Answer:
The two categories of sources of credit are formal and informal sources.
Explanation:
The formal source of credit as the name implies is an official means of obtaining loans. Its features include,
1. It is administered by corporate institutions like banks and other lending bodies.
2. It is regulated by a body in the relevant country.
3. There are recognized and standard interest rates that must be paid by the borrower.
4. It is guided by laws which both parties are expected to keep.
The Informal sources of credit are unofficial means of borrowing funds There features include,
1. They can be obtained from friends, relatives, and acquaintances.
2. There are no standard interest rates as these are determined by the lenders.
3. There are no official bodies to regulate the lending process.
4. They are mostly used by poor businessmen and women who need small loans.
Answer:
Under the Truth in Lending Act a consumer obtains a loan that is secured by a principal residence the has the right to rescind in three business days with the exception of a purchase and construction of a principle residence. This statement is TRUE.
Explanation:
The 'Truth in Lending Act' ( TILA) ensures that there is a specific way informed to use credit cards. It promotes the exposure of its terms and costs so that there is a standard way of calculating the cost of loan borrowing. This is a federal law in which lenders are required to provide clients with all the information of loan cost so that they can compare various loans that are given.
Under this act, debtors can cancel certain transactions for a period of three days from the date of transaction or the date from which notice has been given of their right to withdraw, whichever is later. Thus, the statement is TRUE.
A lot of Sports often has captains. At the captains' meeting, the first thing a referee should do is remind the players that jewelry is allowed during warm-ups, but not in course of the match.
- He or she is known to be responsible for ensuring that the teams' uniforms are legal.
There are different things a referee should do at the conclusion of the captains meeting in volleyball.
Note that at the conclusion of the coaches- captains' meeting, referees often discuss the time to start the warm-up and gives room for the team to not carry fault to the court and then they start to warm-up on their own side of the court until the other team is there, at which time the clock should begin.
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