Everything means products and services.
Adjusted balance methods This method of calculating credit card finance charge considers all the transactions that place during the billing cycle. This means that purchases are added, payments subtracted and credits added to the opening balance in order to arrive at the closing balance in which the finance charge is calculated on Learn Money: This method is the most beneficial to credit card holder in terms of lower finance charges.
But this is the case only because Nancy made only one payment while charging more. Otherwise the best method for the credit card holder is the adjusted balance method in that it considers all payment, credits and purchases. Therefore, if Nancy had made more payments, her finance charge would be much lower under adjusted balance method.
This method works best if the credit card holds repays more. The ideal method if the credit card holders wish to increase the outstanding balance is the previous balance method, this is because the current finance charge is calculated on the previous balance which would be lower than current balance.
Part III Page 3 Advice on financial difficulties It is not unusual that a person can have financial problems, which can result in his inability to repay the obligations. If a person is unable to meet his current and long term obligations, then, he can file for bankruptcy under Chapter Wage Earner Plan or Chapter 7- Straight Bankruptcy.
Chapter Wage Earner Plan This bankruptcy plan is basically a rearranging of debtors finances, which results in to a prepayment schedule for the debts owed while at the same time shielding the debtor from foreclosure, garnishment and levies.
It is not filed by corporations and partnerships. For a debtor to qualify to file Chapter 13 bankruptcy, he must show means of repaying past debts as well as have incomes more than cost of living.
Debtors must also seek advice of credit counselor within six months before filling for bankruptcy. The debtor must also attend money management classes paid by them before being granted the bankruptcy order. After the order has been issued, it will be reported in the books for up to 10 years.
The benefit of this method is that the debtor will gain from financial advice. This type of bankruptcy leads to a repayment plan of the debts owed. A Chapter 13 bankruptcy allows the debtor to keep the assets while repaying the debts as compared to Chapter 7, which allows liquidation of some assets.
Bankruptcy orders safeguards the estate by form of an automatic stay, which prohibits repossession without orders of bankruptcy courts. The debtor formulates his repayment plan which if approved by the court, a trustee is appointed who charges for the services and takes over the estate for the period of repayment.
Chapter 7-Straight bankruptcy This form of bankruptcy extinguishes the debts in the end with some assets being disposed off to pay the debts.
Chapter 7 bankruptcy is not possible for debtors who can file under Chapter 13 or have been discharged from a bankruptcy during the last years. A trustee is also appointed to oversee the management of the assets with the aim of paying off the debts owed.
The trustee sells-off non-exempt assets to pay off the creditors. Exempt assets are mostly personal effects, household, pensions, life insurance, unpaid earned wages, public benefits, part equity on residence and motor vehicles.
A creditors meeting is called by the trustee to discuss the bankruptcy. Secured debts creditors can repossess the collateral provided. All the debts are cleared except debts such as child support, tax debts and student loans or fraudulent debts.
Any receipt from inheritance, insurance, divorce settlements with days of filing for must be declared to the court. Therefore if a person cannot comfortably meet their current or future obligations they can opt to file for bankruptcy under Chapter 7 or 13 depending on their status legal and their financial position.
An Overview of Chapter 7 Bankruptcy. Chapter 13 Bankruptcy-Wage Earner Bankruptcy. Getting Technical with Interest Calculation.
Average Daily Balance Method.How to the Methods of Calculating Banks Marketing Budget Essay.
A+. Pages:4 Words This is just a sample. To get a unique essay. Methods of calculation According to author of Marketing Financial Services, there are different ways to calculate a bank’s marketing budget.
We will write a custom essay sample on How to the Methods of. There are two main approaches to calculating customer lifetime timberdesignmag.com article discusses the simple approach to calculating customer lifetime value – which is appropriate to use when customer profit contribution to each year are relatively flat.
It is also a good idea to review the article on the full customer lifetime value formula, also available on this website. Heinz‐Peter Berg – RISK MANAGEMENT: PROCEDURES, METHODS AND EXPERIENCES RT&A # 2(17) (Vol.1) , June 81 One well accepted description of risk management is the following: risk management is a.
Production budget: A forecast thatstarts with the sales budget’s estimates of the total number of units projected to be sold, then translates this information into estimates of the cost of labor, material, and other expenses required to produce them. Use the physical units and relative-sales-value methods to allocate joint costs to products.
8. Use activity-based costing to allocate costs to products or services.
9. Identify the steps involved in the design and implementation of activity-based costing systems. The main reason to create a budget is to help you keep your finances under control by keeping track of how much money you’re spending and where it goes.
When you begin to stray from your budget it’s usually because of spending too much money somewhere.