Benedict applies for a credit card with a credit limit of $30,000. However, the issuing bank rejects his application because of his low credit score. While rejecting his application, the bank provides him with a free copy of his credit score. In this scenario, the bank is following the mandate of the _____.
A. Federal Credit Union Act
B. Dodd-Frank Act
C. Glass-Steagall Act
D. Credit Card Accountability, Responsibility and Disclosure Act
Answer: B
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At the free market equilibrium, the efficient level of output is produced because __________.
A) government regulates the output level that must be produced. B) firms are maximizing profit. C) willingness to pay is the same for all consumers. D) total surplus is maximized.
Steve purchases a four-wheel drive truck from Belk Auto Sales. Steve is only 17 years of age. He wrecks the vehicle and attempts to disaffirm the contract and have Belk repay him all that he has paid. In the majority of jurisdictions, Steve:
a. would be out of luck. b. must have the truck repaired. c. will receive his money less the depreciation in value of the vehicle. d. may simply return the vehicle and get his money.
Regardless of the specific type of long-term debt, which of the following is normally an expectation with regards to debt transactions?
A. Payment of interest B. Repayment of the debt C. Payment of dividends D. Payment of interest and repayment of the debt
If an individual can save $1,500 annually, how much will have been accumulated after 4 years if the funds earn 7 percent??
What will be an ideal response?