What Is the "Right of Rescission

question 35

Multiple Choice

What is the "right of rescission"?

• A)Correction of outdated or wrong information and its notification to credit information recipients.
• B)A cancellation right for three business days after the purchase on credit or after the creditor makes the required disclosure.
• C)Rights to the creditor to accept or reject consumer applications within 30 days.
• D)A cardholder's right to limited liability for unauthorized use of a credit card.

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Definitions:

Income Concept

An economic term referring to the sum of all earnings and other benefits received by an individual or entity, typically measured over a specified time period.

Income Inequality

The skewed allocation of financial resources among individuals or households within an economic setting.

Discrimination

Unequal treatment or bias against individuals or groups based on characteristics such as race, gender, religion, or nationality.

Noncash Transfers

Benefits provided by governments or organizations to individuals that are not in the form of cash, such as food stamps or healthcare services.