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Anni [7]
4 years ago
5

What is the key difference between a transaction account (checking) and a time deposit (savings, CD, etc.)?

Business
1 answer:
grin007 [14]4 years ago
8 0

Answer:

A checking account is operated using a cheque book while a time deposit is operated by the use of a pass book

Explanation:

Here, we want to examine the difference between a transaction account and a time deposit account.

While both of these are accounts types used in banks, there are some key differences between them.

For a checking account, it is operated using a cheque book to request for funds inside while bearing a very little amount of interest due to the fact that withdrawals can be effected regularly.

For a time deposit account, although it bears a small difference with normal savings account due to the fact that the interest rate is lower. However, the difference here is that a passbook is used in requesting funds from it and it bears a higher interest rate compared to a checking account

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Two of the economy’s most important financial intermediaries are
svet-max [94.6K]

Answer:

d. banks and mutual funds.

Explanation:

Financial intermediaries are bodies or individuals that connect surplus and deficit agents. These institutions serve as middlemen among diverse parties in financial transactions. These include banks, mutual funds, pension funds, building societies etc. Banks and mutual funds are two of the economy's most important financial intermediaries.

6 0
3 years ago
Colton Gentry of Lancaster, California, has owned his home for ten years. When he purchased it for $178,000, Colton bought a $16
vovikov84 [41]

Answer and Explanation:

The computation is shown below:

a. The percentage of loss covered is

= Bought price of insurance policy ÷ purchase price × 100

= $160,000 ÷ $178,000 × 100

= 89.89%

b. The dollar amount of loss covered is

= Percentage of loss covered × suffered amount

= 89.89% × $23,000

= $20,674.70

c. For reimbursement of the fire loss the amount should be equal to the replacement cost of the home i.e $300,000. It is fully reimbursed

We simply applied the above formula

5 0
3 years ago
The beginning inventory of SoCal Wholesalers was $121,000, and the ending inventory is $116,500. What entries are needed at the
Sphinxa [80]

Answer and Explanation:

The journal entries that are required to adjust merchandise inventory is given below:

Income Summary  $121,000

        To Inventory $121,000

 (Being eliminate Beginning inventory balance is recorded)

Inventory $116,500

      To Income Summary $116,500

(Being the cost of ending inventory is recorded)  

These two entries should be recorded for adjusting merchandise inventory

5 0
3 years ago
WILL MARK THE BRAINIEST!!!
postnew [5]
Human Resource Management (HRM) is the term used to describe formal systems devised for the management of people within an organization. The responsibilities of a human resource manager fall into three major areas: staffing, employee compensation and benefits, and defining/designing work.
and that is all!!
3 0
3 years ago
A firm has production function f(L,K,M)=L+K2+4M, where L is units of labor, K is units of capital, and M is units of materials.
Elis [28]

Answer:

1800

Explanation:

Production Function is the relationship between production inputs & production outputs, given technology. It shows maximum output that can be produced with minimum inputs, given technology.

Production Function: f (L,K,M) = L + K^2 + 4M

K = 40 , L = 100 , M = 100

Production = 100 + (40)^2 + 100

100 + 1600 + 100

= 1800

8 0
4 years ago
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