FREE AND STUDY GAMES ABOUT CONSUMER ED. CH. 1

PDF Download

FREE AND STUDY GAMES ABOUT CONSUMER ED. CH. 1

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -99 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: What does the Financial Services Modernization Act do?

Answer:

requires financial institutions to notify customers about the kinds of information they collect about them, how that information may be used, and their privacy rights Question 2: Do you give your social security number to businesses if they ask for it?

Answer:

you can give it to them or you can ask them to identify you by a different method Question 3: What is the most well known business and industry group that works to assist consumers?

Answer:

Better Business Bureau Question 4: What is the differnce between nonbinding arbitration and binding arbitration?

Answer:

in binding arbitration both parties agree in advance that the arbitrators decesion will be final and in nonbinding arbitration you do not have to abide the decesion

Question 5: What does the Child Protection and Toy Safety Act do?

Answer:

bans the shipment and sale of goods intended for use by children that may be dangerous to them Question 6: What are the 5 key facts you need to remember when writing a letter of complaint?

Answer:

write to the store manager or customer service dept., enclose copies of reciets, keep copies of letter & orginal receits, be persistent & polite, if none of this works then write a letter to the next higher level emploee

Question 7: What are the 7 ways to prevent identity theft?

Answer:

mail w/ care, keep personal info in safe places, don't share passwords 4 online accounts, don't give out personal info unless you initiate contact, make sure websites R secure sites, secure home internet service, shred charge & credit card statements

Question 8: What is the definition of bait and switch?

Answer:

when a retainer advertises a product that has no intention of selling, hoping to persuade customers to buy a higher priced item

Question 9: What should you do if you receive a chain letter asking for money?

Answer:

you should break the chain by not sending it to others, because if you do you are committing a federal crime

Question 10: What is a social security number?

Answer:

a unique 9 digit number used by the Social Security Administration to keep track of your earnings

Question 11: What does the Automobile Information Disclosure Act do?

Answer:

requires that manufactures label cars with specific information, such as suggested retailed price

Question 12: What are retailers roles?

Answer:

retailers sell goods and services directly to consumers, strive to offer the right mix of product and to provide helpful service

Question 13: What is the Consumers Union?

Answer:

it is an independent consumer testing agency that has long been a champion of consumer rights

Question 14: What does the Credit Billing Act do?

Answer:

provides a procedure for consumers to follow in having billing errors corrected

Question 15: What does the Truth in Lending Act do?

Answer:

requires creditors to report all credit chargers and interest rates to the consumer

Question 16: What does the Consumer Product Safety Commission (CPSC) do?

Answer:

works to protect the public against unreasonable risks to develop safety standards for household products Question 17: What right should be protected against dishonest advertising, labeling or sales practices, and should be given facts needed to make goof choices?

Answer:

right to be informed

Question 18: What does the Federal Consumer Information Center (FCIC) do?

Answer:

provides information to consumers on a wide range of topics through low-cost publications, like a Web site

Question 19: What does the Credit Reporting Act do?

Answer:

controls how a person's credit history is kept, used, and shared

Question 20: What does the Truth in Savings Act do?

Answer:

requires financial institutions to provide figures such as interest rates in standard forms

Question 21: What does the Fair Packaging and Labeling Act do?

Answer:

requires truth in packaging to help consumers compare goods Question 22: What does the National Telecommunications and Information Administration (NTIA) do?

Answer:

works to provide consumers with more choices and better quaility telecommunications products and services, such as Internet

Question 23: What does the Food and Drug Administration (FDA) do?

Answer:

enforces laws and regulations on the purity, equality, and labeling of food, drugs and cosmetics Question 24: What right should be assured access to a variety of goods and services at competitive prices?

Answer:

right to choose

Question 25: What does the Federal Hazardous Substances Labeling Act do?

Answer:

requires warning labels on all products that may be hazardous

Question 26: What is the definition of fraud?

Answer:

deceitful conduct desgined to manipulate another person for some gain

Question 27: What is small claims court?

Answer:

court of law in which disputes involving sums under a certian amount are resolved by a judge & are usually less strict than normal court because you don't need a lawyer