Which of the Following Requires Financial Institutions to Inform Consumers

question 84

Multiple Choice

Which of the following requires financial institutions to inform consumers of their privacy policies and permits consumers some control over their records?

• A) Freedom of Information Act
• B) Gramm-Leach-Bliley Act
• C) COPPA
• D) HIPAA

Understand and calculate the optimum choice of goods for a consumer given their preferences and prices.

Interpret the slope of a consumer's budget constraint and its economic significance.

Explain the conditions under which indifference curves can have atypical shapes and what these shapes indicate about consumer preferences.

Recognize the possibility of abnormal consumer responses to income and price changes, including Giffen goods and inferior goods.

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Definitions:

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs of completion and the necessary costs to make the sale.

Inventory

The raw materials, work-in-progress products, and finished goods considered to be the part of a business's assets that are ready or will be ready for sale.

FIFO Inventory Method

"First In, First Out," a method of inventory valuation where goods purchased first are assumed to be sold first.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before other expenses.