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It Has Been Recommended That an Effective Consumer Affairs Office

question 46

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It has been recommended that an effective consumer affairs office set up an information system to record and analyzes consumer satisfaction and complaints.


Definitions:

Loans

Financial transactions where one party lends money to another with the expectation that it will be repaid, usually with interest, over a specified period.

Usurious Rate

An interest rate charged on a loan that exceeds the legal limit set by law.

Principal

The main party to a transaction or contract, responsible for its fulfilment.

Interest

The cost of borrowing money, represented as a percentage of the total amount loaned, or the revenue from lending money.

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