They generally take in more in premiums than they pay out.
Answer:
1. A) Satisfying your day-to-day spending needs?
<u>Statement Savings account </u>
Bank statements will hep you keep track of the balance.
B) Making and holding funds for your car purchase?
<u>NOW Account.</u>
An account that earns interest yet allows the owner to write drafts against the money in the account. This would be good here as it will increase the funds you are saving for the car purchase.
C) Making and holding funds for your home purchase?
<u>NOW Account. </u>
NOW stands for Negotiable Order of Withdrawal account and would work here as well.
D) Making and holding funds for your retirement?
<u>Certificate of Deposit.</u>
These are offered by banks and earn a higher interest return. They however have to be locked up for a while without withdrawing so they are great for retirement saving.
2. Which of the following accounts is typically not insured?
<h2>
A. Mutual Funds.</h2>
Mutual funds are not financial deposits so will not be covered by the Federal Deposit Insurance Corporation (FDIC).
3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?
- A. Keep track of your balance online.
- B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.
4. You can avoid a service fee on an average-balance account if you:
- B. Keep a certain average daily balance in the account through a specified time
Answer:
a. $20,000
b. i. Higher
c. ii. Lower
Explanation:
a. We know that the break even in units formula equals to
= (Fixed cost) ÷ (Selling price per unit - variable cost per unit)
= ($300,000) ÷ ($23 - $8)
= $300,000 ÷ 15
= $20,000
And, Contribution margin per unit = Selling price per unit - variable cost per unit
So, we use contribution margin per unit also.
b. Now if we assume that the fixed cost would be $400,000
So, the new break even equal to
= (Fixed cost) ÷ (Selling price per unit - variable cost per unit)
= ($400,000) ÷ ($23 - $8)
= $400,000 ÷ 15
= $26,666.67
So it is higher
c. Now if we assume that the new variable cost would be $5
So, the new break even equal to
= (Fixed cost) ÷ (Selling price per unit - variable cost per unit)
= ($300,000) ÷ ($23 - $5)
= $300,000 ÷ 18
= $16,666.67
So it is lower
Answer:
a) price of $7 and quantity of 50 units
Explanation:
According to what I'm understanding of the table you got the following:
![\left[\begin{array}{ccc}Price&Supply&Demand\\5&11&36\\6&36&68\\7&50&50\\7&73&37\\...&....&...\end{array}\right]](https://tex.z-dn.net/?f=%5Cleft%5B%5Cbegin%7Barray%7D%7Bccc%7DPrice%26Supply%26Demand%5C%5C5%2611%2636%5C%5C6%2636%2668%5C%5C7%2650%2650%5C%5C7%2673%2637%5C%5C...%26....%26...%5Cend%7Barray%7D%5Cright%5D)
The equilibrium will be when both forces meet in this case, it is clear that it is happening at a price equal to $7 which generates a supply of 50 units and a demand for 50 units. Both have the same value so it is equilibrium
