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Gennadij [26K]
2 years ago
7

1. Should you have a separate checking and saving account?

Business
1 answer:
iris [78.8K]2 years ago
5 0

Back when interest rates were high, I had just one account. I had a money-market checking account that offered good interest rates and unlimited check writing. But those days are long gone.

I want as high an interest rate as I can get for my savings. In order to get those rates, I am using a money-market savings account. All such accounts I’ve seen restrict the number of transactions I can make in a month. I need to be able to pay bills, no matter how many of them there are — and I never ever want to pay fees for excess transactions!

So I have a separate checking account. It pays less than half the interest rate of my savings account, but I can make as many transactions as I want. The bank offers a bill pay application that I use for most payments, and I can write as many checks as I want to. I can transfer money between the accounts quickly.

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What term can be used to describe the situation where your fixed and variable expenses are higher than your net income.(1 point)
Pepsi [2]

The term that describes the situation where <em>fixed and variable </em><em>expenses</em><em> are higher than</em> net income is <em>D. dissaving.</em>

Dissaving happens when an individual is spending from either previous savings or borrowing to fund current expenses.

Dissaving is commoner with retirees than those currently employed. But it can also happen to currently-employed persons, whose expenses are more than their incomes. They should find strategies to stop the negative saving. Otherwise, their debts may be overbearing in future.

Thus, dissaving means negative saving or <em>spending more than income.</em>

Learn more: brainly.com/question/13954775

8 0
2 years ago
On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accum
Nataliya [291]

Answer:

On disposal, the carrying amount of the asset is derecognized by  

Debit Other income/disposal account (p/l)   $20,000

Credit Asset account     $20,000

Being entries to derecognize the cost of the delivery van

Debit Accumulated depreciation account  $18,000

Credit Other income/disposal account (p/l)   $18,000

Being entries to derecognize the accumulated depreciation of the asset at the date of disposal,

Furthermore,

Debit Cash account    $2,000

Credit Other income/disposal account (p/l)   $2,000

Being entries to record cash collected on  disposal of the asset

Explanation:

When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal. The proceed from the disposal of an asset may be recorded in the disposal or other income account.

On disposal, the carrying amount of the asset is derecognized by  

Debit Other income/disposal account (p/l)

Credit Asset account  

with the cost of the asset, then,

Debit Accumulated depreciation account

Credit Other income/disposal account (p/l)

With the accumulated depreciation of the asset at the date of disposal,

Furthermore,

Debit Cash account

Credit Other income/disposal account (p/l)

with the amount received from the disposal or sale of the asset

4 0
3 years ago
Mack writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the
Vilka [71]

Answer:

Mack, Marianne, and Martin

Explanation:

Based on the information provided within the question it can be said that in this scenario if the bank dishonors the check St. Mark can look for recovery from Mack, Marianne, and Martin. This is due to the fact that they all endorsed the check. This is because by endorsing the check you are signing the back of it which means that you are making it payable to someone else, and if the check is not accepted you are taking responsibility for paying that person. Which Mack, Marianne, and Martin all endorsed the check.

5 0
3 years ago
Which of the following is true of an unsecured loan?
Ilya [14]

The statement "The value of an item where the borrowers owned but they are not at the repossession risk" is to be true.

The unsecured loan is the type of loan in which there is no need for any type of collateral property.

The lender does not takes the assets of the borrower as the security but it gives the approval of an unsecured loan depends upon the creditworthiness of the borrower.

Examples are:

  • Personal loans.
  • Students loans.
  • Credit cards.

The following information related to unsecured loans is

  1. It does not for cars, houses, or any other large purchases
  2. In this, the collateral does not involve.
  3. It contains high interest.

Therefore we can conclude that,  option d is correct.

Learn more about the unsecured loan here: brainly.com/question/8347317

7 0
2 years ago
Read 2 more answers
A written representation from a client’s management that, among other matters, acknowledges responsibility for the fair presenta
7nadin3 [17]

Answer:

The answer is Chief Executive Officer and and the Chief Financial Officer

Explanation:

As part of the requirements for audit process, the external auditor will obtain from the management a written representation for the financial statements being presented to the external auditor. The management is responsible for the preparation of Financial statement and the external auditor expresses their opinions on it.

To show accountability, The Chief Executive Officer and the Chief Financial Officer both sign on it.

6 0
2 years ago
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