1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
NikAS [45]
3 years ago
13

Federally chartered banks and credit unions are run like businesses that make a profit.

Business
1 answer:
Licemer1 [7]3 years ago
4 0

Answer:

False.

Explanation:

A bank is said to be federally chartered when it is appropriately authorized and regulated by the federal government of a country with recourse to statutory laws but not the state government. Some examples of federally chartered banks are Wells Fargo Bank, Bank of England, Swiss National Bank, Citizen National Bank, Bank of Japan, PNC Bank, First National Bank, U.S. Bank, Reserve Bank of Australia, etc.

A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks.

Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.

Hence, federally chartered banks and credit unions are not run like businesses that are a profit i.e they are a non-profit business.

You might be interested in
How does your new budget help you to meet your long-term goal of saving for college?
Musya8 [376]

Answer:

You may reach your long-term goals quicker by putting your cash into a savings account or certificate of deposit with a high interest rate, or by investing, especially if you don’t plan to use this money for at least five years — say you’re starting a college fund for your newborn. That way you’ll allow time to build up a positive return.

Explanation:

7 0
3 years ago
GDP is the market value of: A. Resources (land, labor, capita, and entrepreneurship) in an economy in a given year B. All final
frutty [35]

Answer:

B) All final goods and services produced in an economy in a given year

Explanation:

That's the definition of GDP, gross domestic product. By virtue of the name, it's the total product (output) of a given economy. It's measured through the values of all final goods and services, so as to not count the same good or service twice.

3 0
3 years ago
The following information relates to Payleast Shoes Company. Assuming the company uses the periodic inventory system, solve for
rosijanka [135]

Answer:

A.$75,000

B.$60,000

C.$30,000

D.33%

E.$15,000

F.$3,500

G.$18,000

H.$34,500

I.31%

J.$18,000

K.$116,300

L.$90,300

M.31%

Explanation:

Payleast Shoes Company

2020

1.Net sales = $90,000

2.

Beginning Inventory = $12,000

Add Purchase (Gross) = $70,000

Less Returns/Allowance = $6,000

Less Purchase discounts = $4,000

Add Freight-in = $3,000

Cost of goods available for sale = $75,000

Less End inventory = $15,000

Cost of Sales = $60,000

3. Gross profit = $30,000

4. Gross Profit % = 33%

2021

1.Net sales = $110,000

2.

Beginning Inventory = $15,000

Add Purchase (Gross) = $82,500

Less Returns/Allowance = $5,000

Less Purchase discounts = $2,500

Add Freight-in = $3,500

Cost of goods available for sale = $93,500

Less End inventory = $18,000

Cost of Sales = $75,500

3. Gross profit = $34,500

4. Gross Profit % = 31%

2022

1.Net sales = $130,000

2.

Beginning Inventory = $18,000

Add Purchase (Gross) = $99,000

Less Returns/Allowance = $8,800

Less Purchase discounts = $1,900

Add Freight-in = $10,000

Cost of goods available for sale = $116,300

Less End inventory = $26,000

Cost of Sales = $90,300

3. Gross profit = $39,700

4. Gross Profit % = 31%

4 0
3 years ago
When Patey Pontoons issued 6% bonds on January 1, 2018, with a face amount of $600,000, the market yield for bonds of similar ri
miskamm [114]

Answer:

Follows are the solution to this question:

Explanation:

Some of the missing data is defined in the attached file, please find it.

Bond problem rates  

Diagram values are based on the following:

N = 4\times 2 \\\\

    = 8 \ Years \\

i = 10.00 \% \times  \frac{1}{2} \\\\

  = 5.00 \% \\

\left\begin{array}{ccc} Cash \ Flow&\ \ \ \ \ \ \ Table \ Value  \times  Amount& \ \ \ \ \ \ \ \ =  Present \ Value\\ Principal  &0.676839 \times  \$ 600,000&    =\$ 406,104 \\ Semi-annual \ interest& 6.463213  \times \$ 18,000 &   =\$ 116,337\end{array}\right \\

Bond issuance price                                                                    

Timetable for bond amortization:  

please find the attachment.

5 0
3 years ago
Which recovery operations requires operators/crews to use their basic issue items (bii), an additional list (aal), or on-vehicle
Sonbull [250]

Recovery is saving, that is, releasing immobile, inoperative, or abandoned equipment from its current location and returning it to operation or to a repairs site for maintenance. These actions typically involve towing, lifting, or winching. The answer here is self-recovery. Actions necessitate using only the equipment’s assets. Self-recovery starts at the place where the equipment becomes caught up or disabled. The operator or crew uses the accessible recovery objects to carry out self-recovery.

5 0
3 years ago
Other questions:
  • Bruceco is planning on selling backpacks for $100 each. the company can buy the backpacks for $30.00 and have them customized fo
    6·1 answer
  • A Third World country can be described as a(n) __________ country.
    10·1 answer
  • You are considering investing $1,000 in a complete portfolio. The complete portfolio is composed of treasury bills that pay 5% a
    10·1 answer
  • Which stage of group development involves members introducing themselves to each other?
    12·1 answer
  • Making comparisons if the average historical return on a stock market investment is 11%, why doesn’t everyone put their money in
    13·1 answer
  • Ted was dissatisfied with his job. He said that the company policy, supervision, and working conditions were responsible for his
    13·1 answer
  • Crane Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 483 units that cos
    6·1 answer
  • Seemore Company manufactures binoculars. The actual costs for 2013 and 2014 were as follows: 2013 2014 Direct materials: Plastic
    8·1 answer
  • XYZ Manufacturing reported the following:
    13·1 answer
  • For questions 1-10, fill in the blank with the letter of the term that best matches the description.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!