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QUESTION 1
10 points
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The bank upon which a check is written is referred to as the depository bank.
O True
O False
QUESTION 2
10 points
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A consumer who make a contract with a door to door salesman who comes to the consumer’s home, has 5 days to cancel the contract in accordance with a Federal Trade commission regulation.
O True
O False
QUESTION 3
10 points
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Remote Deposit Capture is a consequence of:
O The Check 21 Act.
The Federal Reserve Act of 2016.
The Depository Clearance Act of 2018.
O The Bank Collection Act of 2014.
O None of these Answers.
QUESTION 4
10 points
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All banks that handle the check, including the the payor bank, are called collecting banks.
O True
O False
QUESTION 5
10 points
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Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.
O True
O False
QUESTION 6
10 points
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Under Article 4 of the Uniform Commercial code, a stale check is a check that was drawn more than 4 months before being presented.
O True
O False
QUESTION 7
10 points
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An oral stop order by a customer on his/her check is effective for fourteen days.
O True
O False
QUESTION 8
10 points
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Sarah works as an employee for her employer , ABC Corporation, which is a private company. Sarah’s employer can compel her to accept her salary payment by electronic transfer.
O True
O False
QUESTION 9
10 points
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Creditors who violate the TILA are subject to civil sanctions but not criminal sanctions.
O True
O False
10 points
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QUESTION 10
Under the Fair Credit Reporting Act, any person who obtains information from a credit agency under false pretenses is subject to criminal and civil penalties
True
O False
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