All categories

3 years ago

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

Petra, Inc. has collected the following data. (There are no beginning inventories.): Units produced 580 units Units sold 580 u

Debora [2.8K]

Answer:

Operating income is $28,197.2

Explanation:

In order to calculate operating income, first we have to calculate total product cost per unit which is calculated as shown below:

Direct material per unit = $30

Direct labor = $35

Variable manufacturing overhead per unit = $10

Fixed manufacturing overhead per unit = 23,000 ÷ 580 = $39.66 per unit

Product cost per unit = 30 + 35 + 10 + 39.66 = $114.66

Now compute operating income as shown below:

Total sales = Per unit sales price × Units sold

= $230 × 580

= $133,400

Cost of goods sold = Units produced × product cost per unit

= 580 × 114.66

= $66,502.8

Gross profit = Sales - COGS

= 113,400 - 66,502.8

= $46,897.2

Fixed selling and administrative cost = $10,000

Variable selling and administrative cost = 15 × 580 = $8,700

Total selling and administrative cost = 10,000 + 8,700 = $18,700

Operating income = Gross profit - total selling and administrative cost

= $46,897.2 - 18,700

= $28,197.20

7 0

4 years ago

At the beginning of year 1, Looby Corp. purchases equipment for $100,000. The equipment has a residual value of $20,000 and an e

ANEK [815]

Answer:

Accumulated Depreciation at the end of year = $16,000

Explanation:

<em>Under the straight line method of depreciation, the cost of an asset less the salvage value is spread equally over the expected useful life.</em>

<em>An equal amount is charged as annual depreciation over the life of the asset. The annual depreciation is calculated as follows:</em>

Annual depreciation:

= (cost of assets - salvage value)/ Estimated useful life

Cost - 100,000

Residual value = 20,000

Estimated useful life = 10 years

Annual depreciation = (100,000- 20,000)/10 =8,000

Annual depreciation = 8,000

Accumulated Depreciation for 2 years = Annual depreciation× number of years

= 8,000× 2 = 16,000

Accumulated Depreciation for 2 years = $16,000

4 0

3 years ago

Suppose Chef Kitchen manufactures cast iron skillets. One model is a 10-inch skillet that sells for $ 28 . Chef Kitchen project

Lerok [7]

Answer:

production schedule for July = 815 10-inch skillets

Explanation:

price of 10-inch skillet $28

projected sales 625 units

costs:

direct materials $6
direct labor $3
manufacturing overhead $5
sales and administrative expenses $1,000

beginning inventory 60 units

ending inventory 40% of August sales

production during July = (projected sales - beginning inventory) + (40% x projected sales August) = (625 units - 60 units) + (40% x 625 units) = 565 units + 250 units = 815 10-inch skillets

6 0

3 years ago

Imagine a hypothetical economy with a population of 100 people, 80 of which over sixteen. Forty eight of these people who are wo

Ainat [17]

Answer:

a) unemployment rate = 15

b) unemployment rate = 2.5

Explanation:

unemployed people are those who are willing and available to work and have actively been seeking a job in the past four weeks. This accurately describes the 12 people who are willing, able and looking for work but cannot find jobs. To calculate the unemployment rate in percentage, the following formula is used:

$unemployment\ rate = \frac{number\ of\ unemployed}{labour\ force} \times 100\\$

Where:

a) Number of unemployed = 12

Labour force = 80 (number of people over 16 years of age)

$\therefore unemployment\ rate = \frac{12}{80} \times 100 = 0.15 \times 100 = 15\\$

b) if 10 of the unemployed people get discouraged and give up looking for work, the number of unemployed becomes 2 persons, (12 - 10 = 2).

$\therefore unemployment\ rate = \frac{2}{80} \times 100 = \frac{200}{80} = 2.5$

6 0

3 years ago

Which is a result of frequent change requests from client?

barxatty [35]

Answer:

D. project completion constraints

Explanation:

project completion constraint can be described as condition that influence the action or set of action that are involved in the completion of the project team, and this result in frequent change requests from client.

These could be time, cost and scope.

Therefore, among the given options, option D is correct.

8 0

3 years ago