The Fair Credit Reporting Act of 1970 Was Passed with the Goal

question 16

Multiple Choice

The Fair Credit Reporting Act of 1970 was passed with the goal to ensure which of the following?

• A)CRA certification
• B)the regulation of consumer credit information
• C)the limitation of unfair or abusive lending practices
• D)full disclosure of all the terms and costs of a loan

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Definitions:

Reconciled Cash Balance

The process of verifying and adjusting the balance of cash recorded in a company's books with the balance reported by the bank, ensuring accuracy.

Reconciled Cash Balance

The balance of cash on hand after adjustments have been made for receipts, payments, errors, and discrepancies during a specific period.

Check Stub

A portion of a check that is retained as a record, detailing the amount, date, and other relevant information about the transaction.

Balance Brought Forward

The opening balance of an account that is carried over from the end of a previous period.