Under the Fair and Accurate Credit Transaction Act, the FTC

question 332

Multiple Choice

Under the Fair and Accurate Credit Transaction Act, the FTC has issued regulations:

• A) that credit card receipts may not show more than the last five numbers of a card
• B) that consumers must be allowed to correct bad information on their credit reports
• C) that consumer information must be properly disposed of
• D) that credit card details may not be printed on credit receipts
• E) all of the other choices

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Definitions:

Translation Adjustment

An adjustment made in the process of translating a foreign subsidiary's financial statements into the parent company's reporting currency.

Foreign Currency

Currency used in a country other than one's own, involving exchange risk when converting from one currency to another.

Net Realizable Value

The estimated selling price in the ordinary course of business minus any costs of completion, disposal, and transportation.