Business Law 4.01: Financial, Credit, And Bankruptcy Law: Question Preview (ID: 25674)


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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) Equal Credit Opportunity Act b) Fair Credit Billing Act c) Fair Credit Reporting Act d) Fair Debt Collections Act
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) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
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) Disputed Charges Reform Act b) Fair Credit Billing Act c) Fair Credit Reporting Act d) Federal Trade Commission Act
What is the purpose of bankruptcy laws?
a) Give creditors an opportunity to recover from overwhelming debt b) Give debtors an opportunity to recover from overwhelming debt c) Pay selected creditors only d) Pay only selected debtors
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) Federal Deposit Insurance Act b) Electronic Fund Transfer Act c) Thrift and Bank Fraud Act d) Home Equity Loan Consumer Protection Act
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) Disputed Charges Reform b) Equal Credit Opportunity c) Fair Credit Reporting d) Fair Debt Collection Practices
Jason lost his credit card while on a recent trip. Which act will limit his liability?
a) Federal Deposit Insurance Act b) Electronic Fund Transfer Act c) Thrift and Bank Fraud Act d) Home Equity Loan Consumer Protection Act
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) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
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) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
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) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
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) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
Vince is being threatened by his credit card company after falling behind in his payments. What law protects him against this concern?
a) Equal Credit Opportunity Act b) Fair Credit Billing Act c) Fair Credit Reporting Act d) Fair Debt Collections Act
Catherine has $175,000 in an account at Bank of America. Which act protects her account if the bank fails?
a) Federal Deposit Insurance Act b) Electronic Fund Transfer Act c) Thrift and Bank Fraud Act d) Home Equity Loan Consumer Protection Act
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 7 b) Chapter 11 c) Chapter 12 d) Chapter 13
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 Billing Act c) Fair Credit Reporting Act d) Fair Debt Collections Act
Tammy obtained a loan with an interest rate of 39.99% from a bank. Which law did this financial institution violate?
a) Credit Card Act of 2009 b) Usury Law c) Truth In Lending Law d) Fair Credit Reporting Act
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