What does the Truth-in-Lending Act of 1969 require lenders to do? What is the APR, and how does it fulfill the purpose of the Act?
What will be an ideal response?
Answer: Lenders are required to disclose a standardized loan rate with directly comparable interest expenses over the life of the loan. This standardized rate is the APR (annual percentage rate) which measures the finance expenses (including interest and all other expenses) on a loan annually. The APR makes it easier for individuals to compare loans offered by different lenders and select the best loan.
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Profit Sharing Plans:
A. Are fixed liabilities to the business. B. Often allow companies to delay distribution of each employee's share. C. Cannot be used along with other retirement programs. D. Allow for a contribution of a specified proportion of company profits.
ISO 9000:2015 is designed as:
A) a 12-step process. B) a complete set of documentation to run any business. C) a method of sampling to prevent defects in any process. D) a set of technical standards to establish inspection limits. E) a process approach to management.