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4.01 Business Law
Test Description: Learn your terms for financial, credit and bankruptcy law.
Instructions: Answer all questions to get your test result.
1) The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses
A
Electronic Fund Transfer Act:
B
Thrift and Bank Fraud Act
C
bank fraud
2) Created to maintain the public’s confidence in banks and encourage stable banking practices
A
Electronic Fund Transfer Act
B
Federal Deposit Insurance Act
C
Home Equity
3) Home Equity is defined as:
A
the current market value of a home minus the remaining mortgage balance
B
rRequires creditors to disclose the conditions, rates, and terms of home equity loan plans
C
provides consumers against unauthorized electronic fund transactions including debit and credit card purchases, ATM withdrawa
4) Requires creditors to disclose the conditions, rates, and terms of home equity loan plans
A
Home Equity Loan Consumer Protection Act
B
Thrift and Bank Fraud Act
C
Home Equity
5) Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches
A
Thrift and Bank Fraud Act
B
Rights to Financial Privacy Act
C
Bank Fraud
6) Increased the government’s ability to combat bank fraud is called: ___
A
Thrift and Bank Fraud Act:
B
Federal Deposit Insurance Act
C
Rights to Financial Privacy Act
7) Law that grants consumers to the right to know who requests to view their credit report over the past year
A
Fair Credit Billing Act
B
Creditor:
C
Fair Credit Reporting Act
8) Creditor is defined as:
A
Person or business providing credit
B
Person or business that receives the credit
C
Person or business providing credit
9) Document that summarizes a consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments (if any)
A
Credit Report
B
Experian
C
Credit Score
10) Person or business providing credit
A
Debtor
B
Creditor
11) Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age
A
Credit Card Act of 2009
B
Credit Card Act of 2010
C
Credit Card Act of 2020
12) Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance
A
Equal Credit Opportunity Act
B
Fair Credit Billing Act
13) Sets the maximum amount of interest that can be charged for a loan
A
Usury
B
Federal Trade Commission
14) Prohibits unfair, abusive, and deception methods of collecting debt
A
Federal Trade Commission
B
Truth-in-Lending Act
C
Fair Debt Collection Practices Act
15) Requires the debtor to liquidate (sale) nonexempt property to repay creditors
A
Chapter 2020
B
Chapter 7
C
Chapter 22
16) A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future
A
credit
B
finances
C
bankruptcy
17) Form of bankruptcy that allows businesses to create a plan to “reorganize” and pay off their debts over time
A
Chapter 31
B
Chapter 11
C
Chapter 7
18) Form of bankruptcy that allows family farmers and fishing business owners to recover from debt
A
Chapter 10
B
Chapter 11
C
Chapter 12
19) Form of bankruptcy that allows an individual to submit a plan to repay debts in 3 to 5 years.
A
Chapter 4
B
Chapter 5
C
Chapter 13
20) Legal proceeding for a person or business unable to pay an outstanding debt
A
credit
B
bankruptcy
C
finances
*select an answer for all questions
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