The Right of Individuals to Inspect Their File at a Credit

question 80

Multiple Choice

The right of individuals to inspect their file at a credit bureau is found in the

• A) Truth-in-Lending Act.
• B) Fair Credit Reporting Act.
• C) Regulation Z.
• D) Federal Consumer Credit Protection Act.

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Definitions:

Weighted Average Periodic Method

An inventory costing method where goods are valued at an average cost, calculated periodically, taking into account the weight of each purchase.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold (COGS).

Lower-of-cost-or-market

An accounting principle requiring that inventory be recorded at the lower of either its original cost or its current market price.

Ending Inventory

The final stock level of products or materials that a company has in hand at the close of an accounting period, rephrased as "terminal inventory balance."