit card is linked to your bank account that contains your money. O A credit card is your money that is not loaned. A debit card is loaned money. None of the above.

Q: 2. Should you use a credit card when you can pay cash? Explain your reasons.

A: A credit card provides the holder access to funds for their use for which they have to pay later. It…

Q: Cash received from loans is a deposit other than customer payments. Group of answer choices True…

A: Cash received from the loan is considered as the current liabilities with the name of deposits.

Q: There are six laws that regulate consumer credit in the United States. The one that protects credit…

A: The Equal Credit Opportunity Act is intended to provide equal opportunities to people without any…

Q: The bank does not subtract the amount of your payment from the beginning balance but charges you…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: Why is it important to check your bank statement? What should you look for? Explain your answer.

A: The bank statement is prepared in order to record the transaction that is related to the banking…

Q: What If the Facts Were Different? Suppose that West Bank’s Deposit Account Agreement had not…

A: INTRODUCTION: An obligation is a promise to pay a third party based on an underlying contract, such…

Q: The host of payment services offered by Banks do not include the following: O a. Cheque facility O…

A: The general service which are offered by a bank to all the customer are banking transaction of…

Q: Is the following statement true or false? Open-end loans are often called line-of-credit accounts. O…

A: A loan provided by a financial body to a borrower that has a pre-approved credit limit and can be…

Q: Bank rates on credit card balances are usually similar to the rate charged on business loans.…

A: A credit card's interest rate, often known as a 'financing charge,' is the rate levied by credit…

Q: What is the difference between a bank feed transaction and a manually entered transaction in…

A: In QuickBooks Online, a bank feed transaction refers to the financial transactions that are imported…

Q: Bank loans often are arranged under existing lines of credit. What is a line of credit? How does a…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having…

A: The question is asking about the purpose of checking accounts, the disadvantages of having funds in…

Q: when a company establishes a credit line with a bank, it is the same as borrowing from the bank True…

A: Credit line is similar to taking a loan but in credit line loan is taken on a regular basis. There…

Q: 10. What is one advantage and disadvantage of using a credit card to make purchases.

A: Credit card is issued by financial institutions such as banks to the customers for facilitating…

Q: Banks sometimes loan cash under noninterest-bearing notes. Is it true that banks lend money without…

A: Noninterest – bearing Notes Noninterest-bearing notes are those notes or bonds that are with no…

Q: In an attempt of bank officials to collect and recover some loans from defaulters. There are soo…

A: Whenever a borrower fails to repay a debt, the lending institution begins the loan recovery…

Q: Explain why a loan officer always looks at a credit report before making a loan. What should you do…

A: The credit report is a way of assessing the credit history of the person seeking loan. By looking at…

Q: fill in the blanks to complete each sentence. 7. From a bank's viewpoint, a standby letter of…

A: A letter of credit is referred to as a guarantee where the bank uses the letter to give the…

Q: K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having…

A: Explanation is given below Explanation:People frequently utilise checking accounts for a variety of…

Q: it important to keep a record of credit card numbers separate from the cards?

A: Step 1 Information can be stolen, and usually, almost anywhere you do business. Most people are…

Q: When you borrow money to pay for goods and services, you are using what form of payment? Savings…

A: Payment means the transfer of money or goods and services in return or exchange of any product or…

Q: The Select one: establishes procedures for resolving billing errors on credit card accounts and…

A: The question is asking us to identify the act that sets the procedures for resolving billing errors…

Q: a bank that meets a deposit withdrawal by selling t-bills will alter: neither the asset nor…

A: Selling T-bills will alter asset side and meeting a deposit withdrawal will alter liability side.

Q: True or False? Give a reason for your answer.  Q.1.1.1 Direct deposits are an  example of an…

A: These are the differences arise in the process of bank reconciliation. These differences would be…

Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: Which one of the following statements is false? a. Consumer loans are loans banks advance to…

A: Solution:- Loans means the advances made by the bank to the customers, while deposits means the…

Q: Suppose a bank offered to make loans to potential borrowers without checking their credit history.…

A: The banks generate their income mainly from the difference between the lending rate and the rate…

Q: Revolving lines of credit generally do not involve the use of credit cards and often offer borrowers…

A: Overdraft protection is linked to your checking account in case you overdraw your account. It draws…

Q: Under what conditions may a bank refuse to make payment?

A: Conditions:- - when the customer has died - customer had insane or insolvent. - customer lost the…

Q: Which one of the following is considered as cash? a. Credit card. b. None of these c. Certified…

A: Cash of the business means cash in hand and all other short term instruments or objects that can be…

Q: The Select one: establishes procedures for resolving billing errors on credit card accounts and…

A: The objective of the question is to identify the correct act that establishes procedures for…

Q: I have lots of travel points on my credit card. Should we count those points as a part of money…

A: Money is anything that is commonly acknowledged as payment for products and services as well as debt…

Q: accounts receivable

A: Account receivable refers to the process of payment that the company should receive from the…

Q: allows the bank clients to borrow money against a line of credit with a credit limit. a. Credit card…

A: When borrower can take money out as needed untill the limit is reached and as money is repaid it can…

Q: ich of the following is a responsible financial decision? Making a down payment on a loan. O…

A: Responsible financial decisions involves taking planned and wise decisions to avoid any financial…

Q: A credit report keeps track of money you borrow from banks, credit card companies, and other…

A: Loan means the amount taken from another person to be repaid back with interest.

Q: 3. Write the difference between debit cards and credit cards.

A: Debit cards and credit cards are the facilities offered by Financial institutions or bank.

Q: If a consumer with a relatively low credit score applied for a loan from your bank, what other…

A: WHAT IS CREDIT CRITERIA- Credit criteria area unit the factors employed by lenders to work out…

Q: What are some benefits to a business in accepting credit cards and debit cards?

A: Debit card: Debit card is an electronic card, which allows the debit card holders to pay cash…