In the Context of Credit Card Practices, a Mandate of the Credit

question 8

Multiple Choice

In the context of credit card practices, a mandate of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 is that:

• A)a credit card holder must not hold a joint bank account with his or her spouse.
• B)anyone under the age of 21 must have an older adult cosign the credit card application.
• C)there should be no caps on the types of fees that credit card issuers can charge.
• D)issuers must give a 10-day notice before making significant changes to credit agreements.

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Definitions:

Bankruptcy

A judicial process concerning an individual or enterprise that cannot fulfill its debt obligations.

Service Contract

A formal agreement between a service provider and a client, detailing the terms of service to be rendered.

Performance Obligations

A term in revenue recognition denoting promises to transfer goods or services to a customer as part of a contract.

Cash Receipts

The total amount of money, including cash, checks, and electronic transfers, received by a business during a given period.