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Question
Under the Truth in Lending Act, "finance charge":
A. includes all costs related to the extension of credit.
B. includes all costs related to the extension of credit except for fees for credit reports.
C. includes only interest rates but not any other credit charges.
D. does not include loan fees and fees for credit reports.
Answer
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Related questions
Q:
The Consumer Product Safety Act (CPSA):
A. provides civil penalties against those who knowingly and willfully violate CPSC rules even after being issued notification by it.
B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
Q:
The Consumer Product Safety Commission's authority is applicable to ___.
A. firearms
B. drugs
C. cosmetics
D. lawn mowers
Q:
The Holder in Due Course rule:
A. alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C. eliminates rights that the consumer may have as a matter of federal, state, or local law.
D. creates a warranty claim or defense where the product is sold "as is."
Q:
The Equal Credit Opportunity Act:
A. is designed to protect consumers from unfair or inaccurate credit reporting.
B. requires online ads for free credit reports to disclose whether the consumer must buy credit monitoring or other products or services to get the report.
C. prohibits discrimination in credit transactions on grounds of sex, marital status, race, color, religion, national origin, and age.
D. sets forth basic privacy protections that must be provided by financial institutions and requires them to respect the privacy of their customers' nonpublic personal information.
Q:
The Wagners entered into a contract with Crummy Construction under which Crummy agreed to do $33,000 worth of remodeling of the Wagner home. Crummy agreed that the contract price could be paid in installments, and that to secure these payments, Crummy would take out a second mortgage on the Wagner home. The day after signing the contract, the Wagners had second thoughts and immediately hand-delivered a written notice to Crummy stating that they wanted to rescind the contract. Can they do so?
A. Yes, under the rescission right of the Truth in Lending Act.
B. No, because the transaction involved more than $25,000 and was, therefore, not covered by the rescission right in the Truth in Lending Act.
C. No, because the rescission right in the Truth in Lending Act does not apply to transactions in which the creditor takes a mortgage to secure the loan.
D. Yes, under the rescission right provided by TILA as their house wasn't used as collateral.
Q:
The Credit Card Accountability and Disclosure Act (CARD) regulates credit card billing cycles by:
A. allowing a $30 penalty fee for late payment of credit card debts.
B. allowing penalties to exceed the minimum balance due.
C. prohibiting double-cycle billing.
D. issuing cards to applicants under 21 years without a cosigner.
Q:
The FTC requires used car dealers to display a "Buyer's Guide" on each car that tells whether the car is covered by a warranty.
Q:
The Fair Debt Collection Practices Act affects only the practices of debt collection agencies that collect consumer bills for creditors other than themselves.
Q:
Describe the Hart-Scott-Rodino Antitrust Improvements Act.
Q:
In a bailment situation, the bailor retains the title to the item of property.
Q:
When a person goes into a restaurant, and hangs his hat and coat on an unattended rack, it creates a bailment.
Q:
A person who finds lost property has a better right to that property than anyone, other than the true owner.
Q:
Describe the accountant-client privilege.
Q:
List the five major judicial approaches to third-party negligence actions.
Q:
After an audit, an accountant certifies the financial statement by issuing a(n):
A. certificate of audit.
B. opinion letter.
C. memorandum.
D. amicus brief.
Q:
According to the ____, when the insured has purchased insurance policies from more than one insurer, the loss will be apportioned among the insurance companies.
A. coinsurance clause
B. pro rata clause
C. exculpatory clause
D. valued clause
Q:
The fire insurance policy on Dullard's home contained a 50 percent coinsurance clause. Dullard's home had a fair market value of $100,000. The face amount of the policy covering the home was $30,000. A hostile fire caused $30,000 worth of damage to the home. To what amount is Dullard entitled?
A. $100,000
B. $9,000
C. $30,000
D. $18,000
Q:
The coinsurance clause:
A. requires the insured to insure the property to at least 80 percent of its fair market value in order to fully recover the value of partial losses.
B. usually allows the insured to recover the difference between the limits stated in the policy and the fair market value of the property.
C. places no restriction on the individual's right to recovery.
D. requires the insured to pay up to a certain amount each year before the insurer's payment obligation begins.
Q:
Open policies allow the insured to recover:
A. the fair market value of the property at the time it was destroyed, up to the limits stated in the policy.
B. the difference between the limits stated in the policy and the fair market value of the property.
C. the fair market value of the property, even if that value exceeds the limits stated in the policy.
D. the fair market value of the property only if the loss is partial.
Q:
In life insurance contracts:
A. the rate of the premiums to be paid decreases if the face value increases.
B. the loan value decreases as the age of the policy increases.
C. the rate of the premiums to be paid depends on the face value of the policy.
D. the loan value enables the insured to borrow money from the insurer, but at high interest rates.
Q:
An insurance policy taken out by a minor is not voidable at the election of the minor.
Q:
Under the doctrine of cy pres, when property is given in trust to be applied to a particular charitable purpose that becomes impossible, impracticable, or illegal to carry out and the settler has not specifically provided for a substitute beneficiary:
A. the trust will automatically fail.
B. the court will direct the application of the property to some charitable purpose that falls within the settlor's general charitable intention.
C. the court will direct that the property be directed to the state for use in a socially-responsible and "reasonably prudent" manner.
D. the original beneficiaries can use the property for a charitable purpose.
Q:
Benny is the sole beneficiary of Paul's trust. In this trust, Benny can:
A. also serve as the sole trustee.
B. not serve as the sole trustee.
C. serve as both trustee and testator.
D. serve as trustee during the trustor's lifetime.
Q:
Under the Patient Self-Determination Act, health care providers must:
A. provide oral information to adults receiving medical care about their rights to accept or refuse medical treatment.
B. document in the patient's medical record whether the patient has executed an advance directive.
C. must ensure compliance with federal laws concerning advance directives.
D. contact the patient's attorney for consenting or withholding consent to surgery.
Q:
Under the implied warranty of quiet enjoyment, a landlord:
A. can enter the leased property during the term of the lease.
B. may not enter the leased property during the term of the lease.
C. can enter the leased property anytime as long as he/she does so quietly.
D. may not interfere with any matter concerning the property.
Q:
A _____ occurs when property is leased for an indefinite period of time and either party may choose to conclude the tenancy at any time.
A. tenancy at will
B. tenancy at sufferance
C. periodic tenancy
D. tenancy for a term
Q:
Where damage to leased property arises through no fault of the tenant, that tenant still has a duty to take interim steps in order to prevent further damage from the elements.
Q:
Landlords attempt to limit their liability through exculpatory clauses.
Q:
A tenant who remains in possession of the property after the expiration of a lease cannot be made part of a new tenancy.
Q:
A teller's check:
A. is a draft drawn by a bank on any other financial institutions other than a bank.
B. is a check drawn by a bank on an individual's funds.
C. is a draft on which the drawer or drawee are the same bank.
D. is a draft drawn by a bank on another bank or payable at or through a bank.