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.

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Definitions:

Standard Price

The pre-determined cost that a company expects to pay for goods and services.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, providing a more accurate comparison of actual to budgeted expenses.

Operating Period

This term describes the span of time during which a business operates or performs its principal activities, often measured in fiscal quarters or years.

Quantity Variance

The difference between the expected and actual amount of materials or products used in production, affecting cost and efficiency.