The Equal Credit Opportunity Act Requires That a Lender Not

question 122

True/False

The Equal Credit Opportunity Act requires that a lender not turn you down for credit based on your age as long as you are old enough to sign a legal contract,which is usually allowed at age 16.

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Definitions:

Multi-step Income Statement

An income statement that segregates total revenues and expenses into operating and non-operating categories, providing a detailed view of a company's financial performance.

Bond Discount

The disparity in value when a bond's selling price is beneath its designated face value.

Semiannual Interest

Interest that is computed and disbursed semi-annually, commonly associated with bonds and loans.

Straight-line Method

An approach to calculate depreciation or amortization by equally dividing the asset's expense over its useful life.