Which of the Following Acts Sets Procedures for Promptly Correcting

question 13

Multiple Choice

Which of the following acts sets procedures for promptly correcting billing mistakes,refusing to make credit card or revolving credit payments on defective goods,and promptly crediting your payments?

• A) Experian Act of 1982
• B) Fair Credit Reporting Act of 1971
• C) Bills and Disputes Act of 1963
• D) Equifax Act of 1979
• E) Fair Credit Billing Act of 1975

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Definitions:

Margin of Safety

The difference between actual or expected sales and the break-even point, reflecting the cushion against a loss.

Break Even

Break even refers to the point at which total costs and total revenue are equal, resulting in no net loss or gain and the initial investment is recovered.

Fixed Costs

Expenses that do not change with the volume of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity levels.

Contribution Margin Ratio

A financial metric that shows the percentage of revenue that exceeds variable costs, indicating how much revenue contributes to fixed costs and profits.