Payment Options and Credit (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is the main purpose of the Consumer Credit Act 1995?
What is the main purpose of the Consumer Credit Act 1995?
To regulate credit & protect consumers
What does the cooling-off period allow you to do?
What does the cooling-off period allow you to do?
Withdraw from agreement without penalty
Which must lenders disclose under full disclosure requirements?
Which must lenders disclose under full disclosure requirements?
Total repayment, rates, fees & schedule
What does APR stand for and what must it include?
What does APR stand for and what must it include?
Annual Percentage Rate - interest & fees
Why must all credit institutions obtain proper licensing?
Why must all credit institutions obtain proper licensing?
To ensure professional & ethical standards
In what format must lenders provide credit information?
In what format must lenders provide credit information?
Plain English you can understand
What practices does the Act protect consumers from?
What practices does the Act protect consumers from?
High-pressure tactics & unfair terms
What is the Central Bank of Ireland's role under the Act?
What is the Central Bank of Ireland's role under the Act?
Supervises & regulates credit providers
What does the Consumer Protection Commission do?
What does the Consumer Protection Commission do?
Investigates complaints & enforces rights
What is a serious consequence for credit providers who break the Act?
What is a serious consequence for credit providers who break the Act?
Licence revocation
What problems did consumers face before the Consumer Credit Act 1995?
What problems did consumers face before the Consumer Credit Act 1995?
Unclear terms, hidden costs & unfair practices
What must credit advertisements include under the Act?
What must credit advertisements include under the Act?
The APR clearly displayed