Question 1

Which of the following did the Food and Drug Administration not have the authority to regulate until 1976?

Accepted Answer

A)  organic foods 
B)  medicinal devices 
C)  food additives 
D)  artificial sweeteners 
E)  non-prescription drugs 
A)  organic foods 
B)  medicinal devices 
C)  food additives 
D)  artificial sweeteners 
E)  non-prescription drugs

Question 2

If,after a public administrative hearing,the FTC finds a violation of Section 5 of the FTC Act,it may issue an affirmative disclosure to consumers.

Accepted Answer

A) True 
 B)False

Question 3

The Federal Reserve Board's Regulation X sets forth detailed rules from compliance with the Truth in Lending Act.

Accepted Answer

A) True 
 B)False

Question 4

For those states that allow a consumer to rescind a "door-to-door" sales contract,the typical cancellation period is seven business days.

Accepted Answer

A) True 
 B)False

Question 5

The Environmental Protection Agency regulates thermal pollution from nuclear power plants.

Accepted Answer

A) True 
 B)False

Question 6

The Clean Water Act regulates the temperature of water discharged into public waterways.

Accepted Answer

A) True 
 B)False

Question 7

A party is subject to the provisions of the Resource Conservation and Recovery Act (RCRA,)even if the party merely transports a hazardous waste.

Accepted Answer

A) True 
 B)False

Question 8

The Consumer Product Safety Commission (CPSC)is empowered to adopt rules and regulations to interpret and enforce the Consumer Product Safety Act (CPSA).

Accepted Answer

A) True 
 B)False

Question 9

The Federal Trade Commission (FTC)is the federal trade administrative agency that is primarily responsible for regulating meat,poultry and other food products.

Accepted Answer

A) True 
 B)False

Question 10

The Food and Drug Administration has no authority to regulate medicinal devices such as heart pacemakers.

Accepted Answer

A) True 
 B)False

Question 11

States are prohibited from enacting statutes involving the environment.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true about the Clean Air Act?

Accepted Answer

A)  Congress established national ambient air quality standards for a number of pollutants. 
B)  Congress set goals, but not standards, for a number of pollutants. 
C)  Congress directed the Environmental Protection Agency to set ambient air quality standards for certain pollutants, but the Environmental Protection Agency has not yet set the standards, due to scientific uncertainty. 
D)  Congress directed the Environmental Protection Agency to set ambient air quality standards for certain pollutants, and standards have been set thus far for carbon monoxide and sulfur oxide, among others. 
E)  Congress ordered the states to set ambient air quality standards, and most states have thus far set at least some ambient air quality standards. 
A)  Congress established national ambient air quality standards for a number of pollutants. 
B)  Congress set goals, but not standards, for a number of pollutants. 
C)  Congress directed the Environmental Protection Agency to set ambient air quality standards for certain pollutants, but the Environmental Protection Agency has not yet set the standards, due to scientific uncertainty. 
D)  Congress directed the Environmental Protection Agency to set ambient air quality standards for certain pollutants, and standards have been set thus far for carbon monoxide and sulfur oxide, among others. 
E)  Congress ordered the states to set ambient air quality standards, and most states have thus far set at least some ambient air quality standards.

Question 13

Advertising may be found false and deceptive under the Federal Trade Commission Act,even without proof of actual deception.

Accepted Answer

A) True 
 B)False

Question 14

If a consumer product is found to be potentially hazardous,the manufacturer can be required to recall,repair,or replace the product or take other corrective action.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements best describes the procedures under the Clean Air Act?

Accepted Answer

A)  The federal government sets and enforces the standards. 
B)  The state governments set and enforce the standards. 
C)  The federal government sets the standards, and the state governments enforce the standards; if the states do not adequately enforce the standards, the federal government may enforce them. 
D)  The state governments set the standards, and the federal government enforces the standards; if the federal government does not adequately enforce the standards, the states may enforce them. 
E)  Both the federal and state governments set standards, and each enforces its own standards. 
A)  The federal government sets and enforces the standards. 
B)  The state governments set and enforce the standards. 
C)  The federal government sets the standards, and the state governments enforce the standards; if the states do not adequately enforce the standards, the federal government may enforce them. 
D)  The state governments set the standards, and the federal government enforces the standards; if the federal government does not adequately enforce the standards, the states may enforce them. 
E)  Both the federal and state governments set standards, and each enforces its own standards.

Question 16

The federal Food,Drug and Cosmetic Act was enacted in:

Accepted Answer

A)  1906. 
B)  1933. 
C)  1938. 
D)  1970. 
E)  2002. 
A)  1906. 
B)  1933. 
C)  1938. 
D)  1970. 
E)  2002.

Question 17

The Truth in Lending Act is administered by the ________.

Accepted Answer

A)  United States Department of Commerce 
B)  Federal Trade Commission 
C)  Interstate Commerce Commission 
D)  Federal Reserve Board 
E)  Federal Banking Commission 
A)  United States Department of Commerce 
B)  Federal Trade Commission 
C)  Interstate Commerce Commission 
D)  Federal Reserve Board 
E)  Federal Banking Commission

Question 18

The two categories under which animals can be listed in the Endangered Species Act are:

Accepted Answer

A)  endangered and protected. 
B)  endangered and extinct. 
C)  threatened and protected. 
D)  marine and terrestrial. 
E)  endangered and threatened. 
A)  endangered and protected. 
B)  endangered and extinct. 
C)  threatened and protected. 
D)  marine and terrestrial. 
E)  endangered and threatened.

Question 19

The process of licensing new drugs by the Food and Drug Administration may take many years.

Accepted Answer

A) True 
 B)False

Question 20

The term caveat emptor means "to the winner goes the spoils."

Accepted Answer

A) True 
 B)False

Exam 34: Consumer Safety, Consumer Financial Protection, and Environmental Protection

Which of the following did the Food and Drug Administration not have the authority to regulate until 1976?

If,after a public administrative hearing,the FTC finds a violation of Section 5 of the FTC Act,it may issue an affirmative disclosure to consumers.

The Federal Reserve Board's Regulation X sets forth detailed rules from compliance with the Truth in Lending Act.

For those states that allow a consumer to rescind a "door-to-door" sales contract,the typical cancellation period is seven business days.

The Environmental Protection Agency regulates thermal pollution from nuclear power plants.

The Clean Water Act regulates the temperature of water discharged into public waterways.

A party is subject to the provisions of the Resource Conservation and Recovery Act (RCRA,)even if the party merely transports a hazardous waste.

The Consumer Product Safety Commission (CPSC)is empowered to adopt rules and regulations to interpret and enforce the Consumer Product Safety Act (CPSA).

The Federal Trade Commission (FTC)is the federal trade administrative agency that is primarily responsible for regulating meat,poultry and other food products.

The Food and Drug Administration has no authority to regulate medicinal devices such as heart pacemakers.

States are prohibited from enacting statutes involving the environment.

Which of the following is true about the Clean Air Act?

Advertising may be found false and deceptive under the Federal Trade Commission Act,even without proof of actual deception.

If a consumer product is found to be potentially hazardous,the manufacturer can be required to recall,repair,or replace the product or take other corrective action.

Which of the following statements best describes the procedures under the Clean Air Act?

The federal Food,Drug and Cosmetic Act was enacted in:

The Truth in Lending Act is administered by the ________.

The two categories under which animals can be listed in the Endangered Species Act are:

The process of licensing new drugs by the Food and Drug Administration may take many years.

The term caveat emptor means "to the winner goes the spoils."

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Nature of Traditional and E-Contracts

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Performance of Sales, Leases and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Labor, Worker Protection, Employment, and Immigration Law

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Liability

International and World Trade Law

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