# CTE Resource Center - Verso - Marketing, Advanced Task 896546693

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify the legal considerations in granting credit.

Definition

Identification should include laws governing credit applications and decisions to grant or deny credit, as well as consequences to businesses for violating credit laws, such as

  • Truth in Lending Act
  • Fair Credit Reporting Act
  • Equal Credit Opportunity Act
  • Fair Debt Collection Practices Act
  • Fair Credit and Charge Card Disclosure Act
  • Fair and Accurate Credit Transactions Act.

Consequences should include

  • lost customers
  • lawsuits
  • government intervention.

Process/Skill Questions

  • What factors influence the decision to grant or deny credit to a customer?
  • How do businesses benefit from granting credit?
  • What information can be legally obtained when determining whether to grant credit to an applicant?
  • What are the differences in considerations between granting credit to a business and to an individual?
  • Why is one's credit rating important?

Related Standards of Learning

English

11.8

The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.
  1. Critically evaluate quality, accuracy, and validity of information.
  2. Make sense of information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, point of view or bias.
  3. Synthesize relevant information from primary and secondary sources and present it in a logical sequence.
  4. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).
  5. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.
  6. Demonstrate ethical use of the Internet.

12.8

The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.
  1. Frame, analyze, and synthesize information to solve problems, answer questions, and generate new knowledge.
  2. Analyze information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, point of view, or bias.
  3. Critically evaluate the accuracy, quality, and validity of the information.
  4. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).
  5. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.
  6. Demonstrate ethical use of the Internet.

Other Related Standards

National MBAResearch Standards-Business Administration

Implement financial skills to obtain business credit and to control its use.

 

Understand the fundamental principles of money needed to make financial exchanges.