Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Question
Chapter 6, Problem 11FPE
Summary Introduction
To discuss: The response of Person L regarding the information asked about credit card details
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Students have asked these similar questions
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?
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?
Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk.
Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need
to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected
about you.
Why is your credit application approved or denied?
ооооо
Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your
creditworthiness? Check all that apply.
оооо
APPROVED
Physical appearance
Character
Political affiliation
Capacity
Religion
0000
MEGACREDIT
Capital
Extra 199
SIE TEL
Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply.
History of personal bankruptcy
FICO score greater than 850
Absence of checking, savings, or other…
Chapter 6 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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Similar questions
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- 4 Ken is a customer at Orange Grove Bank and frequently banks online. One day he receives an email with his banks logo on the top. The email states: You have been preapproved for a premium credit card, with an introductory rate of zero percent APR. The email then asks Ken to click on a link provided in the email to activate his card. Ken clicks on the link and is directed to a website where he is asked to provide personal financial information and his Social Security number. What law, or rule, applies to this situation?arrow_forwardJohn Nowo has been a client of your firm for many years. Whilst preparing his account you become aware and concerned about sources of money into his bank account. You invited John to a meeting and the explanations that he provided were not satisfactory. Required: Can you explain the importance of the Code of Conduct in this specific situation.arrow_forward“Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?arrow_forward
- Consider each of the following situations. Is there a potential problem? Which part of the fraud triangle is involved, if any? A. Susan is an accounts payable clerk. She sets up creditors in a financial database and pays invoices as they come in. Last year, she won employee of the year and is a valued employee. Through the grapevine, Susan's boss just learned that Susan's brother has a gambling problem. B. Now suppose that Susan from situation A is now secretary for the head of the marketing department. She keeps track of the vice president of marketing's schedule and handles the correspondence. C. Keith has been employed for 6 months as a teller at a community bank. All is going well, and his cash drawer has had shortages only twice (of less than P500). The shortages were traced and the problems corrected. D. At the company Memorial Day picnic and golf outing last week, Nancy noticed that June moved her ball to a better lie when she thought no one was looking. There…arrow_forwardPrepare a service blueprint for each of these banking transactions: Make a savings deposit using a teller. Apply for a home equity loan.arrow_forwardC. Online Banking is a product that becomes increasingly important with the increase in online business. Customers via online banking can have an access to their fund without having to go to the bank. In order to avoid the customers' fund from becoming vulnerable to scammers while conducting banking activities online, banking institutions have taken several security measures. REQUIRED: Explain FIVE (5) security measures imposed by banking institutions for allowing an online access to customer fund.arrow_forward
- If you were a wise credit card user, under which of the following conditions would you consider using a credit card to finance an expensive purchase? a. If I haven't reached my credit limit and I really want to item b.If I believe my money situation will be better (for example, a better-paying job) in the future than it is now. c.If I have the money to pay for the item in my bank account and plan to immediately pay the balance in full. d. If my card has good rewards on it.arrow_forward1. Give a scenario for which you, a high school senior might use a certificate of deposit (CD). What are the risks/rewards of using a CD? 2. Who insures bank customers money in case of an economic collapse, and for how much?arrow_forwardIdentify which one of the following is the definition of banker given by Dr. H.L. Hart defined in his book Banking Law? a. A banker is one who in the additional course of his business, discounts bill drawn upon him by persons from and for whom he pays on accounts b. A banker is one who in the ordinary course of his business, honors cheques drawn upon him by persons from and for whom he receives on accounts c. A banker is one who in the future course of his business, provides loans to persons from and for whom he receives on accounts d. A banker is one who in the special course of his business, honors demand drafts dawn upon him by persons from and for whom he pays on accountsarrow_forward
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