The CARD Act of 2009 Toned Down the Actions of Credit

question 140

Multiple Choice

The CARD Act of 2009 toned down the actions of credit card issuers by

• A)banning the issuance of credit cards to persons under 18,unless the borrower can show proof that he or she can repay the credit card loans independently.
• B)banning credit card issuers from locating themselves "near campus" (defined as within 50 feet).
• C)banning the issuance of credit cards to persons under 18,unless someone over 25 co-signs on the account.
• D)banning offers of freebies such as free pizza and T-shirts.

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Definitions:

Sells Goods

Describes the action or process where a business entity offers physical products to consumers in exchange for payment.

Retailer

A business that sells goods directly to consumers, typically in small quantities.

Net Income

The total earnings or profit of a company after subtracting all expenses, including taxes and operating expenses, from its total revenue.

Gross Profit

Revenue minus the cost of goods sold, indicating the efficiency of a company in managing its labor and supplies in producing goods.