Sondra realized on Tuesday that she had dropped her bank EFT card after using it at an automatic teller machine. She telephoned the bank on the following Monday to notify it of the loss. By that time, someone had used the card to withdraw $800 from
Sondra's account. The bank said it would cover $300 of that amount. Sondra sued for the full amount, claiming that she had exercised reasonable care in reporting the loss, especially because the card was lost on bank premises. Will she be able to recover the full $800?
No. Sondra's liability for loss in this case can be up to $500, since she did not notify the issuer of the card within two (2 ) days after learning of the loss. A consumer who notifies the issuer of an EFT card within two (2 ) days after learning of a loss or theft of the card can be held liable to a maximum liability of $50 for unauthorized use of the card; however, failure to notify within this time will increase the consumer's liability for losses to a maximum of $500. Where she lost the card has no relevance in this case.
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How many guitars does Ajax need to sell each month to break even? (Round your answer up to the nearest whole guitar.)
Ajax was a professional classical guitarist until a motorcycle accident left him disabled. After long
months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish
guitars. The guitars sell for $800, and the fixed monthly operating costs are as follows:
Ajax's accountant told him about contribution margin ratios, and Ajax understood clearly that for every
dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit.
A) 5 guitars
B) 3 guitars
C) 7 guitars
D) 8 guitars
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