The Home Equity Loan Consumer Protection Act:
a. defines a principal dwelling to include second or vacation homes.
b. amends the Truth-in-Lending Act to require that lenders provide a disclosure statement to potential borrowers at least five days before they receive an application for the loan.
c. only covers loans with adjustable rate mortgages.
d. forbids the creditor from accelerating the outstanding balance of the loan if the consumer fails to make payments on time.
a
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As a business, many philanthropies will seek financial support. Design a rubric or scoring sheet to evaluate the requests and determine which philanthropies you will fund.
What will be an ideal response?
On January 1, Year 1, Mahoney Company borrowed $177,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $40,950.What is the amount of principal repayment included in the payment made on December 31, Year 1?
A. $37,674 B. $40,950 C. $26,790 D. $14,160
Phipps Corporation overstated its ending inventory on December 31, Year 1. Which of the following correctly identifies the effect of the error on Year 2 financial statements?
A. Net income is overstated. B. Ending inventory is understated. C. Cost of goods sold is overstated. D. Gross margin overstated.
If a principal authorizes an agent to buy a tractor for $10,000, this is an example of
a. certain authority. b. express authority. c. incidental authority. d. apparent authority