When a person owes more on an item (like a car or house) than it is worth, the person is said to be <u>upside down</u> on the loan.
<h3><u>Describe an upside-down loan.</u></h3>
You have an upside-down auto loan if you owe more money than the car is truly worth. You may need to make additional payments or modify your insurance coverage in order to prevent being upside-down on your loan or, at the very least, to shorten the amount of time you are in this perilous financial situation.
When you owe more on a car loan than the vehicle is worth, the loan is considered upside-down. If your car is worth $12,000 but your loan total is $15,000, for instance, your loan would be in the negative. You have $3,000 in negative equity in this situation.
It's not always a problem to have an outstanding auto loan. If you don't intend to sell your car, you can make loan payments until the balance is paid off. It won't affect the way you communicate with your lender.
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30 because I don’t know what if I got it back in there at least you know
Jill will not win because this is an illusory promise without consideration.
<u>Explanation:</u>
Even if Jill sues his boss Constance for not giving him the bonus that she had promised to give if her employee, Jill works with great focus and dedication, he will probably not win the case.
The reason for this is that it was just a promise and not a contract signed between that employer and that employee. It was just an illusory promise which is not enough to sue the person or the employer. So there was no benefit of doing it.
Does the SEC have the power to set accounting standards. The SEC has delegated the primary responsibility for setting accounting standards to the AICPA is a False statement.
<h3>What is the SEC position in the financial reporting process?</h3>
- The SEC position is known to be a Commission that has been empowered with the authority under the securities laws of the United States.
They are empowered to set accounting standards to be followed by all public firms and they are known to also have the power to make sure that those standards are followed.
Conclusively, The SEC delegated accounting standard setting is said to be to FASB.
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<u>Answer:
</u>
The interest rate effect explains why the aggregate demand curve is downward sloping.
<u>Explanation:
</u>
- The interest rate effect proposed by Keynes suggests the reasons for why is the aggregate demand curve downward sloping.
- It states that, when the interest rates are low, people choose to invest owing to the decreased costs of investment. This investment stimulates a drop in the levels of price.
- The dropped prices thus increase the aggregate demand for the commodities of which the price has dropped.
