Problem 3-1 A adjusting entries are discussed below , the letters are used beside each entry to describe the journal entries .
Entry Explanation Journal entries Debit Credit
1 G Insurance expenses 2,400
Prepaid insurance 2,400
2 C Salaries payable 4,800
Cash 4,800
3 H Prepaid rent 3,100
Cash 3,100
4 E Salaries expenses 4,800
Salaries payable 4,800
5 F Interest receivables 1,100
Interest revenue 1,100
6 D Cash 3,200
Account receivable ( from outstanding) 3,200
7 A Cash 5,000
Unearned professional fees 5,000
8 D Cash 4,500
Interest receivables 4,500
9 G Rent expenses 8,100
Prepaid rent 8,100
10 E Interest expenses 7,800
Interest payable 7,800
11 I Depreciation expenses 3,000
Accumulated depreciation 3,000
12 B Unearned professional fees 1,700
Professional fees earned 1,700
What is prepaid insurance?
The term prepaid insurance refers to the advance payment made by an individual or company for insurance benefits or coverage to an insurance company. Premiums are usually paid for one year in advance, but in some cases can take up to 12 months or longer.
What are diary entries?Journal entry is the act of maintaining or recording economic or non-economic transactions. Transactions are recorded in accounting journals that show the company's debit and credit balances. A journal entry can consist of multiple entries, each representing either a debit or a credit.
Question is incomplete, missing part is given below :
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4
For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once.
A. To record receipt of unearned revenue.
B. To record this period's earning of prior unearned revenue.
C. To record payment of an accrued expense.
D. To record receipt of an accrued revenue.
E. To record an accrued expense.
F. To record an accrued revenue.
G. To record this period's use of a prepaid expense.
H. To record payment of a prepaid expense.
Entry Explanation Journal entries Debit Credit
1 Insurance expenses 2,400
Prepaid insurance 2,400
2 Salaries payable 4,800
Cash 4,800
3 Prepaid rent 3,100
Cash 3,100
4 Salaries expenses 4,800
Salaries payable 4,800
5 Interest receivables 1,100
Interest revenue 1,100
6 Cash 3,200
Account receivable ( from outstanding) 3,200
7 A Cash 5,000
Unearned professional fees 5,000
8 Cash 4,500
Interest receivables 4,500
9 Rent expenses 8,100
Prepaid rent 8,100
10 Interest expenses 7,800
Interest payable 7,800
11 Depreciation expenses 3,000
Accumulated depreciation 3,000
12 Unearned professional fees 1,700
Professional fees earned 1,700
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Why is the Adams onís treaty important to the United States?
Signed in 1819 by John Quincy Adams and Luis de Onís, the Adams-Onís Treaty between the United States and Spain gave Florida to the U.S. and established the Sabine River as the border between the U.S. and New Spain. The formation of Texas was part of a global story.
Define Treaty?A formal, written treaty is a binding agreement between parties to international law. It is often created by and between sovereign governments, however it may also involve people, businesses, and other legal entities from other countries.Written agreements between sovereign nations (or between states and international organisations) that are controlled by international law are known as treaties and other international accords. Each year, the US signs more than 200 international treaties and other accords.Treaties are legally binding agreements that are incorporated into international law. As part of what the Constitution refers to as "the highest Law of the Land," treaties to which the United States is a party also have the effect of federal law.To learn more about treaty refer to:
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What are the 4 barriers of trade?
The main types of trade barriers used by countries seeking protectionist policies or retaliatory trade barriers are subsidies, standardization, tariffs, quotas and licenses.
Both increase the price of foreign products in the domestic market or limit the supply of foreign products in the domestic market. An example of a customs duty is a tax on goods imported from another country. For example, a 3% tariff on corn would result in a domestic importer of corn from another country adding his 3% tax to the cost of the corn paid by him. This increases the cost of importing corn, which in turn increases the price of corn that importers sell domestically to cover costs and make a profit. This hurts both domestic consumers and businesses, as consumers may be looking for cheaper competitors selling domestically produced corn rather than the more expensive imported corn.
In theory, tariffs can cause inflation. Tariffs increase the price of goods and services in the domestic market by imposing a tax on imported goods owed by the domestic importer. To cover the increased costs, domestic importers charge higher prices for goods and services.
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when a company produces and sells multiple products ______.
When a company produces and sells a variety of products
Each product likely has a contribution margin.In the event that the sales mix changes, the break even point probably will as well.There are certainly various amounts of fixed expenses associated with each product.When the mix of sales changes, why does the break-even threshold change?The break-even point increases if consumer demand shifts and people buy more low-margin goods. In contrast, the break-even threshold decreases as more customers buy high-margin products. In reality, the break-even point might vary depending on the mix of sales even if overall sales volumes are constant.
What is the term for when a business produces and sells more than its break-even output?A company is functioning financially and has what is known as a margin of safety, which is essentially a safety net, if it produces and sells more than its break-even level of output. The amount that the company expects to sell in excess of its break-even threshold is known as the margin of safety.
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Workplace technology is relied upon by businesses to increase _____________.
Workplace technology is relied upon by businesses to increase effectiveness and efficiency.
What function does technology serve in the workplace?
Boost output and effectiveness. Organizations have been able to quickly boost their productivity and efficiency thanks to the usage of technology in the workplace. The capacity to offer customers greater service. Digital tools, programmes, and systems allow for the speedy and effective completion of previously laborious and time-consuming processes.
What advantages does technology offer in the workplace?
The capacity to automate repetitious tasks to make them more efficient. Reduced overhead costs and remote work. Increased output and satisfaction among employees.
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Is equal to total profit?
Profit seems simple. However, your company's profit and loss statement or other financial statements will reveal that overall profit is more complex than you thought.
Your annual gross income is the amount of money your company receives in sales. In spite of this, you can't just keep all the money that comes into your company. Businesses incur a wide range of costs, including salaries and benefits for workers, advertising costs, and everyday running costs.
After deducting all of your company's expenses, you'll have a total profit (or net profit). This is the amount of money that stays in your pocket, either personally or for the benefit of your company.
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What program gave money to unemployed people who were desperate and needed money?
The Federal Emergency Relief Act was the first significant aid provided to a significant portion of unemployed Americans.
What relief initiatives did FDR develop? The Federal Emergency Relief Act was the first significant aid provided to a significant portion of unemployed Americans.Through this law, $3 billion in direct relief payments were granted to state and municipal governments.Millions of Americans in need received aid from FERA under the leadership of Harry Hopkins.Roosevelt's New Deal and the American Great Depression.Civil Works Administration (CWA), Civilian Conservation Corps (CCC), and Federal Emergency Relief Act (FERA) (CWA).By recruiting jobless people to construct new public structures such as roads, bridges, and subways, the Public Works Administration (PWA) helped to lower unemployment.Young men were employed in large numbers by the Civilian Conservation Corps (CCC) to plant trees and regulate floods. The federal government's major programs, such as the Civilian Conservation Corps (CCC), the Works Progress Administration (WPA), the Civil Works Administration (CWA), the Farm Security Administration (FSA), the National Industrial Recovery Act of 1933 (NIRA), and the Social Security Administration, provided the first significant assistance to a significant number of unemployed Americans (SSA).To learn more about Federal Emergency Relief Act refer
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What services does Nationwide offer?
With an emphasis on domestic property and casualty insurance, life insurance and retirement savings, asset management, and strategic investments, Nationwide is one of the largest insurance and financial services firms in the world.
We are a Fortune 100 corporation that provides comprehensive financial and insurance services across the nation. including coverage for automobiles, motorcycles, homes, pets, farms, life, and businesses. Along with mutual funds, retirement plans, annuities, and specialized medical services.
Since 1992, Nationwide Services, Inc. (NS) has served as a professional association for the credit/collection sector, offering truly knowledgeable, diligent counsel on delinquent accounts.
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A company achieves best-cost provider status by
O concentrating its full attention on attracting value-conscious buyers looking for the best price for the best product produced at the best cost.
O providing buyers with the best features and attributes, thereby enabling it to charge the best price and deliver the best value to its customers.
O having the best cost (as compared to rivals) for each activity in the industry's value chain.
O developing the capability to incorporate attractive upscale attributes at a lower cost than those rivals with comparable upscale product offerings.
O using the best operating practices and incorporating the best features and attributes.
By developing the ability to include appealing upscale features at a lower cost than competitors with similar upscale product offerings, a company can become the best-cost provider.
What is a supplier at the lowest cost strategy?Best-cost provider strategies combine low-cost provider and differentiation methods with the goal of exceeding consumer expectations for price while meeting buyer expectations for key quality, features, performance, and service aspects.
What kind of competitive advantage does a best-cost provider strategy seek to attain and what steps must be taken to do so?By giving customers more for their money—delivering greater quality, features, performance, and/or service attributes while also exceeding consumer expectations on price—best-cost tactics build competitive advantage.
What benefit does it provide to an industry to be the cheapest provider?The appealing benefit of being the overall low-cost supplier in a market is that it puts a company in the best position to capture the business of price-sensitive clients, establish the floor on market price, and still make a profit.
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A group of people were given a pelling tet. The table how their mark. Work out the range of the mark. How many tudent are in the group. Work out the mean mark of the group
The mean mark of the group is 8.13
Mark = 6,7,8,9,10
Frequency = 5,4,7,10,4
In mathematics, the mean is the product of the sum of the added values of all the data in a set and the number of data in the set.
Determining the mean mark of the group -
= ∑xifi/ ∑fi
Substituting the values -
= 6 x 5 + 7 x 4 + 8 x 7 + 9 x 10 + 10 x 4 / 5 + 4 + 7 + 10 + 4
= 30 + 28 + 56 + 90 + 40 / 30
= 244/30
= 8.13
Complete Question:
A group of students were given a spelling test. The table shows their marks.
Mark 6,7,8,9,10 frequency 5,4,7,10,4
Work out the range of the marks,
How many students are in the group
Work out the mean mark of the group
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Who benefits from loan discount points?
By paying points upfront, borrowers are able to lower their interest rate for the term of their loan.
What are mortgage points?One mortgage point represents 1% of the underlying loan amount, hence mortgage points are expressed as a percentage of the loan amount.
Mortgage points are a one-time extra charge when you close on your loan, but they can also be used by borrowers to bargain for a lower interest rate.
For instance, consumers can frequently get mortgage rates that are around 0.25% lower by paying 1% of the total interest that would be charged throughout the life of a loan up front.
The fact that points do not equate to a greater down payment must be understood.
The entitlement to a lower rate for the duration of the loan is instead "bought" by borrowers from a lender by paying for points. Purchasing points only results in interest cost savings.
It does not assist in constructing equity in a property.
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What are two tests for measuring cardiorespiratory fitness?
Two tests for measuring cardiorespiratory fitness are the VO2max test and the submaximal exercise test. The VO2max test measures the maximum amount of oxygen an individual can use during exercise and is measured in milliliters of oxygen per kilogram of body weight per minute (ml/kg/min).
A submaximal exercise test measures an individual's ability to perform a specific exercise for a specified period of time. This is usually done on a treadmill or bike and involves gradually increasing the intensity of the exercise until the individual can no longer continue. This test measures an individual's heart rate, breathing rate, and other physiological responses to exercise.
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What is the most important thing to consider before preparing your own budget and also the budget for your family?
The most important thing to consider before preparing the budget for self or family is the current financial status.
Your existing financial status should be taken into account before creating a budget, whether it be for your family or for yourself. This entails being aware of your earnings, expenses, and any debt you may have. It's crucial to have a clear knowledge of your financial objectives, such as paying off credit card debt or saving for a down payment on a home.
Your spending habits should be taken into account before creating a budget. This entails knowing where your money is going at the moment and figuring out any areas where you might be overspending. It also entails figuring out where you might be able to reduce spending to make more money available for savings or debt reduction.
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What are types of stress?
Answer:
I think they are acute stress, episodic acute stress and chronic stress.
Explanation:
Stress is psychological and physiological reaction to an event or condition that's considered a threat or challenge to everyday life.
How does high unemployment affect the economy country and society?
Unemployment negatively affects the disposable income of families, erodes copping power, diminishes hand morale, and reduces economy output.
Higher unemployment will lead a fall in duty profit because there are smaller people paying income duty and also spending lower. Also, the government will have to spend further on severance and affiliated benefits. It also indicates the frugality is operating below full capacity and is hamstrung; this will lead to lower affair and inflows. The jobless are also unfit to buy as numerous goods, so will contribute to lower spending and lower affair. Loss of income can leave people without sufficient income to meet casing costs. Rises in severance frequently complicate the rates of homelessness.
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Which is an example of a workplace trend?
One example of a workplace trend is remote work.
Companies are increasingly allowing employees to work from home or other remote locations. This trend has been accelerated by the COVID-19 pandemic, as many businesses have had to adapt to social distancing measures. Remote work allows for greater flexibility, as employees can work from anywhere, which can improve work-life balance and productivity.
Additionally, it can also lower costs for businesses by reducing the need for office space and commute-related expenses for employees. Moreover, it can also increase employee engagement and job satisfaction. It also allows for a more diverse and inclusive workforce, as it eliminates geographical barriers to employment. Remote work also allows for better management of time and focus, which in turn increases productivity.
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What are the keys to successfully manage personal finances?
Personal finance is a concept that includes budgeting, investing, and money management.
Budgeting, banking, insurance, mortgages, investments, retirement, tax, and estate preparation are all included. Personal finance is the process of organizing and controlling one's own financial actions, including earning money, buying things, saving money, and investing. A budget or financial plan can serve as a summary of how to manage personal finances.
Keys to Successful Personal Finance Management
examining the connections in terms of money.Taxes and budgetingKeeping cash on hand or managing liquidityfunding substantial purchases.Risk management.Putting your cash to work.Organizing your wealth transfer and retirement.Record-keeping and communication.buying an appropriate life insurance policy.purchase of health insurance.Spending and Investing.Get rid of all pricey debt.To know more about financial literacy here
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An insurer's ability to make unpredictable payouts to policyowners is called
Liquidity refers to an insurer's capacity to pay out erratic amounts to policyholders.
What is liquidity?Market liquidity is a quality of a market in business, economics, or investing that allows a person or company to swiftly buy or sell an asset without significantly changing the product's price.
The trade-off between an asset's sale price and its sale time is what is referred to as liquidity.
The trade-off is minimal in a liquid market since one can sell right away without having to accept a price that is much lower.
The ability of an insurer to make unpredictable payments to policyholders is referred to as liquidity.
An asset must be discounted to sell fast in a generally unliquid market.
Money, or cash, is the most liquid asset since it can be swapped for goods and services quickly at face value.
Therefore, liquidity refers to an insurer's capacity to pay out erratic amounts to policyholders.
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An organization wants to provide "free" alcoholic beverages as a part of a promotion. Which of the following statements is CORRECT?a. The organization must obtain a temporary permit. b. No license or permit is needed. c. The organization must obtain a private club permit d. The organization must obtain a promotional permit.
Answer: is D (I'm pretty sure)
Explanation: this is because when you are providing alcoholic beverages, and serving requires a permit to sell it. You are required to have a license. I hope this helps
What are the 3 credit scores?
There are mainly three credit scores or credit bureaus Experian, Equifax, and TransUnion.
Th Transunion is the American consumer credit reporting agency in which Transunion collects and aggregates information on many individual consumers.
The Experian is the credit reporting company for the consumer. It is the leading global information services organization in which they providing data and tools for analytics to help the customer.
Equifax is the type of credit score for educational purposes which is developed by Equifax. Equifax is provided to consumers for their own use to help them estimate their general credit position, but it is not used by lenders.
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What is the meaning of ownership or possession?
Possession is the proper that grants an object to someone in a manner that the aspect belongs to that individual. Possession can be considered as a truth that you may show via the title of the asset Possession.
Ownership can be defined as physical control or custody of any object. Ownership isn't always the same as possession.
Likewise, human beings often speak of things including garments and dishes, as their possessions. But, the proprietor of an object might not constantly own the item. For instance, an proprietor of an automobile ought to lend it to someone else to force. That driver could then own the car.
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Which of the following should NOT be considered when estimating cash flow from a potential investment
Financing costs should not be considered when estimating cash flow from a potential investment.
Option B is correct.
Financing cost :Cost of Funding (FC), also known as Cost of Funding (COF), is the cost, interest, and other fees associated with borrowing money to build or purchase an asset. This could range from financing a mortgage, financing a car loan with a bank, or financing a student loan. Funding costs are the interest and other costs that a company incurs when borrowing money. They are also known as 'financial costs' or 'borrowing costs'. The company next he finances his business from two different sources.
What are the financing costs for?Funding costs are incurred because it is the return on capital paid to people or institutions that makes the funds available to others. Because lending money is their business, they charge different interest than the price paid to get the loan or borrowing.
Question is incomplete,missing part is given below :
Which of the following should NOT be considered when estimating cash flow from a potential investment?
A. Pre-startup expenditures
B. Financing costs
C. Incremental working capital requirements
D. Taxes on incremental expenses and earnings
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What is included in gross income for tax purposes?
Your gross income includes all of your earnings, including salaries, bonuses, capital gains, company revenue, retirement payments, and other income.
Income adjustments include things like tuition costs, interest on student loans, alimony payments, and contributions to retirement accounts. Gross income is the amount of money an individual receives on a paycheck before deductions for capital and other expenses. It covers all of a person's income from all sources, such as wages, dividends, rental income, interest income, and royalties. Non-passive revenue is a small portion of passive income. Child support, assistance, revenues from the sale of municipal bonds, and life insurance death benefit proceeds are all disregarded by the IRS when determining your income tax.
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Why are historical cost irrelevant?
The historical cost idea is flawed because it fails to take into account how the value of money has evolved over time. Inflation can cause differences between a product's historical price and current market value.
Exactly why is past cost irrelevant?Historical expenses are considered irrelevant costs since the option that is picked has no impact on them because they have already been incurred.
Does historical cost or fair value have greater weight?Due to the fact that fair value accounting is based on present-day market conditions and historical cost accounting is based on historical data, historical cost accounting is regarded as being inferior to fair value accounting. In addition, customers have access to more recent financial information and insight thanks to fair value accounting.
How limited are historical costs?The expenditures associated with the past are an accurate reflection of the past. In actuality, though, the corporation can be operating under circumstances distinct from those that prevailed during that earlier time. Historical expenses are therefore useless for creating budgets, assessing performance, or identifying above- or below-par performance.
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What are the purposes of financial regulations to three answers?
Financial regulations work to uphold public stability of the financial system by enforcing relevant laws, prosecuting cases of market misconduct,safeguarding clients, and investigating complaints.
What three services are offered by financial institutions?Financial institutions serve a variety of purposes, such as providing banking services, capital financing, controlling the money supply, managing pension funds, and fostering national economic growth. The attainment of quality control of a subject system, its process, or its product is referred to as the primary regulatory purpose. One or a combination of the following strategies are employed to establish quality control via regulation: (1) accountability, (2) growth of an organization, and (3) protectionism.
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What is mixed market economy in economics?
A mix market economy is an economic system that combines capitalist and socialist ideologies. Hence, while free market is allowed, some firms that control critical goods and services are controlled by government.
A mixed market economy system is a combination of capitalist and socialist ideologies that allows for the protection of private assets while also allowing for capital freedom and federal intervention in economic decision, such as trade protection, fiscal stimulus in the form of trade subsidies, and tax credits as common examples of federal influence, allowing partnership between public and private stakeholders
In a mixed market economy system, government owns firms that provide critical goods and services to the public, such as airports, transportation, mining, power, telecom, trains, water supply, food, medical, banking, and defense.
The world economies of today are primarily a blend of socialistic and capitalistic elements.
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Collateral can be beneficial for borrowers when applying for a loan by __________.
Collateral can be beneficial for borrowers when applying for a loan by giving lenders protection against financial loss and more reason to approve loans.
In economy and business, collateral generally can be defined as a borrower's pledge of specific property to a lender. Collateral usually used to secure repayment of a loan In lending agreements. Before a lender will determine the amount of value they are providing, the lender will assess the price of the property held for collateral. There are several types of collateral, such as Real Estate Collateral, Inventory Collateral, Invoices Collateral, Business Equipment Collateral, Blanket Lien Collateral, Cash Collateral, and also Investments Collateral.
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A voucher system is a series of prescribed control procedures:
o Used almost exclusively by small companies.
o Used to ensure that the company sells on credit only to creditworthy customers.
o Designed to control cash disbursements and the acceptance of obligations.
o Designed to determine if the company is operating profitably.
o Designed to eliminate the need for subsidiary ledgers.
A voucher system is series of prescribed control procedures used to ensure that company sells on credit only to the creditworthy customers.
What is a voucher system?The disbursement of cash is authorized through a voucher system. The necessary information is entered into a voucher that specifies what must be paid for, how much must be paid, and whose account must be charged. The disbursement system may release funds after this voucher has been accepted. A voucher system is used as a control to guarantee that money is only spent on approved items. A payment voucher is a record of the expenditures a company has made to suppliers for each order placed, as opposed to a voucher, which is a document used by businesses to handle payments.
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Which of the following is an example of a command economy?a) hunter-gatherer systems.b) decisions by individuals to satisfy their own self-interest.c) centralized decision-making by the Chinese government.d) 'sin taxes' on alcohol and tobacco.
The right preference is (c). Centralized decision-making with the resource of the Chinese government.
What is a command monetary device in economics?A command economy, also acknowledged as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as adverse to free-market economies, do no longer enable market forces like provide and demand to decide manufacturing or prices.
What are some examples of a command financial machine existing in our market system?This is a central monetary goal which is the purpose for allocating assets and production. Examples of a command financial system encompass the likes of China, North Korea, Cuba, Russia, and Vietnam.
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https://brainly.com/question/4379731#SPJ4What are the main arguments for and against students taking a gap year in their studies?
Experiences gained during a gap year can help people better understand who they are and what they want to accomplish. It may allow students to take a vacation from the demands of their academic work.
What benefits and drawbacks come with taking a year off before starting university?Making the most of your time away from life's reality is possible when you take a gap year. Gaining the opportunity to travel so extensively for so long will be much more difficult in the future, particularly if you spend it traveling. You'll fall a year behind. According to one survey, recovering from academic burnout and discovering oneself were the two main justifications students provided for taking a year out before college. You can discover more about yourself on your own terms during a gap year, which also provides you time to rest and concentrate.
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What are the differences between credit unions and commercial banks?
Credit unions are member-owned financial institutions, while commercial banks are owned by investors.
Credit unions are generally not-for-profit entities, owned and operated by their members. This means that their primary goal is to serve their members, not maximize profits. This often leads to better customer service, lower loan rates, and higher interest rates on deposits.
In contrast, commercial banks are owned by investors who are looking to maximize profits. This means that they may charge higher fees, and offer lower rates on deposits and loans. Credit unions typically have fewer services available, but also offer a more personal experience.
Commercial banks typically have more services available, and a more corporate feel. Credit unions also require members to meet certain criteria, such as residential or employment status. Commercial banks typically do not have these requirements.
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