The _____ Requires That a Credit Applicant Be Notified of the Credit

question 13

Multiple Choice

The _____ requires that a credit applicant be notified of the credit decision within 30 days of receipt of the request or application.

• A)Credit Extension Act
• B)Equal Availability Credit Act
• C)Credit Conformant Act
• D)Equal Credit Opportunity Act

---

Definitions:

Ending Inventory

The total value of all products, goods, and materials in stock at the end of an accounting period.

Interim Financial Statements

Financial reports covering a period of less than a full fiscal year, often quarterly.

Full Disclosure

A principle requiring that all material facts and information related to financial transactions be disclosed in financial statements.

Conservatism Principle

An accounting principle that advises reporting expenses and liabilities as soon as possible, but revenue only when it is ensured.