The Fair Credit Reporting Act Has to Do With

question 18

Multiple Choice

The Fair Credit Reporting Act has to do with:

• A) bills that are incorrectly added.
• B) credit checks done by potential lenders.
• C) reports made by credit agencies.
• D) All of these.
• E) reports made by credit agencies and also  credit checks done by potential lenders.

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Definitions:

Depreciation Method

A systematic approach used to allocate the depreciable amount of an asset over its useful life, such as straight-line or declining balance methods.

Depletion

The systematic allocation of the cost of natural resources over the period of their extraction and sale.

Natural Resource

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

Depreciable Asset

An asset that loses value over time due to usage, wear and tear, or obsolescence, which can be an expense on the income statement over its useful life.