What Is a Problem with the Free Annual Credit Report

question 36

Multiple Choice

What is a problem with the free annual credit report web site?

• A) Free reports are typically 12-18 months old.
• B) Free reports only give you the credit rating, not if someone has used your identity to get credit.
• C) The web site requires you to subscribe to an annual subscription to a financial magazine.
• D) The web site has many impostors with similar names that actually take consumer information and steal their identities.

Differentiate between a commercial unit and its implications for sales transactions.

Recognize the legal remedies available for unconscionability in contracts.

Understand the distinctions between full, limited, express, and implied warranties.

Distinguish between shipment and destination contracts and their obligations.

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Definitions:

Business Transaction

An economic event or condition that directly changes an entity’s financial condition or directly affects its results of operations.

Journal

A detailed record where all financial transactions of a business are initially recorded in chronological order.

Laser Equipment

Tools or devices that use laser technology for various applications such as cutting, engraving, or medical surgery.

Purchased

Acquiring goods, services, or assets in exchange for money or its equivalent.