Q&A Hero

Q: The ________ is a federal statute that requires creditors to make certain disclosures to debtors in consumer transactions and real estate loans on the debtor's principal dwelling and covers only creditors that regularly extend credit for goods or services to consumers.

Q: ________ is an administrative agency regulation that sets forth detailed rules for compliance with the TILA.

Q: Title XIV of the Dodd-Frank Act, called the ________ Act, is designed to eliminate many abusive loan practices and mandates new duties and disclosure requirements for mortgage lenders.

Q: A person of a specific religion is protected from credit extension discrimination by the ________ Act.

Q: The ________ expressly prohibits debt collectors from using certain practices like harassing, abusing, or intimidating debtors.

Q: The ________ Act permits consumers to place fraud alerts in their credit files.

Q: ________ is a type of deceptive advertising under Section 5 of the FTC Act. It occurs when a seller advertises the availability of a low-cost discounted item to attract customers to its store.

Q: The ________ is an independent federal administrative agency empowered to conduct research on the safety of consumer products.

Q: The Patient Protection and Affordable Care Act (PPACA) was amended by the Health Care and Education Reconciliation Act. The amended act is commonly referred to as the ________ Act of 2010. The goal of this act was to increase the number of persons who have health care insurance in the United States.

Q: The federal administrative agenciesthe Federal Trade Commission (FTC) and the FCCpromulgated administrative rules that created the ________, on which consumers can place their names and free themselves from most unsolicited commercial telephone calls.

Q: How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate mortgage transactions?

Q: Give an account of the Consumer Financial Protection Act of 2010.

Q: In the United States, the ________ is the federal administrative agency that is primarily responsible for regulating meat, poultry, and other food products.

Q: The ________, enacted in 1962, gives the FDA power to withdraw approval of any previously licensed drug.

Q: The ________ is the federal administrative agency empowered to enforce the FDCA.

Q: The ________ Act of 2010 requires restaurants and retail food establishments with twenty or more locations to disclose calorie counts of their food items to be made on menus and menu boards.

Q: What is the United Nation's Biosafety Protocol for genetically altered food?

Q: Give an account of the regulation of medicinal devices in the United States?

Q: What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of the CPSC.

Q: List out the new protections that are available under the Health Care Reform Act of 2010.

Q: What is the bait and switch advertising model?

Q: Tim has been approached by Kent regarding Tim's credit card bill payment. Kent is aware of Tim's debt, and says he has come on behalf of the bank he owes to get assurance from Tim that he will repay the credit bill within a specific period of time. Kent is an outside agent who does not work for the bank. Which of the following legislations has the bank violated by contracting Kent to contact Tim? A) Fair Credit Reporting Act B) Fair and Accurate Credit Transactions Act C) Fair Credit and Charge Card Disclosure Act D) Fair Debt Collection Practices Act

Q: The ________ Act is a federal statute that prohibits discrimination in the extension of credit based on sex, marital status, race, color, national origin, religion, age, or receipt of income from public assistance programs. A) Fair Debt Collection Practices B) Equal Credit Opportunity C) Fair Credit Billing D) Truth-in-Lending

Q: Regulation Z is an administrative agency regulation that sets forth detailed rules for compliance with the ________ Act. A) Fair Credit Reporting B) Truth-in-Lending C) Fair Credit Billing D) Fair Debt Collection Practices

Q: Creditors that violate the Consumer Lease Act are subject to the civil and criminal penalties provided in the ________ Act. A) Truth-in-Lending B) Fair Credit Billing C) Fair Credit and Charge Card Disclosure D) Fair Debt Collection Practices

Q: Which of the following legislations protects consumers in challenging information contained in a credit file? A) Fair Credit Billing Act B) Equal Credit Opportunity Act C) Fair Debt Collection Practices Act D) Fair Credit Reporting Act

Q: The ________ Act of 2003 permits consumers to place fraud alerts in their credit files. A) Fair Debt Collection Practices B) Fair Credit Billing C) Fair and Accurate Credit Transactions D) Fair Credit Reporting

Q: Melissa owes her bank money for her credit card bills. For the past two weeks, debt collectors have been harassing her for bill payment by sending people over to her workplace. Her boss expressly asks her to not have such meetings at the workplace. But despite requesting the collection agency, the collectors continue to visit her at her workplace. Which of the following Acts has provisions that would help protect Melissa from such harassment? A) Fair and Accurate Credit Transactions Act B) Fair Credit Reporting Act C) Fair Debt Collection Practices Act D) Fair Credit and Charge Card Disclosure Act

Q: Which of the following is true of the do-not-call registry for consumers? A) The registration is valid for the lifetime of the customer who opted for it. B) Telemarketers have three days to remove the customer's name upon registry. C) Charitable and political organizations are exempted from the registry. D) Customers cannot choose the companies that they do not wish to receive calls from.

Q: The ________ Act of 2010 is a federal statute that requires increased disclosure of credit information and terms to consumers and regulates consumer credit providers and others. A) Fair Credit Billing B) Consumer Leasing C) Mortgage Reform and Anti-Predatory Lending D) Consumer Financial Protection

Q: Which of the following Acts is particularly designed to regulate the home loan market, and put the burden on lenders to verify that a borrower can afford to repay the loan for which he or she has applied? A) Fair Credit Reporting Act B) Consumer Financial Protection Act of 2010 C) Truth-in-Lending Act D) Mortgage Reform and Anti-Predatory Lending

Q: Which of the following federal statutes requires creditors to disclose finance charge, including interest, points, and other fees paid for the extension of credit to debtors? A) Fair Debt Collection Practices Act B) Consumer Financial Protection Act of 2010 C) Mortgage Reform and Anti-Predatory Lending Act of 2010 D) Truth-in-Lending Act

Q: The ________ prohibits health insurance companies from terminating health insurance coverage when a person gets sick. A) Health Care Reform Act B) Drug Amendment of the FDCA Act C) Medical Device Amendment Act D) Food, Drug, and Cosmetic Act

Q: Which of the following is true of the FTC? A) The FTC can only sue in state courts. B) The FTC's decision can be appealed in a state court. C) The FTC can sue to obtain compensation on behalf of the consumer. D) The FTC is not allowed to directly disclose its findings to the public.

Q: Which of the following would constitute a false advertising according to the Federal Trade Commission? A) sales talk B) unsubstantiated claims C) minimal commercial speech D) statements of opinion

Q: The FTC states that a bait and switch occurs if ________. A) the buyer comes to the store to buy unadvertised merchandise B) the buyer is not aware of the discounted merchandise in the store C) the seller shows the customer only the advertised merchandise that is on discount sale D) the seller refuses to show consumers the advertised merchandise

Q: The Do-Not-Call Registry was provided by the ________ to protect consumers from unsolicited commercial telephone calls. A) Federal Trade Commission B) Food and Drug Administration C) Consumer Product Safety Commission D) Federal Communications Commission

Q: The Health Care Reform Act is an amendment of the ________ Act. A) Consumer Product Safety B) Patient Protection and Affordable Care C) Medical Device Amendment D) Federal Trade Commission

Q: Which of the following is a new protection provided by the Health Care Reform Act for people seeking health coverage? A) imposition upon the insurers to provide a lifetime limit on health benefits to all legal citizens B) continuation of medical insurance for people who have developed a terminal disease C) prevention of insurance companies from providing health care insurance to individuals with preexisting health conditions D) provision of mandatory medical insurance for health coverage for illegal immigrants

Q: Which of the following is a function that the Consumer Product Safety Commission is empowered to execute? A) collecting data regarding injuries caused by consumer products B) regulating the distribution of genetically modified food products C) recalling drugs that have been found to be harmful from the market D) accepting petitions from consumers on wrongly labeled food products

Q: Which of the following federal agencies is authorized to adopt and enforce the Family Smoking Prevention and Tobacco Control Act? A) the Consumer Product Safety Commission B) the Federal Trade Commission C) the Food and Drug Administration D) the Agency for Healthcare Research and Quality

Q: Which of the following is a requirement of the Family Smoking Prevention and Tobacco Control Act? A) a 2 percent increase in excise tax per cigarette package B) a warning on the top 50 percent of both the front and back of each cigarette package C) a tax exemption for companies that voluntarily display warning labels on their packages D) a hotline number to the FDA for apparent violations of the provisions of this Act

Q: Which of the following is true of the Health Care Reform Act? A) Excise taxes for pharmaceuticals are reduced. B) Employers of big corporations are given subsidies for providing health insurance to their employees. C) All employers are mandatorily required to provide health insurance coverage to their employees. D) Persons who do not obtain coverage will be required to pay a tax penalty to the federal government.

Q: Which of the following is true with regard to FDA regulations for cosmetics? A) There is no law in the United States against animal testing for cosmetics. B) All substances and preparations for cosmetic use are chemically proven to be free from carcinogens before sale by the FDA. C) Ordinary household soap is also evaluated in terms of its quality and safety as a cosmetic good under the FDA. D) New cosmetics are released in the market only if they have the "CRUELTY-FREE" label on their package.

Q: Which of the following would come under the purview of the Medicinal Device Amendment to the FDCA? A) a new oral medication for depression B) a new range of cosmetics to reduce signs of aging C) a new and compact heart pacemaker D) a revolutionary drug therapy for cancer

Q: Which of the following consumer products comes under the purview of the CPSC? A) aircrafts B) motor vehicles C) firearms D) children's toys

Q: The Consumer Product Safety Commission is ________. A) a communion of two state-funded regulatory bodies working together to ensure consumer safety B) a federal body created to ensure the safety of few consumer products like motor vehicles, boats, aircraft, and firearms C) an independent federal administrative agency that regulates potentially dangerous consumer products D) a federal agency working to ensure product safety standards for food, poultry, medicines, and medical devices

Q: Which of the following is true of seeking injunctions on consumer products under the CPSC? A) The CPSC can only seek an injunction once a private party has lodged a complaint with it. B) Only the CPSC can sue for an injunction when CPSC rules are violated. C) A private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations. D) Injunctions cannot be pursued on products that have not yet been sold or marketed.

Q: The ________ is a federal law that gives the FDA broad powers to license new drugs in the United States. A) Drug Amendment of the FDCA B) Food Labeling and Education Act C) Health Care Reform Act D) Patient Protection and Affordable Health Care Act

Q: Which of the following is true of the FDA's role in the introduction of a new drug in the market? A) The FDA bases its approval of a new drug on the rule of caveat emptor. B) The FDA limits itself to providing relevant suggestions to improve the drug. C) The FDA possesses the power to implement a complete ban on a questionable drug. D) The FDA prosecutes producers of questionable medicines directly by the powers vested in it by the U.S. Department of Justice.

Q: The new line of fairness-enhancing products marketed by Radiance has allegedly been developed after using large-scale animal testing procedures. Insiders revealed that the high levels of lead present in the cosmetics have proven to be fatal for many of the animals used in the laboratories. Radiance is likely to be inspected for suspected criminal violations of the ________. A) Food, Drug, and Cosmetic Act B) Consumer Product Safety Act C) Health Care Reform Act D) Federal Trade Commission Act

Q: In which of the following ways does the FDA regulate cosmetics? A) by adding warnings for potential carcinogens B) by regulating the sale of cosmetics through exclusive FDA-approved stores C) by placing a complete ban on animal testing in the cosmetic industry D) by autonomously undertaking criminal proceedings against nonconforming cosmetic companies

Q: Which of the following statements is true with regard to the FDA? A) It places a complete ban on animal testing. B) It allows animal testing for only certain kinds of cosmetics like household soaps. C) It provides tax exemptions to companies that avoid animal testing. D) It recommends animal testing only if it increases product safety.

Q: Biosafety Protocol is a United Nationssponsored protocol that requires signatory countries to place the label ________ on all genetically engineered foods. A) "Warningunnatural food particles" B) "May contain living modified organisms" C) "FDA tested and approved food" D) "WHO tested and approved food"

Q: What is the importance of the Biosafety Protocol prescribed by the UN? A) It dictates the terms and conditions for production of genetically modified food. B) It prevents people from differentiating between normal and organic food. C) It notifies people of the presence of genetically modified food in the market. D) It assures people of the quality of the food by providing details of its testing process.

Q: The food product was released into the market with the banned preservative being one of the ingredients. Which of the following agencies has the power to enact the statutes that govern such a violation? A) the Medicines and Healthcare products Regulatory Agency B) the U.S. Department of Agriculture C) the Federal Trade Commission D) the Food and Drug Administration

Q: The U.S. Department of Agriculture places mandatory and consistent labeling requirements on ________. A) ready-to-eat meals B) raw fruits and vegetables C) raw seafood D) meat and poultry products

Q: The ________ requires food manufacturers and processors to disclosure uniform information about serving sizes and nutrients, and establishes standard definitions for the various terms like "low fat," "lean" or "organic" which are indiscriminately used by food processors. A) Consumer Product Safety Act B) Nutrition Labeling and Education Act C) Patient Protection and Affordable Care Act D) Health Care Reform Act

Q: Section 4205 of the Patient Protection and Affordable Health Care Act requires restaurants and retail food establishments with 20 or more locations to disclose calorie counts of their food items and supply information on how many calories a healthy person should eat in a day. The provisions of this legislation are enforced by the ________. A) Federal Food and Drug Administration B) United Nations C) Federal Trade Commission D) Consumer Product Safety Commission

Q: Ajax, a pharmaceutical company, has designed a new medicine for morning sickness among pregnant women. Testing at their R&D center showed the drug to be highly reliable. Ajax has to approach a U.S. federal administrative agency called ________ for the drug to be deemed legal for sale to the public. A) Medicines and Healthcare products Regulatory Agency B) Consumer Product Safety Commission C) Federal Trade Commission D) Food and Drug Administration

Q: The Food and Drug Administration is empowered to ________. A) recall unsafe toys, appliances, and other consumer products which are harmful to users B) regulate the safety of meat, poultry, and other food products C) prosecute violators directly by imposing fines and pronouncing sentences D) obtain orders for the seizure, recall, and condemnation of harmful products

Q: The ________ is a federal statute passed in 1990 that requires food manufacturers and processors to provide nutrition information on many foods and prohibits them from making scientifically unsubstantiated health claims. A) Food, Drug, and Cosmetic Act B) Health Care and Education Reconciliation Act C) Nutrition Labeling and Education Act D) Patient Protection and Affordable Care Act

Q: The NLEA applies to packaged foods and other foods regulated by the ________. A) U.S. Department of Agriculture B) Consumer Product Safety Commission C) Patient Protection and Affordable Care Act D) Food and Drug Administration

Q: Which of the following is true of the Nutrition Labeling and Education Act? A) The NLEA is a state law and its implementation is not federally regulated. B) The NLEA applies to packaged foods and other foods regulated by the Food and Drug Administration. C) The NLEA mandates compulsory labeling for all kinds of raw and processed food with any exceptions. D) The NLEA specifically eliminates the practice of providing point-of-purchase nutrition information by sellers.

Q: "Rapid Rise" is a health drink targeted at teenagers and advertised with the claim that regular consumption of the drink over a two-month period leads to a four-inch rise in height. This claim is not grounded in laboratory research and has not been seen in most of its users. This act of making scientifically unsubstantiated health claims about one's product is likely to be a violation of the ________. A) Health Care Reform Act B) Nutrition Labeling and Education Act C) Consumer Product Safety Act D) Patient Protection and Affordable Care Act

Q: If the food product is released with this new preservative, which of the following provisions of the NLEA would help consumers identify the banned preservative prior to consumption? A) condemnation of unfit food products B) disclosure of information on food labels C) inspection of the storage facilities D) initiating legal proceedings against violators

Q: ________ laws are federal and state statutes and regulations that promote product safety and prohibit abusive, unfair, and deceptive business practices. A) Profit--prendre B) Canon C) Consumer protection D) Caveat emptor

Q: The ________ is a federal administrative agency that is primarily responsible for regulating the safety of meat, poultry, and other food products. A) U.S. Department of Agriculture B) Consumer Product Safety Commission C) Food and Drug Administration D) Federal Trade Commission

Q: Jones & Hilton Co. owned a large cold storage warehouse where they stored and processed meat and meat products. An insider revealed to the media that the cold storage failed to meet numerous safety standards, encountered repeated rodent attacks, and sold potentially harmful and infected meat in the market without notifying authorities. The ________ has the authority to conduct inspections of the cold storage warehouse and initiate legal proceedings against the owners for endangering the health of consumers. A) Food and Drug Administration B) Consumer Product Safety Commission C) Federal Healthcare Commission D) U.S. Department of Agriculture

Q: In which of the following cases of consumer safety violations will the U.S. Department of Agriculture be required to take action? A) A new drug was released into the market without adequate testing and this lead to adverse side effects among users. B) A brand of soft toys for infants was produced with low grade foam and fabrics that are harmful for children when ingested. C) A batch of sausages and cold cuts from a particular vendor was found to have high levels of salmonella and other pathogenic organisms. D) A fleet of cars released into the market by famous company was found to have a defective braking system which could prove fatal for owners.

Q: The Food, Drug, and Cosmetic Act is a federal statute that ________. A) covers all food products including poultry and processed meat B) grants approval for food additives, drugs, cosmetics, and medicinal devices C) implements the Federal Meat Inspection Act enacted in 1906 D) protects the public by providing greater medical coverage from food-related illnesses

Q: The Equal Credit Opportunity Act does not have provisions for consumers to recover damages against the creditor.

Q: Regulation of mortgage lending comes under the purview of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Q: The Fair Credit Billing Act requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.

Q: Casual leases between consumers are subject to the Consumer Leasing Act.

Q: The Fair and Accurate Credit Transactions Act of 2003 permits credit reporting companies to place fraud alerts in their credit files.

Q: Bait and switch is a type of deceptive advertising under Section 5 of the FTC Act.

Q: In the bait and switch advertising model, the bait involves pressuring customers in a store into buying unadvertised or more expensive products.

Q: Sales made by door-to-door salespersons are not regulated by the FTC.

Q: The consumer must send a required notice of cancellation to the seller of a door-to-door sales contract within three days to rescind an order.