Puget sound divers is a company that provides diving services such as underwater ship repairs to clients in the puget sound area. the company’s planning budget for may appears below: puget sound divers planning budget for the month ended may 31 budgeted diving-hours (q) 400 revenue ($430.00q) $ 172,000 expenses: wages and salaries ($11,300 + $130.00q) 63,300 supplies ($5.00q) 2,000 equipment rental ($2,200 + $22.00q) 11,000 insurance ($4,200) 4,200 miscellaneous ($510 + $1.48q) 1,102 total expense 81,602 net operating income $ 90,398

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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