In Relation to Consumer Credit Contracts, the National Credit Code

question 16

Multiple Choice

In relation to consumer credit contracts, the National Credit Code provides for:

• A) Rights and obligations of the parties.
• B) Full disclosure of the true cost of the credit provided.
• C) Relief for hardship and reopening of unjust transactions.
• D) All of the above.

Recognize the importance and computation of the cost of goods available for sale.

Identify different incentives for prompt payment by customers.

Calculate the effects of sales discounts on cash receipts.

Understand the normal credit balance of various accounts.

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Definitions:

Outsiders

Individuals or groups who are not part of a specific social group or who are perceived as different from mainstream society.

American Dream

The national ethos of the United States, characterized by the ideals of democracy, rights, liberty, opportunity, and equality, where success is achievable by any American through hard work.

Sex

The biological distinction between male and female organisms based on reproductive roles and functions.