Which of the Following Acts Protects Consumers Who Have Errors

question 84

Multiple Choice

Which of the following acts protects consumers who have errors in credit card billings?

• A) Equal Credit Opportunity Act.
• B) Fair Credit Billing Act.
• C) Fair Debt Collection Practices Act.
• D) Truth-in-Lending Act.

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Definitions:

NSF Check

A check that has been returned by a bank because of insufficient funds in the account to cover the amount written on the check.

Outstanding Checks

Checks that have been issued and recorded by an entity but have not yet been cashed or cleared by the bank.

Petty Cash Fund

A small amount of cash kept on hand for minor or incidental expenses.

Journal Entries

The basic method of recording financial transactions in accounting, which involves making entries to accounts in a double-entry bookkeeping system.