4.01 Business Law Question Preview (ID: 53605)


Learn Your Terms For Financial, Credit And Bankruptcy Law. TEACHERS: click here for quick copy question ID numbers.

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) bank fraud
c) Thrift and Bank Fraud Act
d)

Created to maintain the public’s confidence in banks and encourage stable banking practices
a) Federal Deposit Insurance Act
b) Electronic Fund Transfer Act
c) Home Equity
d)

Home Equity is defined as:
a) rRequires creditors to disclose the conditions, rates, and terms of home equity loan plans
b) provides consumers against unauthorized electronic fund transactions including debit and credit card purchases, ATM withdrawa
c) the current market value of a home minus the remaining mortgage balance
d)

Requires creditors to disclose the conditions, rates, and terms of home equity loan plans
a) Home Equity Loan Consumer Protection Act
b) Home Equity
c) Thrift and Bank Fraud Act
d)

Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches
a) Bank Fraud
b) Rights to Financial Privacy Act
c) Thrift and Bank Fraud Act
d)

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
d)

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) Fair Credit Reporting Act
c) Creditor:
d)

Creditor is defined as:
a) Person or business that receives the credit
b) Person or business providing credit
c) Person or business providing credit
d)

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) Credit Score
c) Experian
d)

Person or business providing credit
a) Creditor
b) Debtor
c)
d)

Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age
a) Credit Card Act of 2020
b) Credit Card Act of 2009
c) Credit Card Act of 2010
d)

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) Fair Credit Billing Act
b) Equal Credit Opportunity Act
c)
d)

Sets the maximum amount of interest that can be charged for a loan
a) Usury
b) Federal Trade Commission
c)
d)

Prohibits unfair, abusive, and deception methods of collecting debt
a) Federal Trade Commission
b) Truth-in-Lending Act
c) Fair Debt Collection Practices Act
d)

Requires the debtor to liquidate (sale) nonexempt property to repay creditors
a) Chapter 22
b) Chapter 7
c) Chapter 2020
d)

A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future
a) credit
b) bankruptcy
c) finances
d)

Form of bankruptcy that allows businesses to create a plan to “reorganize” and pay off their debts over time
a) Chapter 31
b) Chapter 7
c) Chapter 11
d)

Form of bankruptcy that allows family farmers and fishing business owners to recover from debt
a) Chapter 12
b) Chapter 11
c) Chapter 10
d)

Form of bankruptcy that allows an individual to submit a plan to repay debts in 3 to 5 years.
a) Chapter 5
b) Chapter 4
c) Chapter 13
d)

Legal proceeding for a person or business unable to pay an outstanding debt
a) bankruptcy
b) credit
c) finances
d)

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