The _____ Requires That a Credit Applicant Be Notified of the Credit

question 5

Multiple Choice

The _____ requires that a credit applicant be notified of the credit decision within 30 calendar days following application.

• A)Consumer Credit Protection Act
• B)Fair Credit Reporting Act
• C) Accurate Credit Transactions Act
• D) Equal Credit Opportunity Act

---

Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, depending on the outcome of a specific event.

Accrued Liability

An expense that a business has incurred but has not yet paid, which is recognized in the financial statements for the period it relates to.

Loss

The result when a company's expenses exceed its revenues during a specific period, leading to a negative net income.

Operating Cycle

The average time period between the acquisition of materials for production and the receipt of cash from sales of the finished goods, critical for managing cash flow.