Which of the Following Statements Regarding Applications Is Correct

question 39

Multiple Choice

Which of the following statements regarding applications is correct?

• A) Applications must be signed to be valid.
• B) Creditors may accept oral applications.
• C) Creditors may not develop their own definition for a completed application.
• D) A creditor is not required to attempt to complete incomplete applications.

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Definitions:

Federal Reserve Note

The official paper currency of the United States, issued by the Federal Reserve, and the most common form of U.S. banknotes in circulation.

Token Money

Money whose face value exceeds its cost of production, typically involving coins and paper money not backed by a commodity.

Legal Tender

The coins or banknotes that must be accepted if offered in payment of a debt.

Debit Cards

Plastic cards issued by banks that allow cardholders to transfer money electronically from their bank account when making a purchase.