Answer
EFTA (Electronic Fund Transfer Act)-place a stop payment on recurring payments
PCI standards-report stolen debit card, protect credit card data and maintain a secure network
Explanation
The Electronic Fund Transfer Act (EFTA) put in place laws that protect customers when making electronic bank transactions using computers, mobile devices and ATM machines. This Act can stop a payment that has been identified to occur recurrently.
The Payment Card Industry has data security standards and compliance that set policies and procedures to be followed in order to protect card transactions (debit, credit and cash) and eliminate the misuse of a card when making transactions. The standards which go under PCI are; reporting of stolen debit card, protecting credit card data and maintaining a secure network.
Answer:
Seller's proceeds = $66,300
Explanation:
Given:
Seller's costs = $14,700
Commission = $3,150
Excise tax = $650
Escrow fees = $250
Loan payoff = $126,000
Purchase price receive = $210,000
Refund on property taxes paid in advance = $1,050
Computation of seller's proceeds:
Seller's proceeds = (Purchase price receive + Refund on property taxes paid in advance) - (Seller's costs + Commission + Excise tax + Escrow fees + Loan payoff)
Seller's proceeds = ($210,000 + $1,050) - ($14,700 + $3,150 + $650 + $250 + $126,000)
Seller's proceeds = ($211,050) - ($144,750)
Seller's proceeds = $66,300
Answer:
$4000
Explanation:
Fractional banking is a banking system where a portion of customer's deposits is kept as reserves while remaining portion is lent out. The amount kept as reserves is determined by the required reserve ratio set by the Central bank.
Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves
Total deposits = $100,000 + $5,000 = $105,000
Required reserves = 0.2 x 105000 = 21,000
total reserves = $20,000 + 5000 = 25,000
excess reserves = 25,000 - 21,000 = 4000
Bc a lot of people buy their products, so they have enough money to make a profit even if they sell it at a lower cost.
