Exam 41: Consumer Protection Double

The Troubled Asset Relief Program enacted in 2008 was designed to strengthen the U.S.financial sector by governmental purchase of assets and equity from financial institutions.

A typical automobile financing agreement would be a closed-end credit agreement.

Which of the following would NOT be considered to be an example of open-ended credit?

Stores may simply make warranties available to consumers upon request rather than including them on or in the packaged goods.

The National Highway Traffic Safety Administration:

In order for a full warranty to be given for a consumer product,the manufacturer must provide that:

If a debtor defaults on the minimum payment of a credit contract,all states would allow the creditor to:

The Credit Card Fraud Act does not contain criminal penalties for violations of its provisions.

The Food and Drug Administration is the oldest federal consumer protection agency.

Which of the following best expresses the policy behind the Truth-in-Lending Act?

A business,according to the FTC:

Under Truth-in-Lending,the cost of consumer credit must be expressed in an:

Under state law in many states and under the FTC rules and the federal Consumer Credit Protection Act,a contract solicited in a consumer's home may be canceled:

If a manufacturer of a consumer product tells a buyer that he is selling it with no warranties,there is a violation of the Magnuson-Moss Warranty Act.

If a written limited warranty is given for a consumer product,it may state that there is no warranty of merchantability as long as this disclaimer is conspicuous.

The Fair Credit Reporting Act applies to consumer reporting agencies.

Most lemon laws define a lemon as a car that:

What are the remedies available for the Federal Trade Commission?

If an advertising statement is technically true but may tend to mislead,the FTC can still require a company to stop using it.

The Food and Drug Administration: