_______________ Refers to Any Minor Offense,generally Punishable by a Fine

question 9

Short Answer

_______________ refers to any minor offense,generally punishable by a fine or a short term,usually not to exceed one year,in a jail or workhouse.

Understand the components of a comprehensive consumer credit report and the regulations governing credit reporting.

Realize the implications of non-compliance with the Fair Credit Billing Act by credit card issuers.

Recognize the criteria for proving deception under Section 5 of the FTC Act.

Understand the limitations of the Magnuson-Moss Act regarding sales to manufacturing plants and commercial equipment.

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Definitions:

Master Budget

The master budget is a comprehensive financial planning document that includes all of a company's budgeted financial statements and operating plans for a specific period.

Raw Materials

The basic materials and components used in the production processes of manufacturing goods.

Finished Goods Inventory

The completed products that are ready for sale but have not yet been sold.

Cash Collections

The process of gathering all monies owed to a company by its customers, reflecting inflow of cash.