Which of the Following Is Covered by the Gramm-Leach-Bliley Act

question 117

Multiple Choice

Which of the following is covered by the Gramm-Leach-Bliley Act of 1999?

• A) information related to national security
• B) records maintained by the U.S.government
• C) consumer financial data stored by financial institutions
• D) health data collected by doctors and other health-care providers

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Definitions:

Normal Balances

Normal balances refer to the side (debit or credit) on which an increase in the account balance is recorded, based on double-entry accounting principles.

Liabilities

Financial obligations or debts owed by a business to external parties or individuals.

Accounts Payable

Funds that a company needs to pay back to its suppliers or creditors for products and services that it has acquired.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, showing revenues, expenses, and profits or losses.