Enforcement and Interpretation of the Truth-In-Lending Act Is Now the Responsibility

question 32

Multiple Choice

Enforcement and interpretation of the Truth-in-Lending Act is now the responsibility of the:

• A) Consumer Financial Protection Bureau.
• B) Justice Department.
• C) Federal Trade Commission.
• D) Federal Reserve Board.

---

Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business.

Current Liabilities

Current liabilities are obligations a company must pay within one year, including accounts payable, short-term loans, and taxes owed.

Note Issuance

The process of creating and distributing a debt security or promissory note, promising to pay back a specified amount of money at a future date.

Face Amount

The nominal value of a security stated by the issuer, for example, the value printed on the face of a bond.