Premium Essay

Law Bank

In:

Submitted By sriniva1
Words 4485
Pages 18
w
1) Which of the following statements best describes "e-commerce"?

a. E-commerce is the fastest growing sector of the economy.

b. E-commerce includes the delivery of products by computer.

c. E-commerce is the use of computer networks to facilitate transactions.

d. Until 1995, e-commerce was almost non-existent.

e. all of the above

Answer: e
Diff: 1

Type: MC
Topic: E-commerce

Skill: Recall/Applied

2) Use this fact situation to answer the related questions that follow.

A and B have decided to go into the business of selling goods, but wish to use the Internet to reach potential customers all over Canada who can both buy from them and pay using the Internet.

As prudent businesspersons, A and B will

a. register a domain name.

b. negotiate an Internet access agreement.

c. negotiate a website development agreement.

d. negotiate a website-hosting agreement.

e. all of the above

Answer: e
Diff: 2

Type: MC
Topic: E-commerce

Skill: Applied

3) Use the fact situation in Q2 to answer the related question that follows.

The type of business that A and B are setting up is called

a. wholesale sales.

b. electronic retailing.

c. retail sales.

d. e-commerce.

e. digital retailing.

Answer: b
Diff: 1

Type: MC
Topic: E-commerce

Skill: Recall/Applied

4) Use the fact situation in Q2 to answer the related question that follows.

The type of payment that the business will most likely use is

a. credit cards.

b. smart cards.

c. cash.

d. electronic cash.

e. all of the above

Answer: e
Diff: 2

Type: MC
Topic: E-commerce

Skill: Recall/Applied

5) Use the fact situation in Q2 to answer the related question that follows.

One major concern that A and B will have related to carrying on their business over the Internet is

a. identity theft.

b. public

Similar Documents

Premium Essay

Mahila Bank Law Perspective

...BHARATIYA MAHILA BANK (BMB) India's first women's bank, Bharatiya Mahila Bank was inaugurated in Mumbai by Prime Minister Dr. Manmohan Singh on the birth anniversary of Shrimati Indira Gandhi. One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment. It is being looked upon as the beginning of a unique new institution that will provide financial services predominantly to women and women self-help groups to the small businesswomen and from the working woman to the high networth individual. Even though the bank is making its debut in metros and urban centre, it will enter rural areas before March 2014 and will focus on centres where working women population is significant. In Budget 2013-14, the Finance Minister had announced setting up of all-women bank with an initial capital of Rs 1,000 crore. Only 26 percent of women in India admit to having a bank account. Since fewer women than men have bank accounts, fewer women are able to get loans. Per capita credit in the case of women is 80 percent lower than in the case of men. Hence the need for a bank that predominantly serves women. Bank credit is expected to grow at a compounded annual growth rate of 16.5 percent during the twenty year period from 2010 to 2030. That will mean a twenty-fold increase from the level of credit in 2010. The deposit base is expected to grow at a compounded annual growth rate of 14.6 percent that is 14 times the level of deposits in 2010. Assuming...

Words: 751 - Pages: 4

Premium Essay

Ra10574

...President Aquino signed into law Republic Act No. 10574. RA 10574 opens Philippine rural banks up to 60 percent foreign ownership. The law states that, “Non-Filipino citizens may own, acquire or purchase up to sixty percent (60%) of the voting stocks in a rural bank. The percentage of foreign-owned voting stocks shall be determined by the citizenship of the individual or corporate stockholders of the rural bank.” In allowing the assistance of foreign investments in Philippine rural banks, said banks are put in a better financial position to serve its clients through upgraded banking services. The Republic Act No. 10574 – which amends “The Rural Bank Act of 1992” (Republic Act No. 7353) – provides rural banks with the financial capacity to better service its clients in the Philippine countryside, i.e. farmers, fishermen, etc. Subsequently, with this law rural banks now have a better chance of acquiring more resources and funds for expansion and making their financial services more accessible to its clients. When it comes down to the bottom line, in order to have a successful business – be it a bank, a restaurant, or a retail shop – having a sufficient capital is indeed extremely vital. In essence, that is what a bank is, a business. They provide a service, and in return are given payments for the service that they have provided. In order for a bank – regardless of how big or small – to make money, it needs to have money to begin with. This is because banks mostly make money when...

Words: 1020 - Pages: 5

Premium Essay

Banking Duty of Secrecy

...TOPIC Banks have throughout time been imposed with the duty of secrecy owed to a customer. Unlike United Kingdom, Malaysia has codified this duty of secrecy and also similarly codified all the exceptions to this duty. With reference to the relevant banking legislation in Malaysia and case law, discuss and evaluate the scope of the duty of secrecy and its qualifications. Suggest also legal reforms to strengthen the bankers’ duty of secrecy owed to the customer. Introduction Loyalty and confidentiality are the basis of all agent-principal relationships, although the scope of duty may differ from one field to another. In Parry Jones v Law Society, Lord Diplock LJ emphasised the vitality of the duty of secrecy or confidentiality, Such a duty [of secrecy] exists not only between solicitor and client, but for example, between banker and customer, doctor and patient and accountant and client. Such a duty of confidence is subject to, and overridden by, the duty of any party to that contract to comply with the law of the land. If it is the duty of such a party to a contract… to disclose in defined circumstances confidential information, he must do so, amend any express contract to the contrary would be illegal and void. In banking, this duty of secrecy is particularly important as it maintains the faith and confidence of the client. More importantly, it serves as a protection for the customer’s dealings and affairs and not for the protection of the bank. The public interest of...

Words: 3465 - Pages: 14

Premium Essay

Financial Sector Banking

...opportunity, and reducing poverty. Getting the financial systems of developing countries to function more effectively in providing the full range of financial services is thus a task that will be well rewarded with economic growth. This report takes a first look at the overall financial system of Iraq with a forward looking approach. At the outset it was agreed with Iraqi authorities that the focus of this review should be forward looking and constructive. Overall the financial sector in Iraq is underdeveloped, and is playing a limited role in financial intermediation. The banking system is still by far the most important part of the Iraqi financial system, accounting for more than 75 percent of the assets and dominated by state ownership. Non-bank financial institutions and markets are small and under-developed but have the potential to provide access to sources of finance. Access to finance is impeded by weak financial infrastructure, which needs to be strengthened over time in all areas, including credit registry, the collateral framework, judicial systems, and accounting and auditing skills. When looking at Iraq’s financial system it is important to keep the general political economy in xv REPUBLIC OF IRAQ FINANCIAL SECTOR REVIEW mind. The difficult security situation imposes costs and constraints, the complex political situation impedes decisive policy action, governance issues linger, and the legacy of...

Words: 3527 - Pages: 15

Premium Essay

Finance

...These evaluations are later translated into the decision-making process. The analysis helps align strategies with the firm’s environment. Our market is facing changes every day. Many new things develop over time and the whole scenario can alter in only a few seconds. There are some factors that are beyond your control. But, you can control a lot of these things. Businesses are greatly influenced by their environment. All the situational factors which determine day to day circumstances impact firms. So, businesses must constantly analyze the trade environment and the market. Political factors or how and to what degree a government intervenes in the economy. Specifically, political factors include areas such as tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or be provided (merit goods) and those that the government does not want to be provided (demerit goods or merit bads). Furthermore, governments have great influence on the health, education, and infrastructure of a nation.  Economic factors include economic growth, interest rates, exchange rates and the inflation rate. These factors have major impacts on how businesses operate and make decisions. Social factors include the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends in social factors...

Words: 1434 - Pages: 6

Premium Essay

The Glass-Steagall Act

...Glass-Steagall Act for Banks and Securities The banking and securities industries has had regulations since the 1930s or earlier. The laws are there to help regulate and give depositors some security. For one reason or another, the law has been changed, updated or appealed. The banking Act of 1933 is known as Glass–Steagall Act named after the Congressional sponsors Senator Carter Glass, a former Treasury secretary, and Senator Henry Steagall (Heakal, Reem). The Glass-Steagall foresaw problems with banks over lending and getting involved in securities. The Federal Deposit Insurance Corporation (FDIC) came out of the Act of 1933 (Stammers, Robert). The Federal Deposit Insurance Corporation (FDIC) wanted banks...

Words: 1640 - Pages: 7

Premium Essay

Volcker Rule

...Following the Stock Market Crash of 1929 and the Great Depression, the US Congress enacted several laws designed to regulate financial institutions. One of these laws, the Banking Act of 1933, included four provisions limiting the ability of deposit-taking institutions to trade for their own benefit. These provisions are colloquially referred to as the Glass-Steagall Act. GlassSteagall forbade commercial banks from dealing, underwriting and investing in most securities. By the late 1990s, the resolve to enforce Glass-Steagall faded, shown particularly by the Fed’s blessing of the Citicorp/Travelers Group merger. In 1999, President Clinton signed the Gramm-Leach-Bliley Act into law, effectively repealing the Glass-Steagall Act. Echoing the political landscape following the Great Depression, the aftermath of the Great Recession saw a resurgence in grassroots campaigns to reinstitute tougher regulations on banks and financial institutions. The bailouts given to many large banks fueled this public outrage, especially in the light of the million Americans losing their homes to foreclosure. A recently inaugurated Obama administration sought to prevent a reoccurrence of the financial crisis by tightening government regulation of financial institutions. This eventually manifested itself as the Dodd-Frank Wall Street Reform and Consumer Protection Act. This act included several enhancements to bank regulation, going so far as creating a spiritual successor the to Glass-Steagall Act. The Volcker...

Words: 2381 - Pages: 10

Premium Essay

Cambodia 2012 Investment Climate Statement

...Government of Cambodia on February 9th , 2007) Develop 4 I’s for Capital Market – – – – Infrastructure investor Issuers Intermediaries Way forward Overview of Financial Market Overview Present financial system in Cambodia Present Players in Financial Sector: ● Dominance of banking system: The central bank, that is the National Bank of Cambodia with its The 18 provincial branches, 15 commercial banks, 4 specialized bank, 15 A decentralized banking system, consisting of MFIs and a number decentralized of NGOs operating in the rural finance. ● 4 Insurance Co., ● No inter-bank/money market ● No equity & securities market, no securities company ● Active foreign exchange markets due to high degree of dollarisation (90% of banks transactions in US$, large volume of USD cash in circulation). Banking Sector Banking ≈ – Banks are very liquid (loans to deposits ratio 65%), but despite large resources they are still reluctant to take lending risks – Banks resources are mainly short-term: in fact almost all deposits and loans are short-term, less than 1 year, and in USD. – Credit information sharing system among banks in place. But a series of reforms are under ways to promote intermediation : – – – – – Legal basis & basic regulatory framework for banking system established....

Words: 1465 - Pages: 6

Premium Essay

Trade

...the government have set up some banks to assist with funding, but their requirements are just like that of the commercial banks and the minimum funds that can be accessed are out of the range of what SME exporters require. I want to therefore use this medium to suggest a way forward for the government. The federal government should make laws to encourage the establishment of specialised banks that will only finance export transactions. These laws should allow private individuals to establish export focussed banks and Government should own and contribute 50% of these banks’s capitalisation so as to have a good control over its operations in order to realise its objectives. The law should stipulate the following among other things: a) The export banks are to finance only export transactions and any financing done outside this should be penalized. b) The export banks should offer trade finance products like Export Credit guarantee, Export Credit Insurance, Factoring, Forfaiting, Invoice discounting etc. c) The interest rate on the export financing facilities from this bank should be set by the Central Bank and should be lower than the prevailing rate in the market at any point in time. d) Government should reward any of the export banks that have the highest export finance facility portfolio at the end of each financial year. e) The export banks should offer both pre and post export financing to exporters. f) The banks should only finance SME exporting...

Words: 532 - Pages: 3

Premium Essay

Negative Impacts of Use of New Technology in Banking

...Negative Impacts of Technology in Banking Sector The term “banking technology” refers to the use of sophisticated information and communicationtechnologies together with computer science to enable banks to offer better services to itscustomers in a secure, reliable, and affordable manner, and sustain competitive advantage over other banks. In the five decades since independence, banking in India has evolved through four distinct phases. During Fourth phase, also called as Reform Phase, Recommendations of the Narasimham Committee (1991) paved the way for the reform phase in the banking. Importantinitiatives with regard to the reform of the banking system were taken in this phase. Importantamong these have been introduction of new accounting and prudential norms relating to incomerecognition, provisioning and capital adequacy, deregulation of interest rates & easing of normsfor entry in the field of banking.Entry of new banks resulted in a paradigm shift in the ways of banking in India. The growingcompetition, growing expectations led to increased awareness amongst banks on the role andimportance of technology in banking. The arrival of foreign and private banks with their superior state-of-the-art technology-based services pushed Indian Banks also to follow suit by going infor the latest technologies so as to meet the threat of competition and retain their customer base.Indian banking industry, today is in the midst of an IT revolution. A combination of regulatoryand competitive...

Words: 2242 - Pages: 9

Premium Essay

The Secret History of the Credit Card

...is the main purpose of a usury law? Be specific. The purpose of usury laws was to regulate the maximum interest rates of loans. This law was created to protect borrowers from excessively high interest rates. It insured that lenders could not put the borrower in a situation where they were not able to fully pay off their debt. However, as said on investopedia.com, “In the United States, individual states are responsible for setting their own usury laws.” 2. Why did South Dakota decide to eliminate its cap on interest rates? South Dakota use to have very strict laws on the amount a lender could charge a borrower. Interest rate charges were highly regulated and because of this banks did not want to loan out any money. For example, an illustration from the article said “you could charge 9 percent, but money cost 11 percent”, so they would not issue a loan. This lead to South Dakota removing there cap on interest rates (usury laws). 3. Why were the usury laws strangling the banking industry? Be specific. Usury Laws were causing banks to be broke. As stated in the frontline video, “If you are lending money at 12 percent and paying 20 percent, you don't have to be Einstein to realize you're out of business.” Banks were losing billions in the credit card business. The rate of inflation surpassed the amount of interest banks were allowed to charge credit card borrowers. The usury laws were literally strangling the banking industry. Banks were losing too much money and...

Words: 629 - Pages: 3

Premium Essay

Hrm in Khuna Banking

...documented. What is less clear is whether the move towards managerialism that has taken place within the banking sector in Bangladesh, more preciously on Khulna. The research begins with a review of the literature. In particular the conceptual thinking surrounding the connection between HRM and performance within private banks is explored. HRM plays a part in influencing the direction and shape of the devolving strategy. With business strategy, it might be that strategic HRM is seen as contributing to strategic choice within the organization by either maintaining feasibility or producing a sustained advantage. So, strategic HRM emphasizes the need for Human Resource (HR) plans and strategies to be formulated within the context of overall organizational strategies and objectives, and to be responsive to the changing nature of the organization’s external environment. Introduction In today’s world, bank is one of most essential organization for the society. Any financial agreement or involvement cannot take place without the participation of banks. So without any argument, it can be acknowledged that banks are playing a very important role in the social economy. As the banks are playing such important role, they should maintain a strong or very good Human Resource. To ensure the optimal performance, organizations should follow or maintain some rules. The combinations of all these rules or techniques are more preferably known as strategies. These strategies are used for increasing and...

Words: 3409 - Pages: 14

Free Essay

Homeoscience

...HR-TAD/M2/Rec/2013 RECRUITMENT OF CLERKS AND OFFICERS Federal Bank, a leading Private Sector Bank having pan India presence with over 1100 branches, invites applications for the following positions from aspiring, young, talented and dynamic personnel who are looking for a challenging career. 1. Positions Sl No 1 2 3 4 Post Clerk (For specified states) Probationary Officer (For specified states) Law officer in Scale I or Scale II Assistant Manager in Scale I Eligible candidates are advised to apply online between 12.09.2013 and 26.09.2013 through the Bank‟s website www.federalbank.co.in after carefully going through the instructions contained in this notification. No other means / mode of application will be accepted. 2. Important Dates Opening Date of Online Registration Gateway Closing Date of Online Registration Gateway Edit/ Print online application Aptitude tests for Clerks Aptitude test for Probationary Officer & Law Officer 12.09.2013 26.09.2013 12.09.2013 to 27.09.2013 06.10.2013 20.10.2013 3. Scale of pay and other emoluments Candidates selected will be offered the following pay scale. Sl No 1 2 3 Post Pay Scale `7200 – 400/3 – 8400 – 500/3 – 9900 – 600/4 – 12300 – 700/7 – 17200 – 1300/1 – 18500 – 800/1 -19300 Probationary Officer/ Assistant Manager `14500 – 600/7 – 18700 – 700/2 – 20100 – in Scale I/ Law officer in Scale I 800/7 – 25700 Clerk Law officer in Scale II `19400 – 700/1 – 20100 – 800/10 - 28100 ...

Words: 2608 - Pages: 11

Premium Essay

Accounting

...The majority of Islamic banks perform both commercial and investment banking services. However, due to the fact that banking business is now increasingly complex that resulted from the globalization, it is necessary for Islamic bank to adopt a single set of international accounting standard particularly for Islamic banks alone worldwide. In addition to this, it is sadly to say the fact that AAOIFI has no power to enforce its standards due to IFRS and IAS has been globally accepted worldwide by most of the countries. It is argued that Islamic banks should have their own accounting standards as not all accounting treatment could be referred to IFRS as for example Islamic banks do not include interest in the transactions. According to the Karim (2001) there are three approaches to regulate Islamic banking namely by Islamic banking act, fiduciary law and laws that governs all banks. Therefore, accounting treatment of investment accounts would be affected due to the different approach adopted by each country. In addition, Islamic banks should develop accounting standards that emphasize on their own unique characteristics of contracts such as Shariah Compliance Act in order to guide the operation of Islamic banks. It can be said that because there was a market pressure for compliance, Islamic banks in Bahrain and Sudan have been required by supervisory authorities to comply with AAOIFI while on the other hand country like Malaysia is only voluntarily use AAOIFI accounting standards...

Words: 337 - Pages: 2

Premium Essay

Banking Regulations

...Agency (BRSA) was set up with the Banking Law 4389 in 1999 and started its activities in August 2000. Thus, BRSA has so many duties and responbilities.Most of the primarily duties are; * Organize and supervise the relevant international principles and standards that are employed by the industry or field line to make secondary legislation and take decisions about relevant industry. * The institution's strategic plan, performance measures, goals and objectives, set standards for service quality, human resources and work to create policies and make suggestion. * Prepared in accordance with the aims and objectives of instution’s strategic plan. * Approve the organization's performance and financial status reports. * Assign to deputy managing directors and head of departments in accordince with chairman’s proposal. * Discuss and adopt the recommendations about real estate purchasing,selling and leasing issues. * To fulfill other duties assigned thereto by laws. Also,BRSA has a lot of diversification supervised about bank and non-bank financial instutions.We can list they instutions at the below; * BANKS 1. Commercial Banks 1.a. State-Owned Commercial Banks 1.b. Domestically-Owned Commercial Banks 1.c. Foreign-Owned Commercial Banks 1.c.i. Established in Turkey 1.c.ii. Opened Up Branch in Turkey 2. Development and Investment Banks 2.a. State-Owned Development and Investment Banks 2.b. Domestically-Owned...

Words: 316 - Pages: 2