What is a Mobile Wallet? A mobile wallet is a type of virtual wallet that stores credit card numbers, debit card numbers, and loyalty card numbers. It is accessible through an app installed on a mobile device, such as a smartphone or tablet. Customers use mobile wallets to make in-store payments, and it is a…
What is Mobile Commerce? Mobile commerce refers to the use of handheld devices to conduct commercial transactions using wireless telecommunication networks and other e-commerce technologies. It uses gadgets, such as mobile cellphones and tablets, to facilitate online banking, payment of bills, purchases and sales of goods and services, and other types of financial transactions. Mobile…
What is Misrepresentation? A misrepresentation is a false statement made intentionally by one party to influence the other party to abide by the contract’s terms and conditions. A justified misrepresentation in the execution renders the contract void, and depending on the situation, the deceived party may seek legal redress and be awarded damages for any…
What is the Misery Index? The misery index is an indicator that measures the impact of changing economic conditions. The index was popular in the 1970s when the United States was experiencing stagflation – a combination of increasing unemployment and inflation – and it was used to measure the level of economic discomfort. The index…
What is the Middle Office? The middle office is a department within a financial services institution. It comprises a team of employees that includes risk managers, information technology officers, and other officers who manage risks within the organization, as well as managing information technology. How It Works A financial services institution, such as an investment…
What is the Middle East and North Africa (MENA)? MENA is an abbreviation that stands for the Middle East and North Africa. The Middle East and North Africa is a region comprising of a heterogeneous group of countries. According to the World Atlas, the MENA region consists of 19 countries ranging from oil-exporting nations in…
Who was Milton Friedman? Milton Friedman was an American economist who advocated for free-market capitalism. Friedman’s free-market theories influenced economic policies during his time as one of the University of Chicago’s leading intellectuals. Most of Friedman’s opinions criticized the Keynesian-style economic model, which he observed to be ineffective, or at best, effective only to a…
What are Material Participation Tests? Material participation tests are a set of criteria that the Internal Revenue Service (IRS) uses to determine if an individual actively participated in a business, trade, or other income-producing activity. A taxpayer must pass at least one of the several material participation tests to be considered a material participant. Understanding…
What is the Maximum Loan Amount? The maximum loan amount refers to the highest amount that a financial institution or a bank authorizes an applicant to borrow. The maximum loan amount is applicable to credit cards, standard loans, and line-of-credit accounts. Understanding the Maximum Loan Amount There are several factors that come into play when…
What is Maximum Foreseeable Loss? A maximum foreseeable loss is an insurance term that refers to the worst possible scenario where the claim for damages and loss is the highest. It means that the damages suffered by the insured party are significant, and he/she needs the highest possible payout to restore them to their previous…
