The Truth in Lending Law Requires That a Lending Institution

question 24

True/False

The Truth in Lending Law requires that a lending institution must tell the borrower, in writing, what the actual interest rate is going to be.

---

Definitions:

Inventory Controls

Systems and procedures used to manage and regulate the quantity, quality, and cost of inventory.

Merchandise

Goods or products that are bought and sold in any business activity.

LIFO

Last In, First Out, an inventory valuation method where the last items added to inventory are assumed to be the first sold.

Inventory Costing Methods

Techniques used to calculate the cost of inventory, including First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and Average Cost methods.