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What is Benchmarking? Benchmarking is the comparison of one's business and performance measurement to the best industry and other companies' best practices. The information gained from this method can then be utilized in the identification of gaps in the workings of an organization to achieve a competitive advantage. The practitioners of benchmarkin...
1 min reading timeWhat is the Federal Reserve System? The Federal Reserve System (FRS), variously referred to as the Federal Reserve or the Fed, is the central banking authority in the United States of America that is responsible for regulating the monetary and financial system in the country. The Fed was formed by the passing of the Reserve Act on Dec. 23, 1913 by ...
2 min reading timeWhat are the Requirements on Users of Credit Reports? A credit report is a collection of a consumers credit history. It includes such information as: past payment history, current credit accountings, late payments, credit limits, any debt or bill collection activity, liens, judgments, bankruptcies, etc. A user of a credit report is anyone who employ...
2 min reading timeWhat is Codetermination? Codetermination is an arrangement in which the management works together with the workers when making decisions relating to issues in their workplace and even voting for representatives. In developed democracies, there are laws that require workers to have a say in the voting of representatives. Codetermination laws apply i...
2 min reading timeWhat is the authority of the debtor in possession? The authority of the debtor in possession (DIP) is similar to that of a bankruptcy trustee. The objective of the DIP is to guard the interests of creditors by reshaping the bankruptcy estate to allow the business to continue operations. In doing so, the DIP is vested with the following important pow...
1 min reading timeWhat is an Aval? An Aval is a formal assurance or guarantee that a third party adds to a debt obligation or a contractual document (generally a Bill of Exchange). The third party is not the payee or payer but a neutral person who attests that the holder will meet their responsibilities and debt obligations. Avalize is an act of guaranteeing the obl...
1 min reading timeWhat is a Charitable Remainder Trust? A charitable remainder trust refers to a tax-exempt trust intended to cut down the taxable income of various individuals by dispersing trust income to the trust's beneficiaries for a certain period. The next step usually involves donating the remainder to the charity. This is usually a split-interest that allows...
3 min reading timeWhat is Repudiation of a Contract? Repudiation refers to a situation in a contract whereby the terms of a contract previously agreed upon by both parties is rejected or renounced by a party. In repudiation, a party refuses to honor his part of the deal by disputing the validity of the contract. Repudiation is considered a breach of contract. What is...
1 min reading timeWhat is a Secured Creditor? A secured creditor is a creditor (someone who is owed money by a debtor) who has a claim of right to property of the debtor if the debtor does not pay the debt owed. As an enforcement mechanism, if the debtor does not pay, the secured credit may be able to repossess or force the sale of the property (collateral) that is u...
1 min reading timeWhat is a Section 3 exemption from registration under the 33 Act? Section 3(a) Exemption - Section 3(a)(11) is an intrastate offering exemption designed to allow businesses to seek local funding. The issuer may offer securities for sale to residents of the state in which the business primarily does business without registering the issuance or securi...
3 min reading time