The National Bank Act of 1864 established the national banking system in the United States. The Act still governs U.S. national banks even though Congress has updated it many times since 1864. True False

Answers

Answer 1

Answer:

Answer:

The answer is True

Explanation:

Related Questions

The price of a stock is $64. A trader buys 1 put option contract on the stock with a strike price of $60 when the option price is $10. The trader makes a profit when the stock price is below _______________
The first step in the project control process for measuring and evaluating project performance is to ch13 Select one: a. Determine the project objectives. b. Determine the project deliverables. c. Analyze the project budget. d. Set a baseline plan e. Review the project priority matrix.
Trowel Corp. has outstanding accounts receivable totaling $13,000,000 as of December 31 and sales on credit during the year of $48,000,000. There is also a credit balance of $24,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year
Apply What You’ve Learned - Managing Credit Cards and ConsumerLoansScenario: You are 30 years old, married, have two children, and household income (take-home pay) of$3,500 per month. Your credit and consumer debt is as follows:_______.• Car loan, 6% interest rate, $10,000 balance, $295 per month• Department store card, 28% interest rate, $600 balance, minimum payment 5% of balance• Discover Card, 12% interest rate, $2,000 balance, minimum payment 2% of balance• VISA Card, 13% interest rate, $3,000 balance, minimum payment 2% of balance• MasterCard 1, 14% interest rate, $4,000 balance, minimum payment 2% of balance• MasterCard 2, 14% interest rate, $0 balance, minimum payment 2% of balance• Gasoline card, 21% interest rate, $300 balance, minimum payment 5% of balanceAssume all credit cards will assess a $35 late fee and ongoing penalty interest of 8% above the currentrate if you miss a payment. Your recent VISA card statement came with a blank cash advance check(for up to $10,000) with terms of 23.99% APR and a fee of 3% if you use it. Your recent MasterCard 2statement came with a balance transfer oFer (up to $4,000) with no fee and 0% APR for 12 months,after which the normal interest rate applies. You recently found an incorrect amount charged on yourVISA card from a store you frequent often. You’d like to come up with a plan to eliminate all of yourcredit card debt.In general, is it a good idea to make only minimum payments on your credit cards?Yes, you can invest the money saved each month to earn interest.No, it will cause your interest rate to go up.No, the small payment requirement is mathematically guaranteed to keep you in debt for manyyears.Yes, this allows you more ±exibility in your cash budget.Assuming you have $1,500 in your budget this month with which to pay down your credit cards, howmuch should you pay on each card?CardInterestrateOutstandingRequired minimumRecommendedbalancepayment(%)payment($)debtrepaymentamountstore cardDiscover Card12%2,0008%VISA Card13%3,00010%MasterCard 114%4,0008%MasterCard 214%010%Gasoline card21%30015%Total$9,900$1,500
On July 1 of the current year, Marcia purchases a new home and borrows $320,000. Marcia is required to pay two points on the loan. The loan is secured by the residence and the charging of points is an established business practice in the area. The term of the loan is 20 years, beginning on July 1 of the current year. How much, if any, of the points may Marcia deduct in the current year?

Suppose that Spain and Germany both produce jeans and shoes. Spain's opportunity cost of producing a pair of shoes is 3 pairs of jeans while Germany's opportunity cost of producing a pair of shoes is 11 pairs of jeans.By comparing the opportunity cost of producing shoes in the two countries, you can tell that ------- has a comparative advantage in the production of shoes and ------ has a comparative advantage in the production of jeans.
Suppose that Spain and Germany consider trading shoes and jeans with each other. Spain can gain from specialization and trade as long as it receives more than ------ of jeans for each pair of shoes it exports to Germany. Similarly, Germany can gain from trade as long as it receives more than--------- of shoes for each pair of jeans it exports to Spain.
Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of jeans) would allow both Germany and Spain to gain from trade?
4 pairs of jeans per pair of shoes, 1 pair of jeans per pair of shoes, 6 pairs of jeans per pair of shoes, 2 pairs of jeans per pair of shoes

Answers

Answer:

By comparing the opportunity cost of producing shoes in the two countries, you can tell that SPAIN has a comparative advantage in the production of shoes and GERMANY has a comparative advantage in the production of jeans.

Suppose that Spain and Germany consider trading shoes and jeans with each other. Spain can gain from specialization and trade as long as it receives more than 3 PAIRS of jeans for each pair of shoes it exports to Germany. Similarly, Germany can gain from trade as long as it receives more than ¹/₁₁ PAIR of shoes for each pair of jeans it exports to Spain.

Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of jeans) would allow both Germany and Spain to gain from trade?

4 pairs of jeans per pair of shoes
6 pairs of jeans per pair of shoes

Explanation:

Opportunity costs refer to the extra costs or benefits lost resulting from choosing one investment or activity over another alternative. In this case, if Spain specializes in the production of shoes, it will not produce jeans anymore. The opposite would happen to Germany.

Caroline is working for a marketing firm making $60,000 per year but considers starting her own marketing company. Caroline has determined that to launch the business, she needs to invest $100,000 of her own funds. The annual cost of running the business will include $75,000 for the rent of the office space, $190,000 for employee wages, and $6,000 for materials and utilities. Caroline plans to manage the business, which means that she will have to quit her current job. Suppose that the interest rate (or rate of return) on investments in the economy is 6%.Caroline's total implicit cost per year is .

Answers

Answer:

$66,000

Explanation:

The computation of the total implicit cost per year is shown below:

= Given up salary + investment amount × interest rate on investment in the economy

= $60,000 + $100,000 × 6%

= $60,000 + $6,000

= $66,000

We simply added the given up salary and investment amount after considering the interest rate on investment so that the accurate amount could come

Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year appear below: Sales $17,600,000
Net operating income $6,200,000
Average operating assets $36,000,000

Required:
a. Compute the margin for Alyeska Services Company.
b. Compute the turnover for Alyeska Services Company.
c. Compute the return on investment (ROI) for Alyeska Services Company.

Answers

Answer:

a. The margin for Alyeska Services Company: 35.23%

b. The turnover for Alyeska Services Company: 0.49

c. The return on investment (ROI) for Alyeska Services Company: 17.22%

Explanation:

a. The profit margin reflects a company's overall ability to turn income into profit, is calculated by formula:

Profit margin = (Net operating income/Net sales) x 100% = $6,200,000/$17,600,000 x 100% = 35.23%

b. Asset turnover helps investors understand how effectively companies are using their assets to generate sales. Asset turnover is calculated by using following formula:

Asset Turnover = Total Sales/ Average Total Assets = $17,600,000/$36,000,000 = 0.49

c. Return on investment (ROI) is calculated by using following formula:

ROI = Net income/Total investment x 100%

In Alyeska Services Company,

ROI = Net operating income/Average operating assets x 100% = $6,200,000/$36,000,000 x 100% = 17.22%

Determine the total assets of Novak Corp. at December 31, 2020. Presented below is selected information related to Novak Corp.

Accounts Payable $4,440 Salaries and Wages Expense $24,420
Cash 13,320 Notes Payable 37,000
Advertising Expense 8,880 Rent Expense 14,504
Service Revenue 79,920 Accounts Receivable 19,980
Equipment 42,920 Dividends 11,100

Answers

Answer: $76,220

Explanation:

Total Assets = Current Assets + Fixed Assets

Current Assets = Cash + Accounts Receivable

= 13,320 + 19,980

= $33,300

Fixed Assets = Equipment = $42,920

Total Assets = 33,300 + 42,920

= $76,220

A sudden fall in the market demand in a competitive industry leads to a. A short run market equilibrium price lower than the original equilibrium b. A market equilibrium price higher than the short run price c. Some firms exiting the market d. All of the above

Answers

Answer:

The answer is C. Some firms exiting the market

Explanation:

When there is a sudden fall in the market demand in a competitive industry(e.g perfect competition) some firms would making economic losses and it is best if they shut down operation and production. Once these happen, they exit the market.

Option A is incorrect . Same as option B.

Option D is also incorrect

Final answer:

A sudden fall in market demand in a competitive industry can lead to a short-run market equilibrium price lower than the original equilibrium, some firms exiting the market, and a market equilibrium price higher than the short-run price.

Explanation:

In a competitive industry, a sudden fall in market demand can have several effects. The correct answer is (d) All of the above. When market demand falls, it creates excess supply in the market, leading to a decrease in the market equilibrium price. This means that option (a) is correct. The lower price in the short run may cause some firms to exit the market due to lower profitability, which confirms option (c). Lastly, in the long run, if demand remains low, the market equilibrium price may eventually be higher than the short-run price as the supply adjusts to the lower demand, validating option (b).

Learn more about market demand here:

brainly.com/question/34550544

#SPJ3

3. Individual Problems 8-3 Suppose that due to the outbreak of a new flu, known as H14N9, the demand for hand sanitizer has tripled. Smith & Smith, a company that produces and sells hand sanitizer, should production of its hand sanitizer. Suppose there is no vaccine for H14N9, and that a vaccine will not be developed for several decades. True or False: Smith & Smith should increase its productive capacity by leasing new plant and equipment.

Answers

Answer:

True

Explanation:

As for the provided information, the flu is new in market and has serious issues involved, and now since no remedy or cure is possible and will not be possible even in near future,

The hand sanitizer will help as a preventive action from getting infected to the Flu. Thus, people will buy the sanitizer at huge level.

Thereby, the demand for such product will increase in market in huge, and accordingly even if the company has to increase production capacity through lease it shall do so.

As with huge turnover break even will be realized and there will be profits.

Other Questions

Tim, who is subject to a 35 percent marginal gift tax rate, made a gift of a painting to Ben, valuing the property at $7,000. The IRS later valued the gift at $15,000. Compute the applicable undervaluation penalty.

Suppose that there are two goods, X and Y, that are competing for dominance in a market with network externalities. Furthermore, suppose that the market has chosen good X even though it is inferior to good Y and that the net benefits of switching from X to Y are $20 while the costs of switching are $30. If the market stays with good X, then __________________ has occurred. If the costs of switching were to fall to $15 and the market still stays with good X then ___________________________.

xercise 11-3 The controller of Norton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Month Total Maintenance Costs Total Machine Hours January $2,700 300 February 3,000 350 March 3,600 500 April 4,500 690 May 3,200 500 June 5,500 700 Determine the variable cost components using the high-low method. (Round variable cost to 2 decimal places e.g. 12.25.) Variable cost per machine hour $ LINK TO TEXT LINK TO TEXT Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Total fixed costs $

Assignment I1. On March 1, 2020, Tahir Muktar, a famous businessman in Addis, opened a business named “Universal Garage” which is organized as a sole proprietorship. The business is established to render car repair, maintenance and related services for fees. Below are chart of accounts for and selected transactions completed by Universal Garage in March 2020.a) Chart of accounts Universal GarageChart of Accounts100 ASSETS 110 CURRENT ASSETS 111 Cash 112 Accounts Receivable 114 Supplies 116 Prepaid Rent 117 Prepaid Insurance 120 PLANT ASSETS 121 Land 123 Machinery 123.1 Accumulated Depreciation-Machinery 125 Office Equipment 0.1 Accumulated Depreciation-Office Equipment200 LIABILITIES 210 CURRENT LIABILITIES 211 Account Payable 213 Salaries Payable 216 Interest Payable 220 NON-CURRENT LIABILITIES 221 Long-term Bank Loan 300 OWNER'S EQUITY 301 Tahir, Capital 302 Tahir, Drawings 303 Incomes Summary 400 REVENUES 401 Fees Earned 410 Other Income 500 EXPENSES 501 Salary Expenses 502 Supplies Expenses 503 Rent Expenses 504 Insurance Expenses 505 Depreciation Expenses 506 Interest Expenses 510 Miscellaneous Expenses b) TransactionsMar 1 Received the following assets from its owner, Tahir: Cash....................................... Br, 8,300 Supplies ................................. 2,000 Office Equipment................... 10,000 2 Borrowed Br 5,000 from Dashen Bank 3 Paid Br 1,800 for rent on a building leased for business purposes 3 Purchased welding and other repair machinery for Br 3,600 cash 4 Paid Br 200 for a radio advertisement 8 Sold for Br 200 cash an old office equipment with a recorded cost of Br 200 13 Paid weekly salary Br 1,200 16 Received Br 4,400 from services rendered on cash 20 Paid weekly salary Br 1,200 20 Received Br500 royalties for idle repair machinery it leased to other businesses 20 Delivered service on credit, Br 6,00021 Purchased additional repair machinery on account for Br 2,000 from Sámi-Engineers 23 Received Br 5,000 additional cash investment from its owner 24 Repaid Br 1,000 bank loan and paid Br 100 interest on bank loan 26 Purchased supplies for Br 800 cash 27 Paid Br 100 for customer entertainment and other items27 Paid weekly salary Br 1,200 31 Paid Br 500 for electricity and other utilities consumed during the month 31 Received Br 4,200 cash from credit customers 31 Paid Tahir Br 1,800 for personal uses Required: a) Journalize the above transactions in a two-column journal b) Post the journal entries to “T” accounts c) Prepare and complete a worksheet based on the following additional information i. Cost of supplies remained unconsumed on Mar 31 is Br 900 ii. The amount paid on Mar 3 is for a three-month rent iii. The amounts of depreciation for machinery and office equipment are estimated to be Br 560 and Br 1,900 respectively iv. Universal Garage usually pays Br 1,200 for employee's salary every saturday for a six-day work week ended on that day v. Interest on bank loan accrued but not paid on March 31 total Br 100 d) Prepare financial statements for the month e) Journalize and post adjusting entries f) Journalize and post closing entries g) Prepare post-closing trial balance