It Is Illegal for a Federally Insured Financial Institution to Charge

question 55

True/False

It is illegal for a federally insured financial institution to charge those with poor credit higher interest rates than those with good credit.

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Definitions:

Concrete-operational Thought

A stage in Piaget's theory of cognitive development during which children gain the ability to think logically about concrete events.

Formal-operational Thought

The fourth and final stage of Piaget's theory of cognitive development, characterized by the ability to think abstractly, logically, and systematically.

Hypothetical-deductive Reasoning

A method of problem solving or decision-making that starts with a hypothesis or question and involves deducing specific predictions and testing them.

Adolescent Egocentrism

Adolescent egocentrism is a phase in teenage development characterized by a heightened focus on oneself and the belief that one's thoughts, feelings, and experiences are unique.