Allen Marks Is the Sole Owner and Operator of Great

question 28

Multiple Choice

Allen Marks is the sole owner and operator of Great Marks Company. As of the end of its accounting period, December 31, 2013, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2014, Allen Marks invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income during 2014, assuming that as of December 31, 2014, assets were $995,000, and liabilities were $270,000?

• A) $ 45,000
• B) $ 50,000
• C) $106,000
• D) $370,000

Grasp the roles and regulations of consumer protection acts such as the Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), and Magnuson-Moss Warranty Act.

Understand the specifics and legal implications of the Truth in Lending Act (TILA) including disclosure requirements and debtor protections.

Recognize the role and creation of the Consumer Financial Protection Bureau (CFPB) and its regulations.

Identify key elements and protections under the Fair Credit Billing Act and the Fair and Accurate Credit Transactions Act.

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Definitions:

Guidelines

A set of recommended practices or instructions designed to guide actions or behavior in specific situations.

Employee Empowerment

The practice of giving employees the authority, tools, and resources to make decisions and contribute to the company's success.

Delegation

The process where a manager or leader assigns tasks and responsibilities to subordinates.

Delegatees

Individuals who are assigned or delegated tasks, responsibilities, or authority by someone else.