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Exam 23: Consumer Protection

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Question 1

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The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) ________.

A) requires that payments above the minimum payment be applied to pay lower-interest balances first
B) requires credit card companies to place a notice on each billing statement that notifies the cardholder how long it would take to pay off the existing balance plus interest if the cardholder were to make minimum payments on the card
C) sets limits on how high an interest rate can be charged on a credit card
D) applies to both consumer and business credit cards

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B

Question 2

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The FDA's Menu Labeling Rule requires restaurants that come under the rule to post on its menus and menu boards the ________ in its food items.

A) calories
B) amount of sodium
C) amount of protein
D) total calories from fat

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Question 3

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When was the Federal Trade Commission formed, and what are its powers under Section 5 of the Federal Trade Commission Act?

The Family Smoking Prevention and Tobacco Control Act gives the ________ the authority to regulate the tobacco industry.

The ________ limits the contact that a debt collector may have with third persons other than the debtor's spouse or parents.

Melissa owes money to her bank for her credit card bills. For the past two weeks, debt collectors have been harassing her for bill payment by sending people to her workplace. Her boss expressly asks her to avoid such meetings, but despite Melissa's repeated requests that the collection agency stop, the collectors continue to visit her workplace. Which of the following Acts has provisions that would help protect Melissa from such harassment?

Which of these is NOT regulated by the National Traffic and Motor Vehicle Safety Act?

Rapid Rise is a health drink targeted at teenagers. Their advertisement campaign claims that regular consumption of the drink over a two-month period leads to a four-inch increase in height. However, this claim is not substantiated by laboratory research and has not been proven 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 ________.

The Menu Labeling Rule requires restaurants and retail food establishments with ________ locations to disclose calorie counts of their food items on menus and menu boards.

At the food processing company where Mika works, his primary job responsibility is to review the quality of preservatives that are used in the food products being made. A new and highly recommended preservative that has the potential to preserve food longer without refrigeration was approved by Mika. However, Mika failed to identify that the substance used to make the particular preservative was banned. -The food product was released into the market with the preservative containing the banned substance. Which of the following agencies has the power to enact the statutes that govern such violations?

More than 90 percent of serious vehicle crashes are caused by ________.

The FDA's Menu Labeling Rule requires restaurants that come under the rule to post on its menus and menu boards the ________.

The Menu Labeling Rule requires restaurants and retail food establishments with 20 or more locations to disclose calorie counts of their food items.

The Menu Labeling Rule 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. This rule was adopted by the ________.

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

Personal information is usually defined as a person's name combined with some other information, such as ________.

The National Highway Traffic Safety Administration (NHTSA) is part of ________.

________ is defined as credit extended to natural persons for personal, family, or household purposes.

The Federal Motor Vehicle Safety Standards (FMVSS) are divided into three categories. Which of these is NOT one of those categories?

Under the Fair Credit Reporting Act (FCRA), what information can consumers request from credit bureaus, and what recourse do consumers have if they find inaccurate information in their credit report?