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Archive for the ‘Uncategorized’ Category
Friday, April 13th, 2012

Mark asks…
Are the people who bought stocks when Obama said stocks “might” be a good buy crying today?
Now that we’re back to the market cratering. If you bought stocks based on Comrade Obama’s assurances, let me bet the first to give you a sucker, sucker.
mikey answers:
Obviously he cant manipulate the stock market.
Obama is a….liar, a theif, and a tax collector…and his friends are tax collectors.

Maria asks…
which are the best stocks to buy today?

James asks…
Another Obama day, another 300 point drop in stock market. Why did Barry tell people to buy stocks?
One Term Barry has lost 20 percent of individual investors’ wealth in his 46 days as president. Barry dismissed it as “gyrations” and encouraged Americans to buy stocks. Today the market is down another 300 points.
Do you think Barry is worried yet?
Did you listen to Barry and buy stocks this week?
A person who tries to time the bottom of a market, or who buys into a falling market, is a fool who deserves to be separated from his money.
mikey answers:
Pull your money out, NOW!

Steven asks…
What would be a really good stock to buy today when the market crashes?
I am thinking GE. Any other suggestions?
mikey answers:
Invest today at your own risk. Things look really bad to me. We may be heading for the “Greater Depression”. GE is not a great idea in my opinion. They have a huge financing business. In other words they are part bank–not good. You might consider buying FXE.

Lizzie asks…
IF I BUY STOCKS TODAY AND SELL TOMMAROW WHAT THE TAXES GOING TO COST ME?
LITTLE INFO I BUY 10,000 SHARES AT 1.00 A TEN THOUSAND DOLLAR INVESTMENT. AND I SELL THEM TOMMAROW AT 2.00 MAKING 20,000 DOLLARS WILL I BE PAYING TAXES ON THE WHOLE 20,000 OR JUST THE TEN TEN THOUSAND I MADE? AND WHAT IS THE TAX RATE IN NY FOR THAT? 35% OR 50% THANKS
mikey answers:
There are 2 issues here:
1. The answer is that any gains held under a year is subject to ordinary income tax.
Capital Gains Tax Rates
Long-Term and Short-Term Capital Gains Tax Rates (2009)
http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_4.htm
2. The second issue is the rational behind one thinking they will double their money in the market tomorrow.
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Thursday, April 12th, 2012

George asks…
All of the following ratios are considered measures of profitability except:?
All of the following ratios are considered measures of profitability except:
A.Earnings per share
B.Gross profit rate
C.Price earnings ratio
D.Return on assets
mikey answers:
C. Price earnings ratio

Chris asks…
To explain how a company makes money would you use profitability ratios? Cash flows? Something else?
From an accounting perspective…
mikey answers:
A company makes money by selling its product for more than it cost to manufacture and distribute the product. It is referred to as a profit margin.

John asks…
Which of the following profitability ratios measures the proportion of total revenues from operations and ….
…non-operating gains that are realized as net income or excess of revenues over expenses?
a. Total margin ratio
b. Operating margin ratio
c. Non-operating gain ratio
d. Return on equity ratio
mikey answers:
A total margin ratio obviously.

Sandra asks…
What possible reasons for higher financial ratios are there?
I am analysing financial ratios for 2 companies, and need to give reasons behind ratio trends. The main ratios I have calculated are profitability ratios, liquidity ratios and long-term solvency ratios. For example, why would one company have a higher ROCE? Why would one companies’ trade receivebles days be higher than another? Etc.
Both companies are in GBP.
mikey answers:
If the company is international have you considered the currency exchange at different points of the year?….

Linda asks…
How to have a good Feasibility Study analysis and interpretation without the use of financial ratios?
Do you think you would be able to do a reasonably good job of Feasibility Study analysis and interpretation without the use of financial ratios? Justify your answer. In the absence of the following set of ratios, what other financial and quantitative techniques would you employ to still come up with an equally competent Feasibility Study evaluation?
a.) liquidiy ratios b.) stability ratios c.) profitability ratios d.) turnover ratios e.)growth ratios
mikey answers:
Your question is two-pronged:
First, your’e asking if an FS is okey without the financial ratios and, next, what other quantitative techniques can be used to come up with equally competent FS.
This is tricky because a full-blown feasibility study boils down into the question of profitability and this may not be conclusive if the financial aspect does not employ 2 or 3 accounting ratios you mentioned.
Anyway, I believe that some project feasibility studies, especially those intended for government-funded programs are not necessarily interested on financial (accounting) ratios as it pay attention on economic (investment) ratios instead. The evaluation of project studies such as these draws strength on the fact that not all results (benefits) of projects can be quantified (assigned with monetary value) like the accruing economic activities and the improvement of standard of living in a community with the construction of farm-to-market road networks.
In relation (and to your next question), these project studies use the following quantitative techniques:
1. Net Present Value (NPV) so-called ‘time value of money’ formula that discounts the money using an acceptable interest rate over the payback period. There must be a surplus by the end of the payback period.
2. Internal Rate of Return (IRR) which is an interpolation technique to find the rate of return which must be higher than the iprevailing interest rate used in the NPV. If the IRR is too high, the proponent is advised to ask the bank instead of the government.
3. Benefit-cost ratio which quantifies the benefit over the cost of the project which must be positive. When reverse this formula become the Return on Investment (ROI)
4. Recoupment (payback period) – should be within the alloted paying period or equal to length of the financing program.
5. The Breakeven Analysis is added by some studies which require information on the fixed and variable costs of the project and how much sales is needed to recover investment indicating the period that project starts paying for itself.
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Wednesday, April 11th, 2012

Betty asks…
All of the following ratios are considered measures of profitability except:?
All of the following ratios are considered measures of profitability except:
A.Earnings per share
B.Gross profit rate
C.Price earnings ratio
D.Return on assets
mikey answers:
C. Price earnings ratio

Mary asks…
To explain how a company makes money would you use profitability ratios? Cash flows? Something else?
From an accounting perspective…
mikey answers:
A company makes money by selling its product for more than it cost to manufacture and distribute the product. It is referred to as a profit margin.

Donna asks…
Which of the following profitability ratios measures the proportion of total revenues from operations and ….
…non-operating gains that are realized as net income or excess of revenues over expenses?
a. Total margin ratio
b. Operating margin ratio
c. Non-operating gain ratio
d. Return on equity ratio
mikey answers:
A total margin ratio obviously.

Mandy asks…
What possible reasons for higher financial ratios are there?
I am analysing financial ratios for 2 companies, and need to give reasons behind ratio trends. The main ratios I have calculated are profitability ratios, liquidity ratios and long-term solvency ratios. For example, why would one company have a higher ROCE? Why would one companies’ trade receivebles days be higher than another? Etc.
Both companies are in GBP.
mikey answers:
If the company is international have you considered the currency exchange at different points of the year?….

Lizzie asks…
How to have a good Feasibility Study analysis and interpretation without the use of financial ratios?
Do you think you would be able to do a reasonably good job of Feasibility Study analysis and interpretation without the use of financial ratios? Justify your answer. In the absence of the following set of ratios, what other financial and quantitative techniques would you employ to still come up with an equally competent Feasibility Study evaluation?
a.) liquidiy ratios b.) stability ratios c.) profitability ratios d.) turnover ratios e.)growth ratios
mikey answers:
Your question is two-pronged:
First, your’e asking if an FS is okey without the financial ratios and, next, what other quantitative techniques can be used to come up with equally competent FS.
This is tricky because a full-blown feasibility study boils down into the question of profitability and this may not be conclusive if the financial aspect does not employ 2 or 3 accounting ratios you mentioned.
Anyway, I believe that some project feasibility studies, especially those intended for government-funded programs are not necessarily interested on financial (accounting) ratios as it pay attention on economic (investment) ratios instead. The evaluation of project studies such as these draws strength on the fact that not all results (benefits) of projects can be quantified (assigned with monetary value) like the accruing economic activities and the improvement of standard of living in a community with the construction of farm-to-market road networks.
In relation (and to your next question), these project studies use the following quantitative techniques:
1. Net Present Value (NPV) so-called ‘time value of money’ formula that discounts the money using an acceptable interest rate over the payback period. There must be a surplus by the end of the payback period.
2. Internal Rate of Return (IRR) which is an interpolation technique to find the rate of return which must be higher than the iprevailing interest rate used in the NPV. If the IRR is too high, the proponent is advised to ask the bank instead of the government.
3. Benefit-cost ratio which quantifies the benefit over the cost of the project which must be positive. When reverse this formula become the Return on Investment (ROI)
4. Recoupment (payback period) – should be within the alloted paying period or equal to length of the financing program.
5. The Breakeven Analysis is added by some studies which require information on the fixed and variable costs of the project and how much sales is needed to recover investment indicating the period that project starts paying for itself.
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Tuesday, April 10th, 2012

Helen asks…
What are the Banking Regulations concerning the Bank closing a personal account for a negative balance, How lo
mikey answers:
If you have a negative balance for very long for fees, finances charges or paid checks (instead of overdrafting your account) when no funds are available the bank can close your account and “charge off” the balance. This may impact your credit score. Some accounts can be closed for simply having a zero balance.
Normally they won’t go after you for a month….but your sentence isn’t finished in comments. So call or visit the branch, they don’t bite, and ask for the payoff. They can calculate it immediately and get you out of further trouble unless it has gone to charge off. In that case they will have to get you their phone number. Please don’t ignore this since it can not only trash your credit file, but also Check Free’s (like a bank credit bureau) which will prevent you from opening even a savings account at another bank or get a highly paid job.

Mandy asks…
Why have democrats killed free checking with new banking regulations?
http://finance.yahoo.com/banking-budgeting/article/109846/end-to-free-checking?mod=bb-checking_savings
Just because it is free now, does not mean it will be free once the regulations kick in. This applies to credit unions as well.
You will not have to pay fees as long as you have a large balance, which I do. However this hurts the small guy democrats hoped to help.
mikey answers:
Because they failed at real world, Bankers on the other hand are in the business to make a profit, and thus with all the over regulations and governmental extortion (pressure to make bad loans) they have to re coop their money somehow as they have stock holders to answer to

Richard asks…
Are regulations on banking and industry necessary?
Do laws and regulations hinder capitalism or foster a trustworthy environment in which capitalism will thrive?
mikey answers:
Yes unless you want another world recession

Ken asks…
Instead of putting more Banking regulations on the SEC, should they stop surfing for porn and do their job?
http://abcnews.go.com/WN/sec-pornography-employees-spent-hours-surfing-porn-sites/story?id=10451508
Maybe they would have caught the financial crap of Bernie Madoff, Goldman Sachs, and AIG if they had been doing their jobs instead of spanking the monkey.
mikey answers:
That would be very helpful

Lisa asks…
Government regulations that affected the banking crisis?
What are some government/policies/Acts that affected the banking crisis ?
mikey answers:
I would suggest that it was lack of regulation that caused the crisis!
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Monday, April 9th, 2012

Paul asks…
What stocks should I buy right now?
I would like to know what stocks to buy now and why? If you use technical, fundamental, news, or institutional trading, or other methods, let me know.
mikey answers:
Blue chip dividend and growth stocks.
Wal mart, GE, Exxon, BP, Microsoft

Nancy asks…
Anyone know any hot stocks to buy now?
Anyone know any stocks to buy now? I bought ford(f) and Lear (lea) a few months ago and have more than doubled my money on those. Looking for a new hidden gem.
mikey answers:
If you want to earn 10times of what you put in within 3-5 years you should invest in (C) stock and also government will never let it fail because it too big to fail

Ruth asks…
Best stocks to buy now for 2009-2010?
Hi there! I am a teenager looking to buy some cheaper stocks now that show a lot of promise for the future and hopefully make some money. I don’t have a lot of money to spend…haha but would like some of your views and input to help me out on making a good investment…which cheaper stocks show a lot of promise and potential for the near future…any advice, info and suggestions will help! thanks a lot for your time!
Also please no links or software things…im only looking for your opinion on good stocks…thanks!
mikey answers:
Cramer and I like WEN Wendys. Didn’t buy today? Oh well. You might be a bit late. Let’s see what happens tomorrow! If it goes down, buy but if it is up you might think first-then consider waiting for another opportunity. Always be patient enough to buy low!!! It is a good stock and is priced well for a beginner and I have a good feeling about it. It has a yummy little dividend to help you wait for it’s inevitable rise to about 6 some time in the next 12 months. But I am not allowed to give investment advice, am I? How about a nice mutual fund?
Wish me luck! Lol

Laura asks…
Best Stocks to Buy Now 2009-2010?
Hi there! I am a teenager looking to buy some cheaper stocks now that show a lot of promise for the future and hopefully make some money. I don’t have a lot of money to spend…haha but would like some of your views and input to help me out on making a good investment…which cheaper stocks show a lot of promise and potential for the near future…any advice, info and suggestions will help! thanks a lot for your time!
Also please no links or software things…im only looking for your opinion on good stocks…thanks!
mikey answers:
Well I’m 18 and I invested last November and currently the return on my investment is 126%. Some of the stocks that I invested in a few months ago include: Citigroup (C), Bank of Ireland (IRE), Bank of America (BAC), Deerfield Capital (DFR), and another good one was Genworth Financial (GNW). Those stocks have gone up quite a bit since I bought them though.. However I still think they have more than enough room to grow.. Hell were just coming out of a recession.. There’s plenty of time to grow! Good luck!

Sandra asks…
What are Good stocks to buy now?
Im looking to buy stocks that i can sell in a month or two. Im new to this any ideas?
mikey answers:
Stocks provide the best returns over time but that isn’t enough time. Even figuring the average 10% per year a month would only net you less than 1% IF you got the average.
Two months from now any stock you pick could be up 5% or down 5% or more. You can’t dictate to the market. You have to buy and sell according to what the market does, not according to what you want to do.
The stock market is not the place for short term money.
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Sunday, April 8th, 2012

Ruth asks…
how do I start a social network without money?
I have a GREAT idea for a social network and have very little money to start up and want to get this going
mikey answers:
Check out:
http://www.ning.com
This is a great site where you can set up a social network for free.

Laura asks…
Money Network Card – how do I use the trans checks?
I am a student worker at a university and they pay us on the Money Network Card. I have these trans checks and I want to use them to get all the money off when I get paid Friday. How do I do this? What is the fee for the trans checks (excluding cashing fee)?
mikey answers:
All you have to do is call 1-888-813-0900 and it would be option 1 then option 4 I think to get to write a Trans check. It is free to write the check you just have to pay to cash it. It used to be free at Walmart but they have since changed that and it is $3 to cash it there. They give you a transaction number during your call and you have to write that on the check as well.

Lisa asks…
who makes more money Network enginner or graphic designer?
my cousin is going back to college and nto sure which route to take..she’s good in the it field but wants to do something that makes her a good pay at the end of every month.. can someone please clarify who makes more money and roughly the range?? both programs at her college offer co-op which means by the time she’s done she will already have some experience which helps in the salary. thanx all
mikey answers:
Not much of a demand for graphic designers and as newspaper circulation shrinks it will get worse. I doubt if she will have a problem getting a job networking.

Lizzie asks…
Is it possible to have a Money Network Paycard and have Direct Deposit?
Meaning half the paycheck goes to your bank account and the other half goes on your paycard?
mikey answers:
It depends on your employer, and what type of paycard it is. If it has a routing number and an account number, and your employer allows a split direct deposit, then yes you can.

Donald asks…
how can i upgrade my money network card?
i work at jack in the box and i got a money network card from my employer. and i guess i need to upgrade the card so i can order one with my name on it ?
how do i do that?
mikey answers:
As far as I’m aware, Jack only issues the cards that come with a serial number (no name on them).
If you want a card with your name on it, I would suggest opening a bank account. Most banks offer free/low cost debit cards with new checking accounts.
Jack offers free direct deposit for all employees. Talk to your manager about filling out the right paperwork. Once it has been mailed off to payroll, it should take 2-3 paychecks for money to start going to your bank account instead of the pay card.
As a side bonus, you will get paid earlier with direct deposit as well. Money comes on the pay cards on Friday, while direct deposit is Thursday or even Wednesday depending on what bank you use.
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Saturday, April 7th, 2012

Laura asks…
What has been the reception of ‘Moneyball’ in the staff of the Oakland A’s?
Have the Oakland Athletics pronounced about the movie and the way it depicts the franchise?
Have the players involved in the plot, said something about the film?
mikey answers:
The only reaction I’ve heard of is from Art Howe, who was NOT happy with his portrayal.

John asks…
Who plays the Old School Brotha in Moneyball?
I mean I was the key to the Oakland A’s sucess.
mikey answers:
Ron Ron Ron don’t you know in 15 minutes you can save 15% or more? You could of saved the points and googled it.

James asks…
We see the Gold “Moneyball” Baseball during the All Star Game Homer contest, who created the first Orange Ball?
I thought this would be a good conversation piece as the orange baseball was actually submitted for use in night games but it never made it past the owners vote. Who created that Orange baseball, that lead to Orange around catchers gloves such as Steve Yeager used as a Dodger. You might be surprised at who created all that orange.
You all got stumped: Oakland Athletics Late Owner CHARLIE O’FINLEY made the Orange and Gold Balls.
mikey answers:
A major part of asking a question on Yahoo Answers is to WAIT for answers! Not to be so excited you have to answer it yourself in less than an hour.
And his name is Charles O. Finley. Not the way you think.
Do you know what the O stands for?
You got stumped!! It stands for Oscar.

William asks…
When do Moneyball and Everything Must Go come out in Australia?
I am unable to find the date that the film Moneyball is released in Australia. Also, Everything Must Go was released in May in USA, however it is yet to come out in Australian cinemas…is it going to come out? If so, when?
Also, if Everything Must Go is not due to be in cinemas, was it ever? If so, when?
mikey answers:
Moneyball will be released on November 10th in Australia.
Http://www.moneyball.com.au/
Everything Must Go comes out on DVD and Blu-ray on October 5th (next Wednesday) in Australia.
Http://www.madman.com.au/catalogue/view/15442

Sharon asks…
Did the Red Sox General Manager forget all about the idea behind Moneyball while signing Crawford?
The idea was to find cheaper but effective players, What went wrong?
Drew, Lackey and Matsuzaka signings were questionable as well.
mikey answers:
Crawford is way overpaid, but that final catch was a tough play … Can’t put blame on him there. Papelbon is no Rivera, and not even a 41 year old Rivera.
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Friday, April 6th, 2012

Donald asks…
By using FIFO, how can a company improve its net profit margin and current ratio?
mikey answers:
Reading & Analyzing Financial Statements (Financial Accounting for …In other words, Current ratio indicates the ability to pay current …. The gross profit margin or net profit margin, and company, can express it by sector, …
Papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1015333_code470339.pdf?abstractid=1015333&mirid=1 – Mga katulad na webpage
Kooky Plan Wiki / financial statement analysisProfit Margin for ROE = Net income – dividends on preferred / Sales … The current ratio will be higher using FIFO than using LIFO (for the same firm). …
Kookyplan.pbwiki.com/financial%20statement%20analysis – 56k – Naka-cache – Mga katulad na webpage
free download http://grand-bucks.blogspot.com

George asks…
what companies have net profit margin ratios comparable to Wal-Mart?
I’m just trying to figure out if Wal-Mart is even with the idustry average or below. ~Thanks~
mikey answers:
Dollar Tree is the competitor with the best net profit margin, at around 5% (versus Wal-Mart’s 3.4-3.6% recently).
Wal-Mart would be average to above average in its industry in percentage terms. (Retail, and particularly discount retail, is a tough, competitive business.) On other relevant measures, of course, Wal-Mart does even better, partly due to scale advantages.

David asks…
The gross margin ratio:?
The gross margin ratio:
a. Is also called the net profit ratio.
b. Measures a merchandising firm’s ability to earn a profit from the sale of inventory.
c. Is also called the profit margin.
d. Is a measure of liquidity.
e. Should be greater than 1.
Please only answer if you are 100% sure

Robert asks…
Calculating Profit margin question?
I know the profit margin ratio is Net Income / Revenue, but I still can’t figure this one out.
A company had a 2010 net loss of $24,382 on sales of $489,162. What was the companies profit margin?
The answer in the back of the book says -4.89% but I can’t figure out how they got that. Any help here?
Thanks
mikey answers:
$24,382 loss / $489,162 = -4.98%. Appears the diff between 4.89 vs 4.98 could be a typo.
Hope this helps, mule.

Sharon asks…
with a leverage ratio of 2.8, ATO of 3.5, net profit margin of 5.6%, and div-payout ratio 33.6% what’s theROE?
A firm has a leverage ratio of 2.8, total asset turnover of 3.5, net profit margin of 5.6%, and a dividend payout ratio 33.6%. what’s the ROE?
mikey answers:
Ask questions to confirm your thoughts.
Ask questions because it is less tiring than studying for answers.
Ask questions to get the chance to socialize.
These are the main reasons for the worldwide success ALA.
I did not understand in which category is your question.
If it is in part of the third group, welcome!
Whenever possible, you will have my help! Good evening |
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Thursday, April 5th, 2012

Jenny asks…
All of the following ratios are considered measures of profitability except:?
All of the following ratios are considered measures of profitability except:
A.Earnings per share
B.Gross profit rate
C.Price earnings ratio
D.Return on assets
mikey answers:
C. Price earnings ratio

Thomas asks…
To explain how a company makes money would you use profitability ratios? Cash flows? Something else?
From an accounting perspective…
mikey answers:
A company makes money by selling its product for more than it cost to manufacture and distribute the product. It is referred to as a profit margin.

Ken asks…
Which of the following profitability ratios measures the proportion of total revenues from operations and ….
…non-operating gains that are realized as net income or excess of revenues over expenses?
a. Total margin ratio
b. Operating margin ratio
c. Non-operating gain ratio
d. Return on equity ratio
mikey answers:
A total margin ratio obviously.

Sandy asks…
What possible reasons for higher financial ratios are there?
I am analysing financial ratios for 2 companies, and need to give reasons behind ratio trends. The main ratios I have calculated are profitability ratios, liquidity ratios and long-term solvency ratios. For example, why would one company have a higher ROCE? Why would one companies’ trade receivebles days be higher than another? Etc.
Both companies are in GBP.
mikey answers:
If the company is international have you considered the currency exchange at different points of the year?….

Linda asks…
How to have a good Feasibility Study analysis and interpretation without the use of financial ratios?
Do you think you would be able to do a reasonably good job of Feasibility Study analysis and interpretation without the use of financial ratios? Justify your answer. In the absence of the following set of ratios, what other financial and quantitative techniques would you employ to still come up with an equally competent Feasibility Study evaluation?
a.) liquidiy ratios b.) stability ratios c.) profitability ratios d.) turnover ratios e.)growth ratios
mikey answers:
Your question is two-pronged:
First, your’e asking if an FS is okey without the financial ratios and, next, what other quantitative techniques can be used to come up with equally competent FS.
This is tricky because a full-blown feasibility study boils down into the question of profitability and this may not be conclusive if the financial aspect does not employ 2 or 3 accounting ratios you mentioned.
Anyway, I believe that some project feasibility studies, especially those intended for government-funded programs are not necessarily interested on financial (accounting) ratios as it pay attention on economic (investment) ratios instead. The evaluation of project studies such as these draws strength on the fact that not all results (benefits) of projects can be quantified (assigned with monetary value) like the accruing economic activities and the improvement of standard of living in a community with the construction of farm-to-market road networks.
In relation (and to your next question), these project studies use the following quantitative techniques:
1. Net Present Value (NPV) so-called ‘time value of money’ formula that discounts the money using an acceptable interest rate over the payback period. There must be a surplus by the end of the payback period.
2. Internal Rate of Return (IRR) which is an interpolation technique to find the rate of return which must be higher than the iprevailing interest rate used in the NPV. If the IRR is too high, the proponent is advised to ask the bank instead of the government.
3. Benefit-cost ratio which quantifies the benefit over the cost of the project which must be positive. When reverse this formula become the Return on Investment (ROI)
4. Recoupment (payback period) – should be within the alloted paying period or equal to length of the financing program.
5. The Breakeven Analysis is added by some studies which require information on the fixed and variable costs of the project and how much sales is needed to recover investment indicating the period that project starts paying for itself.
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Wednesday, April 4th, 2012

Mandy asks…
What does Washington Mutual offer in banking services?
No quicky answers, copy and paste, or links. Can someone describe to me in detail exactly what fiscal services Washington Mutual offers and their rates for such services?
Thanks.
The most detailed answer gets 10 points.
mikey answers:
I just went to their site and here is a link for the best everyday account.
Https://www.wamu.com/personal/checking_account/wamu_free_checking/default.asp

Carol asks…
What are some good banking services for a School bank?
its a bank branched off of a school, so the services need to be somewhat student/family related
mikey answers:
Idk ive never heard of it ..oh from your other question i listened to the song it was really good
also a school bank is a good idea too good luck with that in your school :]

Lisa asks…
Is it safe to use banking online services in office network in India?
It is generally suggested that don’t use the banking online service in cyber cafes. Office has almost same networking is it safe there
mikey answers:
No, it can be unsafe as your office may be equipped with monitoring programs (such as keylogger) or network traffic sniffer.
Do online banking stuff in your own computer only.
Hope this helps

Mary asks…
Why does it take online banking services 3 days to clear payments when the transactions are all electronic?
When I transfer money between online bank accounts, I don’t understand why it takes three days to clear. I undertand this used to be the case when I used to pay cheques into the bank manually and staff had to process these, but I don’t expect this when this is done electronically.
mikey answers:
It takes three days if different organisations are involved as the money still needs to go through a clearing cycle and also all transactions need to be monitored for money laundering purposes. So although it isn’t involving staff manually working the transfers still have to go through certain processes before they can be cleared for use in the other organisation.

Helen asks…
Which bank has the best banking services for college students?
I need somewhere to put my financial aid refund. I need full access anywhere in the nation, so I am not looking for a credit union or a small regional bank. I do know that some banks offer college students certain freebies and discounted fees, etc. Which ones are good?
mikey answers:
Wells Fargo is a huge national bank and from my experiences (Texas resident) has ATMs on nearly all college campuses. Also, being such a large bank, they will have a bank in the vast majority of larger cities.
I am a college student as well and recently opened a Wells Fargo account just for this reason.
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