Introduction to Business

Section 1: Credit Laws

Self-Checks

1
A law restricting the amount of interest that can be charged for credit is a(n) ______ .
A)credit act
B)interest regulation
C)credit limit
D)usury law
2
The ______ (FTC) enforces credit laws and helps consumers with credit problems.
A)Federal Trade Commission
B)Free Trade Commission
C)Federal Trade Council
D)Free Trade Council
3
A federal law that requires creditors to inform consumers about the terms of credit is the ______ .
A)Consumer Credit Protection Act
B)Fair Credit Billing Act
C)Equal Credit Opportunity Act
D)Fair Credit Reporting Act
4
A federal law that states that credit applications can be judged only on the basis of financial responsibility is called the ______ .
A)Equal Credit Opportunity Act
B)Fair Credit Reporting Act
C)Fair Credit Billing Act
D)Fair Debt Collection Practices Act
5
A record of an individual's past borrowing and repayments is called a credit ______ .
A)appraisal
B)report
C)register
D)review
6
A federal law that allows individuals to examine and correct information used by credit reporting agencies is called the ______ .
A)Consumer Credit Protection Act
B)Fair Credit Reporting Act
C)Fair Credit Billing Act
D)Fair Debt Collection Practices Act
7
A federal law that requires creditors to correct billing mistakes that are brought to their attention is called the ______ .
A)Equal Credit Opportunity Act
B)Fair Credit Reporting Act
C)Fair Credit Billing Act
D)Fair Debt Collection Practices Act
8
A federal law that permits consumers to stop a credit payment for an item that is damaged or defective is called the ______ .
A)Equal Credit Opportunity Act
B)Fair Credit Reporting Act
C)Fair Credit Billing Act
D)Fair Debt Collection Practices Act
9
A federal law that serves to regulate collection agencies is called the ______ .
A)Collection Protection Act
B)Equal Credit Opportunity Act
C)Consumer Credit Protection Act
D)Fair Debt Collection Practices Act
10
A person or business that collects payments for overdue bills is called a ______ .
A)collection agent
B)protection agent
C)credit agent
D)revenue agent
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