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ACCT 3350 (D216) Business Law For Accountants OA Final Exam Version 2 Newest 2025/2026 Complete 100 Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+||Brand New Version!!
Do merchants have to issue a refund within a specific period of time when a consumer cancels an order? - ANSWER-Yes
What agency oversees the credit practices of banks, mortgage lenders, and credit-card companies? - ANSWER-The CFPB
The TILA regulates what? - ANSWER-The credit and credit card industries
The TILA is a disclosure law that requires sellers and lenders to disclose what? - ANSWER-Credit and loan terms
TILA's disclosure requirements are contained in what? - ANSWER-Reg Z
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Are installment loans, retail and installment sales, car loans, home-improvement loans, and certain retail loans (if the amount of financing is less than 25,000) all subject to Reg Z? - ANSWER-Yes
Under the provisions of the TILA, does a lender have to disclose the APR, finance charge, amount financed, and total payments? - ANSWER-Yes
If a creditor fails to follow the exact procedures required by the TILA, they risk what? - ANSWER-Contract rescission (cancellation)
The ECOA prohibits the denial of credit solely on the basis of race, religion, national origin, color, and what else? - ANSWER- Gender, marital status, or age
Does the ECOA prohibit credit discrimination on the basis of whether and individual receives certain forms of income, such as public-assistance benefits? - ANSWER-Yes
A provision of the TILA limits the liability of a cardholder to how much per card for unauthorized charges made before the 2 / 3
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creditor is notified that the card has been stolen? - ANSWER- $50
Is a consumer liable for unauthorized charges on an unsolicited credit card they received in the mail if it's later stolen? - ANSWER-No
Are credit card companies required to disclose the balance computation method that's used to determine the outstanding balance? - ANSWER-Yes
Are credit card companies required to state when finance charges begin to accrue? - ANSWER-Yes
Is a company allowed to retroactively increase the interest rates on existing card balances if the account is less than sixty days delinquent? - ANSWER-No
Is a company required to provide 45 days' advance notice to consumers before changing its credit-card terms? - ANSWER- Yes
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