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Business Law 4.01: Financial, Credit, And Bankruptcy Law
Test Description: Financial, Credit, and Bankruptcy Law
Instructions: Answer all questions to get your test result.
1) Joan is concerned she will be turned down for a loan because she is a single female. What law protects her against this concern?
A
Fair Credit Reporting Act
B
Fair Credit Billing Act
C
Fair Debt Collections Act
D
Equal Credit Opportunity Act
2) Danielle applied for a position with the FBI. She has the right to know that they viewed her credit history while checking her background. This right is granted by which act?
A
Fair Credit Reporting Act
B
Truth In Lending Law
C
Credit Card Act of 2009
D
Usury Law
3) Craig returned a recently purchased stereo to Electronic Warehouse for a full refund. Last week Craig’s credit card bill still showed a charge for the purchase. What law could help Craig correct this error?
A
Federal Trade Commission Act
B
Fair Credit Billing Act
C
Disputed Charges Reform Act
D
Fair Credit Reporting Act
4) What is the purpose of bankruptcy laws?
A
Give debtors an opportunity to recover from overwhelming debt
B
Pay selected creditors only
C
Give creditors an opportunity to recover from overwhelming debt
D
Pay only selected debtors
5) Janet stole money from several different checking accounts. She had to pay a $5,000 fine and spent five years in prison. Janet violated which act?
A
Thrift and Bank Fraud Act
B
Home Equity Loan Consumer Protection Act
C
Electronic Fund Transfer Act
D
Federal Deposit Insurance Act
6) Mark’s credit report indicates non-payment of a credit card bill. Mark wants to correct this error. Which act was passed by Congress to assist Mark in correcting this dispute?
A
Fair Debt Collection Practices
B
Equal Credit Opportunity
C
Disputed Charges Reform
D
Fair Credit Reporting
7) Jason lost his credit card while on a recent trip. Which act will limit his liability?
A
Electronic Fund Transfer Act
B
Thrift and Bank Fraud Act
C
Home Equity Loan Consumer Protection Act
D
Federal Deposit Insurance Act
8) Kristin obtained a loan from a bank but she never received a statement telling her repayment terms and the annual percentage rate. Which law did this financial institution violate?
A
Usury Law
B
Credit Card Act of 2009
C
Fair Credit Reporting Act
D
Truth In Lending Law
9) Michelle obtained a letter from Nordstrom's stating that her credit application had been approved. Michelle can spend up to $15,000 and the annual interest rate is 15.99%. Nordstrom's followed which law?
A
Fair Credit Reporting Act
B
Usury Law
C
Truth In Lending Law
D
Credit Card Act of 2009
10) Chris received his VISA statement in the mail. He now understands how long it will take to pay off the balance if he only makes the minimum payment. VISA is complying with which act?
A
Fair Credit Reporting Act
B
Usury Law
C
Credit Card Act of 2009
D
Truth In Lending Law
11) VISA increased Jimmy's interest rate from 10.99% to 15.99% without notifying him of this change in writing. Which law did VISA violate?
A
Fair Credit Reporting Act
B
Credit Card Act of 2009
C
Truth In Lending Law
D
Usury Law
12) Vince is being threatened by his credit card company after falling behind in his payments. What law protects him against this concern?
A
Fair Credit Reporting Act
B
Fair Credit Billing Act
C
Equal Credit Opportunity Act
D
Fair Debt Collections Act
13) Catherine has $175,000 in an account at Bank of America. Which act protects her account if the bank fails?
A
Thrift and Bank Fraud Act
B
Electronic Fund Transfer Act
C
Federal Deposit Insurance Act
D
Home Equity Loan Consumer Protection Act
14) Bart has no chance of getting out of debt and needs to liquidate all his belongings to pay creditors. Bart should file for which type of bankruptcy?
A
Chapter 13
B
Chapter 11
C
Chapter 12
D
Chapter 7
15) Jan’s landlord threatens to report unsubstantiated debts on her credit. What law protects her against this concern?
A
Equal Credit Opportunity Act
B
Fair Credit Reporting Act
C
Fair Credit Billing Act
D
Fair Debt Collections Act
16) Tammy obtained a loan with an interest rate of 39.99% from a bank. Which law did this financial institution violate?
A
Truth In Lending Law
B
Credit Card Act of 2009
C
Usury Law
D
Fair Credit Reporting Act
*select an answer for all questions
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