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2 years ago

How do consumer credit laws support consumers? Specifically cite at least two laws and how they directly support consumers.

1 answer:

4 0

The consumer credit law is designed to support and protect consumers by mandating creditors to disclose credit terms to consumers.

This backed by the The Consumer Credit Protection Act which protects consumers from loan sharks, restricts the garnishing of wages, and established the National Commission on Consumer Finance to investigate the consumer finance industry.

<h3>The Federal Trade Commission</h3>

The Federal trade commission is an agency saddled with the task of helping and protecting unsuspecting consumers from trade fraud.

They do this by stopping unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights.

<h3>Better Business Bureau</h3>

The Better Business Bureau is a non profit organization whose main aim is mission is to focus on advancing marketplace trust in the United states.

Learn more about the Federal Trade Commission at brainly.com/question/8244775

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You might be interested in

On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value o

Vilka [71]

Answer:First Year Depreciation= $84,000

Second Year Deprecation= $78,400

Explanation:

Using Double declining

We have that :

Depreciation value = Cost - Salvage value

$280,000 - $40,000 =$240,000

Since machine is expected to depreciate for 5 years, Annual depreciation = 240,000 / 5 years

= $48,000

Annual Depreciation Rate = 48,000 / 240,000 = 20%

Therefore, Double declining = 20 x 2 = 40%

First Year Depreciation: from April to December

= 40% x 280,000 x 9/12 months

= $84,000

Second Year Deprecation:

= 40% x (280,000 - 84,000)

= $78,400

4 0

3 years ago

Which of the following is true of economies in the base of the global economic pyramid? a. They are composed of developed econom

satela [25.4K]

Answer:

The answer is: D) They attract the largest FDI from MNEs. If you consider FDI´s share of the country´s GDP

Explanation:

The countries that are located in the base of the global economic pyramid are all underdeveloped and poor countries, so no North America, Europe, Japan, China, or Australia. If you consider the total nominal amount of Foreign Direct Investment (FDI) by Multinational Enterprises (MNEs) in the world, the countries that receive the most of them usually have large economies or high GDP per capita (only Brazil is an exception) like the US, China, Belgium, Canada, France, Russia, Singapore, etc.

But if you consider FDI as a percentage of a country´s GDP the list of receiving countries varies a lot. The following is the list of the 10 countries with the greatest share of FDI to GDP in 2011 (UN 2011 report)

Liberia
Mongolia
Hong Kong SAR (China)
Sierra Leone
Luxembourg
Singapore
Congo republic
Belgium
Chad
Guinea

In this list you can find 6 countries that are extremely poor but very rich in natural resources (in this case minerals). So if consider the relative size of FDI in those economies, then it´s huge. Most FDI done on poor countries is directed to mining or oil corporations.

3 0

4 years ago

If the reserve ratio is 20% and a bank accepts $10,000 in demand deposits from the public, then it would have to keep ______ in

Iteru [2.4K]

If the reserve ratio is 20% then the amount that a bank would keep in reserves after accepting the demand deposits is $2,000.

<h3>How much would the bank keep?</h3><h3 />

The reserve ratio refers to the percentage of deposits that banks have to keep as reserves in the Fed.

If this rate is 20%, the bank would therefore have to keep:

= 10,000 x 20%
= $2,000

In conclusion, the bank would keep $2,000.

Find out more on the reserve ratio at brainly.com/question/13758092.

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3 0

2 years ago

Selzik Company makes super-premium cake mixes that go through two processing departments, Blending and Packaging. The following

gregori [183]

Answer:

a) EU for materials = 170,000

EU for conversion = 165,000

b) Materials = $0.82 per EU

Conversion = $1.48 per EU

c) Ending WIP = $28,240

Units transferred out = $368,760

d) cost reconciliation report:

Costs to be accounted for:

Beginning WIP $13,400
Cost added $383,600
Total costs to be accounted for $397,000

Cost accounted for as follows:

Unit transferred out $368,760
Ending WIP $28,240
Total cost accounted for $397,000

Explanation:

beginning WIP 10,000

materials 100% complete (0% added during the period)

conversion 30% complete (70% added during the period) ⇒ 7,000 EU

units started 170,000

ending WIP 20,000

materials 100% complete ⇒ 20,000 EU

conversion 40% complete ⇒ 8,000 EU

units completed = 160,000

units started and completed = 150,000

beginning WIP costs:

Materials cost $8,500

Conversion cost $4,900

costs added during the period:

Materials cost $139,400

Conversion cost $244,200

Equivalent units for July:

EU for materials = 170,000

EU for conversion = 7,000 + 150,000 + 8,000 = 165,000

Costs per EU:

Materials = $139,400 / 170,000 = $0.82 per EU

Conversion = $244,200 / 165,000 = $1.48 per EU

Total costs:

Ending WIP = (20,000 x $0.82) + (8,000 x $1.48) = $28,240

Units transferred out = ($383,600 - $28,240) + $8,500 + $4,900 = $368,760

Costs to be accounted for:

Beginning WIP $13,400
Cost added $383,600
Total costs to be accounted for $397,000

Cost accounted for as follows:

Unit transferred out $368,760
Ending WIP $28,240
Total cost accounted for $397,000

3 0

4 years ago

A company must decide between scrapping or reworking units that do not pass inspection. The company has 22,000 defective units t

LenKa [72]

Answer:

It is more profitable to sell the units as-is and produce new ones.

Explanation:

Giving the following information:

The company has 22,000 defective units that cost $6 per unit to manufacture.

Sell as-is:

Selling price= $2

Rework:

Additional cost= $4.5

Selling price= $8.5

If the units are sold as-is, the company will be able to build 22,000 replacement units for $6 each and sell them at the full price of $8.50 each.

<u>The original cost of the 22,000 units is a sunk cost, it will remain no matter the decision. </u>

Sell as-is:

Defective units= 22,000*3= 44,000

New units= 22,000*(8.5 - 6)= 55,000

Total income= $99,000

Rework:

Sales= 22,000*(8.5 - 4.5)= $88,000

It is more profitable to sell the units as-is and produce new ones.

3 0

3 years ago