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Travka [436]
3 years ago
6

Which of the following statements is false? a. A credit is a deposit to a checking account. b. A debit is a withdrawal from a ch

ecking account. c. An overdraft is a fee your bank charges you for opening a checking account. d. Taking money from your account with an ATM card is a debit.
Business
2 answers:
allsm [11]3 years ago
8 0

Answer:

c. An overdraft is a fee your bank charges you for opening a checking account.

Explanation:

Checking account is a deposit account with a bank or any  financial institution that allows the owner of such account to make withdrawals and deposits. They are also known as demand accounts or transactional accounts. They are very liquid and allows for countless deposits and withdrawals and can be obtained  by using automated teller machines, checks and electronic debits, and a number of  other methods.

A checking account is unlike other bank accounts like less liquid savings or investments account it allows for countless withdrawals and unlimited deposits, and savings accounts sometimes limit both.

The statement that an overdraft is a fee that banks charges for opening a checking account is false.

Overdraft is a form of extension of credit from a finiancial institution and often granted when an account reaches zero. it allow such account holder to continue withdrawing money even though the account has no funds  or insufficient funds that would cater  for and cover the amount of the withdrawal. So it is not the fee that bank charges for opening a checking account, instead what checking account offers is overdraft protection in which if a checking account owner write a check or make a purchase than the funds in the checking account, the bank may cover the difference.

Zolol [24]3 years ago
4 0

Answer:

C. An overdraft is a fee your bank charges you for opening a checking account.

Explanation:

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.

Reasons for overdraft

1.Intentional loan

2.Failure to maintain an accurate account register

3.Temporary deposit hold

4.Unexpected electronic withdrawals

5.Merchant error

6.Charge back to merchant

7.Authorization holds

8.Bank fees

9.Returned cheque deposit

10.Intentional fraud

11.Bank error

12.Victimization

13.Merchant overdraft

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Answer:

                        Bourne Inc.

                     Journal entries

Date    Account Name           Debit       Credit

1-Dec   Supplies                   $2,000

                  Accounts Payable                $2,000

1-Dec    Cash                         $6,000

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1-Dec     Land                          $40,000

                    Notes Payable                     $40,000

15-Dec    Accounts Payable    $2,000

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                           Adjusting entries

Date        Account Name            Debit        Credit

31-Dec     Supplies expense       $1,900

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                       Supplies                                 $1,900

31-Dec     Deferred Revenue        $1,000

                ($6,000/6)

                         Service Revenue                 $1,000

31-Dec      Interest expense           $400

                 ($40,000*12%* 1/12)

                       Interest Payable                      $400

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The central focus of the marketer's activities is to develop mutually beneficial relationships with customers and potential cust
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Answer:​Strong word-of-mouth communication about; increase.

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4 0
3 years ago
Determine whether each of the following events causes a shift of a curve or a movement along a curve in the short run. Indicate
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Answer:

A. The Supply Curve shifts Right.

As American Producers are paying less in dollar terms, their costs of production will reduce. The reduction in Cost of Production will spur producers to produce even more because inputs are cheaper and more will be bought and processed and so the Supply will increase and shift the Supply Curve left.  

B. Aggregate Demand Curve shifts Right.

As a result of more money being in the Economy, more people will want to lend out the excess cash they have to earn some interest on it. This will reduce the cost of borrowing and will therefore spur people to borrow more to be able to afford things they want. With the people having more money, they will buy more things therefore upping Demand. The Demand Curve will shift to the Right as a result.

C. Supply Curve shifts Left

Wages are an input into Production. Should they increase that would mean that the cost of Production has risen as well for Producers. They will respond by reducing the amount of goods they produce so as to maintain Profitability and reduce those costs. This will cut supply and shift the Supply Curve to the left.

D. Movement along Short Run Aggregate Demand Curve

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3 years ago
The quantity of money in an economy and the _____________________ are inextricably intertwined
xxTIMURxx [149]

Answer:

d) quantity of credit for loans

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As more quantity is available being for a decrease in required reserve ratio or emission of currency It will increase the bank's money available for loans to companies and families. If the quantity of money decrease it will reduce the amount for loans. Thus,this vaiable are inextricably intertwined.

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