Which of the following statements is true of the Credit Card Accountability, Responsibility and Disclosure Act of 2009?
A. It strictly restricts issuing credit cards to anyone under the age of 21.
B. It created the Consumer Financial Protection Bureau.
C. It places caps on certain types of fees that credit card issuers can charge.
D. It allows credit card issuers to raise the interest rates on existing balances soon after a purchase.
Answer: C
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Settles Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$142,000 $110,000 Accounts receivable, net 104,000 120,000 Inventory 119,000 120,000 Prepaid expenses 37,000 40,000 Total current assets 402,000 390,000 Plant and equipment, net 717,000 720,000 Total assets$1,119,000 $1,110,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$156,000 $180,000 Accrued liabilities 84,000 70,000 Notes payable, short term 66,000 60,000 Total current liabilities 306,000 310,000 Bonds payable 250,000 250,000 Total liabilities 556,000 560,000 Stockholders' equity: Common stock, $4 par
value 240,000 240,000 Additional paid-in capital 90,000 90,000 Retained earnings 233,000 220,000 Total stockholders' equity 563,000 550,000 Total liabilities & stockholders' equity$1,119,000 $1,110,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,360,000 Cost of goods sold 850,000 Gross margin 510,000 Operating expenses 462,692 Net operating income 47,308 Interest expense 19,000 Net income before taxes 28,308 Income taxes (35%) 9,908 Net income$18,400 Dividends on common stock during Year 2 totaled $5,400. The market price of common stock at the end of Year 2 was $5.89 per share.The company's return on equity for Year 2 is closest to: A. 3.31% B. 5.09% C. 8.50% D. 50.52%
Identify which of the following statements is true.
A) The exchange of stock for services rendered is not a taxable transaction. B) The repeal of Sec. 351 would result in more existing businesses being incorporated. C) Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences. D) All of the above are false.
Uptown Church received a donation of marketable equity securities from a church member. In reviewing the financial press, it is determined that the securities had appreciated during the year. At what amount should Uptown report its marketable equity securities in the year-end balance sheet?
A. Donor's cost. B. Market value at the balance sheet date. C. Market value at the date of receipt. D. The lower of cost or market.
What ethical action should Daniel take in A Faulty Budget?
A. Work with Pete to correct the budget so Cwervo, Pete's boss, does not find out. B. Work with Pete to keep quiet about the mistake in the budget so the new hires will not be laid off. C. Tell Cwervo about the mistake in the budget but only half of the actual mistake so that employees will not be laid off. D. Tell Cwervo about the mistake in the budget so the company can make corrections as soon as possible.