Federal Regulation of the Relationship Between Consumers and Creditors Is

question 451

Multiple Choice

Federal regulation of the relationship between consumers and creditors is based on an umbrella law that contains many credit laws:

• A) the Truth-in-Lending Act
• B) the Consumer Credit Protection Act
• C) the Equal Credit Opportunity Act
• D) the Fair Consumer Credit Act
• E) none of the other choices

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Definitions:

Journal

A chronological record of all financial transactions, providing the initial point of entry for all accounting data into the accounting system.

Metric Unit

A system of measurement based on meters, liters, and grams, used internationally for scientific and commercial purposes.

Decimal Point

A dot or small mark used to separate the integer part from the fractional part of a decimal number.

Kilograms

A unit of mass in the metric system, equivalent to one thousand grams or approximately 2.20462 pounds.