Question 1

The Food, Drug, and Cosmetic Act is a federal statute that ________.

Accepted Answer

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 
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

Question 2

Lease creditors that violate the ________ Act are subject to the civil and criminal penalties provided in the TILA.

Accepted Answer

The answer of Lease creditors that violate the ________ Act...

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

The answer of ________ is an administrative agency regulation that...

Question 5

Which of the following is a requirement of the Family Smoking Prevention and Tobacco Control Act?

Accepted Answer

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 
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

Question 6

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

Accepted Answer

The act requires mortgage originators an

Question 7

Which of the following would come under the purview of the Medicinal Device Amendment to the FDCA?

Accepted Answer

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 
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

Question 8

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?

Accepted Answer

A)  Fair Credit Reporting Act 
B)  Consumer Financial Protection Act of 2010 
C)  Truth-in-Lending Act 
D)  Mortgage Reform and Anti-Predatory Lending 
A)  Fair Credit Reporting Act 
B)  Consumer Financial Protection Act of 2010 
C)  Truth-in-Lending Act 
D)  Mortgage Reform and Anti-Predatory Lending

Question 9

The ________ is a federal administrative agency that is primarily responsible for regulating the safety of meat, poultry, and other food products.

Accepted Answer

A)  U.S. Department of Agriculture 
B)  Consumer Product Safety Commission 
C)  Food and Drug Administration 
D)  Federal Trade Commission 
A)  U.S. Department of Agriculture 
B)  Consumer Product Safety Commission 
C)  Food and Drug Administration 
D)  Federal Trade Commission

Question 10

Sellers of raw fruits and vegetables can adopt a voluntary approach when it comes to labeling requirements.

Accepted Answer

A) True 
 B)False

Question 11

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.

Accepted Answer

The answer of The Patient Protection and Affordable Care Act...

Question 12

Which of the following is true of the Health Care Reform Act?

Accepted Answer

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. 
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.

Question 13

Under the Consumer Product Safety Act, a private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations

Accepted Answer

A) True 
 B)False

Question 14

The U.S. Supreme Court has deemed the Do-Not-Call Registry service as an unconstitutional violation of commercial speech.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

Equal Cred

Exam 23: Consumer Protection

The Food, Drug, and Cosmetic Act is a federal statute that ________.

Lease creditors that violate the ________ Act are subject to the civil and criminal penalties provided in the TILA.

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

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

Which of the following is a requirement of the Family Smoking Prevention and Tobacco Control Act?

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

Which of the following would come under the purview of the Medicinal Device Amendment to the FDCA?

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?

The ________ is a federal administrative agency that is primarily responsible for regulating the safety of meat, poultry, and other food products.

Sellers of raw fruits and vegetables can adopt a voluntary approach when it comes to labeling requirements.

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.

Which of the following is true of the Health Care Reform Act?

Under the Consumer Product Safety Act, a private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations

The U.S. Supreme Court has deemed the Do-Not-Call Registry service as an unconstitutional violation of commercial speech.

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

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Ethics and Social Responsibility of Business

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Constitutional Law for Business and E-Commerce

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Corporations and the Sarbanes-Oxley Act

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