The Truth-In-Lending Simplification Act

question 83

Multiple Choice

The Truth-in-Lending Simplification Act:

• A) permits debt collectors to contact third parties but the debt collector may not state that the consumer owes a debt.
• B) redefines the necessary items to be included in a finance statement.
• C) requires the First Bank of the United States to issue model disclosure forms.
• D) requires the imposition of fines for technical breaches of the Act.
• E) eliminates statutory penalties for purely technical violations of the Act.

---

Definitions:

Speeding Ticket

A notice issued by law enforcement to a driver who has violated traffic speed regulations, typically requiring payment of a fine.

Revenue Per Mile

A financial metric used primarily in transportation and logistics to measure the amount of income generated for every mile of transportation.

Profit Maximization

The process or strategy of adjusting production and operation inputs to achieve the highest possible profit.

Short-Run Marginal Costs

The cost to produce one additional unit of a good or service in the short run, where at least one input is fixed.