223. Which of the following items is not required to be disclosed by a creditor as a part of the statement given a debtor?
a. service, activity, carrying and transaction charges
b. loan fees and points
c. fees for credit reports and appraisals in non-real estate transactions
d. charges for credit life and credit accident and health insurance
e. all of the other choices are required to be disclosed
224. What regulation, written by the Federal Reserve Board to implement the Truth–in–Lending Act, specifies items that
must be listed as part of consumer finance charges?
a. Regulation C
b. Regulation X
c. Regulation T
d. Regulation Z
e. none of the other choices
225. is a regulation written by the Federal Reserve Board specifying items that must be listed as part of consumer
finance charges under the Truth-in-Lending Act.
a. Regulation C
b. Regulation X
c. Regulation T
d. Regulation Z
e. none of the other choices
226. is a regulation written by the Federal Reserve Board specifying items that must be listed as part of consumer
finance charges under the Truth-in-Lending Act.
a. Regulation C
b. Regulation X
c. Regulation T
d. Regulation B
e. none of the other choices
227. A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store
fails to disclose the interest rate that it charges for credit. Under the Truth-in–Lending Act, the store is wrong for
not listing the interest:
a. but the customer agreed to it, so there is no violation
b. but the consumer’s only recourse is to cancel the contract
c. and must give the consumer the goods for free as a result
d. and may have to pay the consumer up to $1,000 (civil damages) plus attorney fees
e. there is no violation here
228. A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store
fails to disclose the interest rate that it charges for credit. Under the Truth-in–Lending Act, the store is wrong for
not listing the interest:
a. but the customer agreed to it, so there is no violation
b. but the consumer’s only recourse is to sue to cancel the contract
c. and must give the consumer the goods for free as a result
d. there is no violation because TILA does not apply to this transaction
e. none of the other choices
229. Which of the following can be sued for by consumers under the TILA:
a. twice the amount of the finance charge (up to $1000)
b. court costs
c. attorney’s fees
d. all of the other specific choices are correct
e. none of the other choices are correct
230. The Consumer Leasing Act:
a. applies to most apartment leases
b. only applies to leases for less than $25,000
c. only applies to leases lasting longer than four months
d. applies to leases for less than $25,000 and applies to leases lasting longer than four months
e. applies to leases for less than $25,000 and applies to leases lasting longer than four months and applies to
most apartment leases
231. The Consumer Leasing Act does not apply to leases for:
a. automobiles
b. televisions and other home electronics
c. furniture for a dentist’s office
d. automobiles and furniture for a dentist‘s office
e. all of the other specific choices are not covered by the Act
232. The Consumer Leasing Act applies to consumer leases for all of the following except a lease:
a. of living room furniture for two months
b. of a car for two years
c. of a computer for a year
d. of a big-screen television for six months
e. all of the other choices are covered if for personal use
233. The Consumer Leasing Act applies to consumer leases for all of the following except a lease:
a. of living room furniture for 18 months
b. of a car for two years
c. of a computer for a year
d. of a big-screen television for six months
e. all of the other choices are covered if for personal use
234. The Consumer Leasing Act would apply to which of the following leases:
a. living room furniture for three months
b. an apartment for a year
c. a car for a week
d. a big-screen television for a year
e. all of the other choices would be covered if for personal, not business, use
235. The Consumer Leasing Act would apply to which of the following leases:
a. living room furniture for three months
b. an apartment for a year
c. a car for a week
d. a Hilton Hotel in Hawaii for six months
e. none of the other choices
236. The provides standard terms for leases.
a. Truth–in–Lending Act
b. Consumer Leasing Act
c. Consumer Buying Act
d. Consumer Renting Act
e. Consumer Lease Regulation Act
237. The provides standard terms for leases.
a. Truth–in–Lending Act
b. Consumer Lease Regulation Act
c. Consumer Buying Act
d. Consumer Renting Act
e. none of the other choices are correct
238. Under the Consumer Leasing Act, which of the following must be given before a consumer becomes obligated
under a lease?
a. the identity of the party responsible for maintaining the property
b. the name of the leaser’s agent who is authorized to sign the lease
c. the name of the leaser’s bank
d. the address and relation of the leaser’s credit agency
e. all of the other choices must be provided
239. Which of the following is NOT a required disclosure under the Consumer Leasing Act:
a. number, amount, and period of the payments and the payment total
b. express warranties offered by the leasing party or the manufacturer of the leased property
c. identification of the party responsible for maintaining the leased property
d. all of the other specific choices are required
e. none of the other specific choices are required
240. Which of the following is NOT a required disclosure under the Consumer Leasing Act:
a. number, amount, and period of the payments and the payment total
b. express warranties offered by the leasing party or the manufacturer of the leased property
c. identification of the party responsible for maintaining the leased property
d. the number of leases both parties are involved in
e. all of the other specific choices are required
241. The Fair Credit Billing Act that governs credit card issuers:
a. prohibits mailing unsolicited credit cards
b. applies only to credit cards that charge interest on existing balances
c. establishes procedures for lost or stolen credit cards
d. prohibits mailing unsolicited credit cards and establishes procedures for lost or stolen credit cards
e. prohibits mailing unsolicited credit cards and establishes procedures for lost or stolen credit cards and
establishes procedures for lost or stolen credit cards
242. The Fair Credit Billing Act:
a. prohibits the mailing of unsolicited credit cards
b. holds that if a consumer notifies a credit card company in a timely fashion that a card has been stolen there
is no liability for unauthorized charges
c. holds that a consumer must pay credit card companies the disputed amount but disputes must be resolved in
180 days
d. prohibits the mailing of unsolicited credit cards and holds that if a consumer notifies a credit card company in
a timely fashion that a card has been stolen there is no liability for unauthorized charges
e. none of the other choices
243. The Fair Credit Billing Act:
a. prohibits the mailing of credit cards
b. holds that if a consumer notifies a credit card company in a timely fashion that a card has been stolen there
is no liability for unauthorized charges
c. holds that a consumer must pay credit card companies the disputed amount but disputes must be resolved in
180 days
d. all of the other specific choices
e. none of the other choices
244. To address the issues of consumers being unable to get creditors to correct inaccurate or unauthorized charges that
appeared on their bills and credit cards being sent to people who did not request them the FTC passed the:
a. Fair Credit Billing Act
b. Legitimate Credit Billing Act
c. Real Credit Billing Act
d. Fair Credit Regulation Act
e. Consumer Credit Protection Act
245. Under the Fair Credit Billing Act, a consumer must notify the creditor within
charge.
a. 1 week
b. 30 days
c. 60 days
d. 90 days
e. 6 months
246. Which of the following is not a feature of the Fair Credit Billing Act:
a. restricts the mailing of unsolicited credit cards
b. creditors must follow specific procedures in case a bill is disputed
c. maximum liability for unauthorized charges is $100 if the creditor is notified
d. procedures exist for reporting stolen or lost credit cards
e. all of the other choices are features of the Act
of the billing of a disputed
247. A major enforcement agency of the Fair Credit Billing Act is:
a. the Department of Justice
b. the Office of the Attorney General
c. the Treasury Department
d. the Federal Trade Commission
e. there is no government enforcement; all suits are private
248. A major enforcement agency of the Fair Credit Billing Act is:
a. the Department of Justice
b. the Office of the Attorney General
c. the Treasury Department
d. there is no government enforcement; all suits are private
e. none of the other choices
249. The Credit Card Accountability Responsibility and Disclosure Act (Credit CARD Act) includes which of the
following restrictions for credit card companies:
a. issuers may not raise interest rates on an existing balance and promotional (low) rates must last at least six
months
b. when companies raise rates, they must give card holders 45 days’ notice
c. restrictions are placed on late fees and when they are imposed; no more than one fee may be charged in a
billing cycle if a debtor goes over the card limit; and there may not be charges for Internet or telephone
access when making payments
d. cards may not be issued to consumers under age 21 unless they have independent means of income or get
someone over 21 to co–sign on the account
e. all of the other choices are correct
250. Credit bureaus are regulated by:
a. the Fair Credit Reporting Act
b. the Legitimate Credit Reporting Act
c. the Credit CARD Act
d. Congress
e. none of the other choices are correct
251. Fair credit reporting refers to the requirement that creditors:
a. must disclose all relevant terms in credit transactions
b. must not use sex or race to determine a person’s creditworthiness
c. must not use abusive debt collection techniques
d. credit reporting agencies must provide accurate information in consumer reports
e. none of the other specific choices are correct
252. The Fair Credit Reporting Act:
a. applies to anyone giving financial information about another person
b. provides a statutory right for anyone to obtain a credit report about another person, so long as all parties
involved are notified
c. regulates consumer credit bureaus
d. applies to anyone giving financial information about another person and provides a statutory right for anyone
to obtain a credit report about another person, so long as all parties involved are notified
e. applies to anyone giving financial information about another person and provides a statutory right for anyone
to obtain a credit report about another person, so long as all parties involved are notified and regulates
consumer credit bureaus
253. The Fair Credit Reporting Act:
a. applies to anyone giving financial information about another person
b. provides a statutory right for anyone to obtain a credit report about another person, so long as all parties
involved are notified
c. regulates interest rates on consumer credit
d. all of the other specific choices
e. none of the other choices
254. Under the Fair Credit Reporting Act, a consumer reporting agency (credit bureau) must:
a. allow consumers to see credit ratings of businesses
b. allow consumers to see information about them that results in their being denied credit
c. allow any citizen (or business), without discrimination, to obtain a copy of a consumer report on any person
d. allow consumers to see credit ratings of businesses and allow any citizen (or business), without
discrimination, to obtain a copy of a consumer report on any person
e. allow consumers to see information about them that results in their being denied credit and allow any citizen
(or business), without discrimination, to obtain a copy of a consumer report on any person
255. Under the Fair Credit Reporting Act, consumer bureaus may sell consumer credit reports to:
a. anyone willing to pay for one
b. any person or business who signs an affidavit attesting to legitimate use of the information
c. any person or business who signs an affidavit attesting to legitimate use of the information, knowing that the
fact of the purchase is public record
d. those needing reports for legitimate business needs
e. firms that comply with the Truth-in–Lending Act’s disclosure rules
256. If there is an error in a consumer’s file at a consumer reporting agency, the person should:
a. hire a “credit repair” company to correct the error
b. request a hearing by an FTC Administrative Law Judge
c. notify the FTC about the error, which will have it investigated and corrected, if the loss to the consumer is
“significant”
d. notify the consumer reporting agency, which changes the information or puts a statement from the consumer
in the file
e. do none of the other choices
257. The FTC’s states that the information received in consumer reports must be properly destroyed after it has
been used for its proper purpose.
a. Fairness Rule
b. R-value Rule
c. Disposal Rule
d. Destruction Rule
e. Shredded Documents Rule
258. The FTC’s states that the information received in consumer reports must be properly destroyed after it has
been used for its proper purpose.
a. Fairness Rule
b. R-value Rule
c. Shredded Documents Rule
d. Destruction Rule
e. none of the other choices are correct
259. The FTC‘s Disposal Rule:
a. applies to both electronic and paper documents
b. applies to electronic, but not paper documents
c. applies to paper, but not electronic documents
d. cannot apply to electronic documents because there is really no way to destroy an electronic document
e. none of the other choices are correct
260. Under the Fair and Accurate Credit Transaction Act, credit reporting services must:
a. allow consumers to see their credit reports annually for free
b. allow consumers to see their credit reports upon request for free
c. allow consumers to see their credit reports for $10
d. notify consumers any time their credit reports have been accessed by an outside party
e. none of the other choices
261. Under the Fair and Accurate Credit Transaction Act, credit reporting services must:
a. ensure that credit reports are provided to creditors upon request
b. allow consumers to see their credit reports upon request for free
c. allow consumers to see their credit reports for $10
d. notify consumers any time their credit reports have been accessed by an outside party
e. none of the other choices
262. Under the , credit reporting services must allow consumers to see their credit reports annually for free.
a. Free Trade Act
b. Fair and Accurate Credit Transactions Act
c. Fair and Open Credit Act
d. Fair Credit Reporting Act
e. True and Fair Credit Transactions Act
263. Under the , credit reporting services must allow consumers to see their credit reports annually for free.
a. Free Trade Act
b. True and Fair Credit Transactions Act
c. Fair and Open Credit Act
d. Fair Credit Reporting Act
e. none of the other choices are correct
264. The primary concern of the Fair and Accurate Credit Transaction Act is to:
a. help deal with identity theft
b. help deal with low credit scores
c. help minority groups get credit cards
d. help students improve their credit ratings
e. none of the other choices are correct
265. Under the Fair and Accurate Credit Transaction Act, the FTC has issued regulations:
a. that credit card receipts may not show more than the last five numbers of a card
b. that credit card receipts must show the expiration date of a card
c. that credit card receipts must show the name of the holder of a card
d. that credit transaction records must be maintained for at least two years
e. all of the other choices
266. Which of the following would be a “red flag” under the FTC‘s Red Flag Rule:
a. an alert from a consumer reporting agency
b. a suspicious document related to credit accounts
c. a notice from a customer about possible identity theft
d. a peculiar address
e. all of the other specific choices are correct
267. Under the Fair and Accurate Credit Transaction Act, the FTC has issued regulations:
a. that credit card receipts may not show more than the last five numbers of a card
b. that consumers must be allowed to correct bad information on their credit reports
c. that consumer information must be properly disposed of
d. that credit card details may not be printed on credit receipts
e. all of the other choices
268. Credit discrimination on the basis of race, sex, color, religion, national origin, marital status, receipt of public
benefits, the good-faith exercise of the applicant’s rights under any part of the CCPA, or age is prohibited by:
a. the Equal Credit Opportunity Act
b. the Fair and Just Credit Opportunity Act
c. the Fair Credit Opportunity Act
d. the Justified Credit Opportunity Act
e. the Good-faith Credit Act
269. Equal credit opportunity refers to the requirement that creditors:
a. must disclose all relevant terms in credit transactions
b. must not use sex or race to determine a person’s creditworthiness
c. must not use abusive debt collection techniques
d. all of the other specific choices are correct
e. none of the other specific choices are correct
270. Under the Equal Credit Opportunity Act, lenders can:
a. not discriminate on religion even if people of that religion frequently default on their loans
b. discriminate against persons who receive welfare
c. discriminate against persons because of race
d. not discriminate against persons with low income
e. not discriminate by charging different debtors different interest rates
271. Under the Equal Credit Opportunity Act, lenders can:
a. not discriminate by charging different debtors different interest rates
b. discriminate against persons who receive welfare
c. discriminate against persons because of race
d. not discriminate against persons with low income
e. none of the other choices
272. Which of the following is a prohibited basis under the Equal Credit Opportunity Act:
a. race
b. sex
c. age
d. religion
e. all of the other specific choices are correct
273. Which of the following is a prohibited basis under the Equal Credit Opportunity Act:
a. marital status
b. national origin
c. color
d. religion
e. all of the other specific choices are correct
274. Which of the following is NOT a prohibited basis under the Equal Credit Opportunity Act:
a. marital status
b. sex
c. age
d. religion
e. all of the other specific choices are prohibited bases