...Money plays a big part on our lives. The credit card has helped make things easier in the system for cash related exchange and has transformed into a need. Danwei Huang portrays on his site," Dward Bellamy, in his book distributed in 1888, Looking Backward, expounded on a light sleeper who must be spellbound to rest each night. One decisive night government and each subject would get an equivalent offer of products. The credit trade at open stores for their needs. All products were soused no money or anything cash. Obviously, the nationals were honored, each year, with a sure measure of credits each, which they could get a constrained development on the credits that would be issued the accompanying year."(Danwei 2) This expectation never...
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...Taxes by credit card and debit card: A taxpayer is allowed to pay their internal revenue taxes with their credit card and debit card. Payment of internal revenue taxes using a credit card or debit card must be approved by the Commissioner. In addition, tax payments must adhere to the manner and be in accordance with the forms, instructions and procedures prescribed by the Commissioner. Also, the Commissioner will specify the types of tax liabilities that may be paid by credit card or debit card. Furthermore, all references to tax also include interest, penalties, and additional amounts, and additions to tax. Credit Card and Debit Card Definitions: The term credit card includes any credit card as defined in section 103(k) of the Truth in Lending Act, which includes any credit card, charge card, or any other credit device issued for the purpose of acquiring money, labor, property, or services on credit. In addition, the term debit card includes any accepted card or any other means of accessing funds electronically as defined in section 903 of the Electronic Fund Transfer Act. This includes any debit card or similar device which has direct access to an account with the capability to initiate electronic fund transfers to obtain money, labor, services, or property. When the payment is deemed made: If the taxpayer decides to pay their taxes using a credit card or debit card, their payment will be deemed made when the issuer of the credit card or debit card properly...
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...Embezzlement and Credit Card Fraud In almost every case, white collar crimes are committed by businesses and government professionals, and are generally of non-violent nature, in which are financially motivated. The Federal Bureau of Investigation now associates a wide range of fraudulent crimes as being white collar. Credit card fraud and embezzlement are two amongst those on their list. This paper will discuss what and how these two crimes are committed, the impacts each have on businesses, and what tools are available to reduce the opportunities of each crime. First, lest start by defining embezzlement. In a nutshell, embezzlement is the theft or misappropriation of funds or property in one’s trust or belonging to one’s employer (HG.org). In order for someone to be guilty of embezzlement, the accused would have had to convert or deal with funds or property entrusted by the victim in a way that was not agreed upon. A basic scenario of this would be a manager of a convenient store pocketing money from the store’s cash register and not documenting the transaction. However, if for instance a store associate were to do the same, that associate could only be charged of larceny, because a store associate is not entrusted with the cash in the register (HG.org). Here is another example. In October of 2014, a woman was sentenced to 12 years in state prison for embezzling nearly two million dollars from her employer. Suzan Glawatz was a bookkeeper for Dr. Grassi...
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...has become one of the major activities to boost business. It is regularly practiced by online stores or e-commerce websites. Although it involves more than one process, home delivery services continue to act as a core factor in luring customers into doing business and buying goods without moving from one place to another. From the moment a customer purchases a product or service, up to the moment he or she receives the purchased product, there are many components and connections involved in the process (O’Loughlin 156, 209). The process that connects the online shop, the home delivery services and the customer from a business process that is discussed in this paper. Suppose a client purchases a television set on an online business platform, and then the essential components that he or she needs are a computer, internet connection, a credit card, and a cell phone. In the business process examination, a relationship's disclosure between the things mentioned above will turn out. A client should have a device (component) that can access the internet, such devices include a computer, smartphone, or a tablet. Whichever the case, the client, uses the component (say a computer) to access the website (Component: database) through an internet connection. At this stage, the internet acts as an interconnection between the client and the online web page or the seller (Becker 1709). Subsequently, the client uses a keyboard attached to the computer to enter the keyword, Samsung Televisions and...
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...Bank Frauds “Lapses in system make easy the job of offenders to dupe banks” Fraud is any dishonest act and behaviour by which one person gains or intends to gain advantage over another person. Fraud causes loss to the victim directly or indirectly. Fraud has not been described or discussed clearly in The Indian Penal Code but sections dealing with cheating. concealment, forgery counterfeiting and breach of trust has been discusses which leads to the act of fraud. In Contractual term as described in the Indian Contract Act, Sec 17 suggests that a fraud means and includes any of the acts by a party to a contract or with his connivance or by his agents with the intention to deceive another party or his agent or to induce him to enter in to a contract. Banking Frauds constitute a considerable percentage of white-collar offences being probed by the police. Unlike ordinary thefts and robberies, the amount misappropriated in these crimes runs into lakhs and crores of rupees. Bank fraud is a federal crime in many countries, defined as planning to obtain property or money from any federally insured financial institution. It is sometimes considered a white collar crime. The number of bank frauds in India is substantial. It in increasing with the passage of time. All the major operational areas in banking represent a good opportunity for fraudsters with growing incidence being reported under deposit, loan and inter-branch accounting transactions, including remittances...
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...Bar (http://hwguiders.com/ ) Two lenders Sears and Roebuck use are HSBC Bank USA, National Association, and CitiCard. HSBC Bank USA, National Association is a bank that operates out of New York City with it s head office in Mclean Virginia (“RENAISSANCERE HOLDINGS LTD 2007). The bank is chartered in the National Bank Act and the Office of the controller of the currency, which is a part of the US Department of the treasury, regulates this bank (“8-K: HSBC USA INC /MD 2007). Sears credit card business is operated by CitiCard the world’s largest provider of credit cards. The investment back that Sears and Roebuck use to issue stock is Citi Bank. An investment back its job is to raise capital for Sears. Citi Bank sells securities to public investors in order to do this. The securities can come in the form of bonds or stocks. An investment bank performs two functions; mergers and acquisitions advisory and underwriting. The mergers and acquisitions side of the corporate finance, bankers perform the negotiating and mergers between two companies. Underwriting involves the process of raising capital for the company. Citi Bank as the investment banker of Sears acts as a conciliator matching sellers stock and bonds with buyers of stocks and bonds. As an investment bank, Citi spends sufficient amount of time finding investors in order to obtain capital for its clients. FIN 324 Week 5 Learning Team Assignment Investor Profile Paper Get Tutorial by Clicking on the link...
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...Credit Cards, Excess Debt, and the Time Value of Money: The Parable of the Debt Banana Timothy Falcon Crack and Helen Roberts University of Otago, New Zealand The parable of the debt banana is an analogy between the accumulation of excess personal debt and the accumulation of excess body weight. We created this parable to grab student attention and to then serve as a springboard for discussion of personal debt, time value of money mathematics, the mechanics of credit cards, personal bankruptcy, moral hazard, ethics, and credit card reform. A follow-up survey in a large class (453 students; 84% response rate) showed that 92% of students seeing the parable alongside the underlying finance principles said that it grabbed their attention more than if the underlying finance principles alone were presented, and 87% of students said it made an impression upon them that will make them more careful in their future credit card spending habits. We provide worked examples of credit card use as well as a spreadsheet that lets readers explore these examples and perform sensitivity analysis. INTRODUCTION The parable of the debt banana is an analogy between the accumulation of excess personal debt and the accumulation of excess body weight. We created and presented our parable in a compulsory Finance 101 course taken by all business majors. Most students had little or no exposure to the world of finance and many had poor mathematical skills. Both their lack of financial...
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...The Larson Family Story FAS 331 Darrell Carson 11 October 2012 Academy Award winning actress, Gwyneth Paltrow stated in an interview that marriage is hard. She was referring to her union with the Coldplay front man, Chris Martin. Both Martin and Paltrow are in lines of work that help them to live relatively comfortable lives financially. Yet, by her own admission, without major financial burdens, marriage for them is still difficult (Heller, 2011). American poet and rapper, Notorious B.I.G. said in one of his most popular songs “Mo’ money, Mo’ problems” (Wallace, 1997). In this simple lyric, he was trying to convey the fact the money does not solve everything. In fact, it brings its own set of problems. While he may have been correct, the absence of money brings its own set of unique obstacles, especially within the family dynamic. Many marriage counselors will say that there are numerous pitfalls for all families. Children becoming teenagers, managing the day to day workings of a household, and parents getting older are just a few of the obstacles that families can face. However, financial stress can be one of the largest obstacles that a family has to tackle. In a poor economy, these problems are magnified. For the case of this paper, an imaginary family will be used to illustrate these problems. Jason and Janet Larson have been married for ten years. They have three school aged children. Jason works for a construction company as an electrician. Janet works...
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...Venkateshwara FMSC 111 December 11, 2014 Final Paper Introduction Credit Card debt and college student debt are problems that must be addressed now. We are seeing to many people suffer from both since they are misinformed and not educated about either. I got my first credit card when I was 18 years old. My parents taught me to be careful with my card and if I wasn’t they would cut me off immediately. Unfortunately people are now getting credit cards earlier and parents are not teaching kids how to use credit cards correctly. According to a study, “50.9% of students had debt before college” (Jones 2005). This means over half of the people entering college already are in some type of debt. Students must be educated before college so we can alleviate the amount of students in debt. Graduating students are “leaving college with $20,402 in education and credit debt” (Robb and Sharpe 2009). This results in people trying to dig themselves out of debt for their whole life. The average student also has “4.25 cards in their name” (Davidson, 2004). This is part of the reason why students are accumulating so much debt since they don’t know how to properly manage credit cards. This is because students have a low degree of financial literacy. This means that students don’t know the true value of money and as a result spend more than they have. We can see this by the amount students are using their credit cards. Not only are students getting in debt, but it is also having social impacts...
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...Electronic Cash and Smart Cards CMPS / ECBU 410: Management Information Systems Prepared by Joanna Carey Fall 2012 Instructor: Dr. Seta Whitby Table of Contents I. Introduction II. Body III. Advantages/Disadvantages of Electronic Cash & Smart cards and paper based currency IV. Conclusion V. References Introduction This research paper will closely investigate the relative importance between electronic and paper-based payments across the world. Although electronic payments are becoming more popular and easy to use, numerous surveys for payment instruments have shown the pace of change from an established payment method to a new payment method to be considerably slower than industry predictions. The movement to electronic payments and smart cards has been slow and has focused primarily on credit cards at the point of sale because bank emphasis is on expanding loan revenue and a historical reliance on checks which provide users with short-term credit. As technology continues to evolve the use of paper currency is becoming more obsolete. Although the modernization of digital money is changing into forms that don’t directly connect our electronic payments to our private information, such as smart cards, the transition into “cybercash” is still in the premature stages of development. This paper will highlight the advantages as well as the disadvantages...
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...Credit Cards Companies Marketing On College Campus Appendix B Credit cards companies should be on campus marketing to college student. Credit cards companies should go to campuses and have a discussion on the rights to full accurate information. Right under the equal credit opportunity Act, Characteristics: such as race,sex,marital status, religion, age, origin. However, it’s not against the laws to day to deny credit based on income and credit history. Once it was common for women to be denied credit, many women were without access to credit at all. Today, lenders can’t consider either marital status or gender; it’s much easier for women to obtain credit and establish a credit history than it once was. Equal credit opportunity Act prohibits lenders from requiring financial success in knowing how to manage consumer credit advantage and disadvantages allows you to spread the cost of more purchases. Advantages-Buy now, pays later, this type of advantage as long as you can afford payments without sacrificing other worthy financial goals, cash vs. credit. Disadvantages: are overspending, higher premiums, and pay more than the purchase, difficulty in purchasing a home because high consumer debts.. The more you borrow the worse your liquidity and debts ratio look. Bad credit hurts more than your ability to get a loan. Employers and landlords check your credit before during business with you. Types of credit are Open-end credit also, called revolving credit is...
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...or just a past time, how it is linked to other addictions, what are some of the symptoms of this disorder, what problems arise when someone starts indulging in this excessive shopping behaviour both financial and social problems and then the general personality characteristics of shopaholics are discussed like shopaholics seek other’s approval, they have low self esteem, they have emotional problems, they face difficulty in controlling their impulses, they fantasize everything around them, they are materialistic and finally in conclusion the report discusses some of the measures that can be taken to overcome this problem for example by exercising control on one’s impulses one can control and curb this addiction to some extent, use of credit cards is strictly forbidden because you end up buying more then you intend to when you are using them as no...
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...LAW 531 - QUIZ 4 EMPLOYMENT LAW & GOVERNMENT REGULATION Save this quiz on your computer and work on it during the remainder of the week. Make sure to save your results each time you make a change as well as save the quiz with your final answers. There are 25 multiple-choice questions. Identify the letter of the choice that best answers the question. When you are sure you have answered all the questions to the best of your ability, mark your answers on the Answer Sheet provided. Submit your answer sheet to the Week 2 Quiz link under Assignments. Do not change the font and do not put in any punctuation or other marks in the answer sheet; put only the letter choice of your answer. Also, do not put any spaces before or after the letter you enter as your answer. Be sure to turn off the automatic completion function of cell entries. On the Tools menu, click Options, and then click the Edit tab. Clear the Enable AutoComplete for cell values check box. Please put only your last name on the Answer Sheet in the by writing it in the yellow space. _________________________________________________________________________ 1. Calvin works at a local grocery store to pay his way through college. His work schedule can vary from week to week. One week he works for sixty hours, and the next week he works for twenty. He asked his boss whether he is entitled to overtime at the end of the two-week period...
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...NATIONAL CREDIT ACT- 2005 Money lenders breaking credit act exposed Cape Town - In a bid to stem the abuse of consumers by lenders and ensure compliance with the National Credit Act (NCA), the National Credit Regulator (NCR) and the South African Police Service (Saps) conducted joint onsite investigations in an operation in Mpumalanga. The NCR partnered with the Saps in Middleburg, Barberton, Nelspruit and Witbank this week, investigating 37 lenders. This led to the arrest of ten individuals who contravened the NCA. "The focus of this kind of operation is primarily on credit providers, who are engaging in reckless lending, unlawfully garnishing, retaining pension cards, bank cards, identity documents and personal identity numbers (PINs) of their clients as surety," said Nomsa Motshegare, CEO of the NCR. "This is a contravention of the National Credit Act and it is a criminal offence", she added. Motshegare stated that this is part of the NCR's ongoing strategy to ensure that all credit providers, no matter where they conduct business, comply with the provisions of the National Credit Act. "The exploitation of vulnerable and unsuspecting consumers by credit providers will not be tolerated," she added. During the operation, ten people were arrested and as a result, nine criminal cases were opened. In addition, the suspects were found to be in possession of 851 ID books and 921 bankcards, six passports, two drivers licenses and 44 cellphones. Motshegare complimented the...
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...expects their employees to act at all times with honesty and integrity. They expect their employees to have good judgement towards business decisions and to know the corporation’s policies and comply with them. Target as a whole sets reachable goals for their corporation which allows them to be considered an ethical business. All companies can have moments of downfall and that brings moments of when certain situations can be unethical. One particular incident that happened with Target was in 2013, when more than seventy million of Target’s customers were targeted by a credit card hacker, which lead to Target losing a lot of profit months afterwards. The hackers were able to hack into Target’s system and retrieve credit card information from the cardholder’s name all the way to the CVV number on the back. This allowed the hacker to sell this type of information on the black market and allow people all over the world to use those cardholder’s information and get away with it. The unethical part of this situation is Target not taking responsibility for their action in not upgrading their card reading system that they have in place. A lot of retail stores are using this magnetic card reading system because it less expensive and they of course would not have to spend as much money on the systems they have in place now. It’s the companies’ responsibility to do what it takes to make their customers feel comfortable to still shop with them. There is a new card system...
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