Final answer:
The claim that no penalties exist for noncompliance with accreditation standards is false. Institutions or programs may lose accreditation, which can lead to loss of funding and credibility.
Step-by-step explanation:
The statement that there are NO penalties for noncompliance with accreditation standards is False. Accreditation is a process by which institutions or programs are reviewed by an external body to ensure that they meet certain standards of quality and performance. If an institution or program fails to meet these standards and does not correct the deficiencies within a given timeframe, it can face various penalties. These penalties may include losing their accreditation status, which can have serious consequences such as decreased credibility, loss of federal funding, and reduced student enrollment.