Question 1

In 2014,the __________ announced it considered __________ a __________ virtual currency.

Accepted Answer

A)  Wall Street Protection Group, ETF funds, non-negotiable 
B)  Consumer Financial Protection Bureau, Bitcoin, convertible 
C)  Internal Revenue Service, Bitcoin, convertible 
D)  Internal Revenue Service, Gold, non-negotiable 
A)  Wall Street Protection Group, ETF funds, non-negotiable 
B)  Consumer Financial Protection Bureau, Bitcoin, convertible 
C)  Internal Revenue Service, Bitcoin, convertible 
D)  Internal Revenue Service, Gold, non-negotiable

Question 2

The Wool Products Labeling Act is an example of a federal law regulating the labeling of clothing.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is true regarding environmental standards in the European Union?

Accepted Answer

A)  America is increasingly replacing the European Union as the leader in environmental development. 
B)  European Union policy requires significant producer accountability, placing the burden of environmental responsibility on the manufacturer. 
C)  American firms are not required to conform to European Union product rules in order to sell their products in Europe. 
D)  The European Union applies the prevention principle by which uncertainty is a reason to forego environmental protections. 
A)  America is increasingly replacing the European Union as the leader in environmental development. 
B)  European Union policy requires significant producer accountability, placing the burden of environmental responsibility on the manufacturer. 
C)  American firms are not required to conform to European Union product rules in order to sell their products in Europe. 
D)  The European Union applies the prevention principle by which uncertainty is a reason to forego environmental protections.

Question 4

Which of the following is true regarding bioengineered insects and pathogens?

Accepted Answer

A)  They are outlawed. 
B)  The Environmental Protection agency issues permits for bioengineered insects but bioengineered pathogens are outlawed. 
C)  The Environmental Protection agency issues permits for bioengineered pathogens but bioengineered insects are outlawed. 
D)  The Environmental Protection Agency issues permits for the use of bioengineered insects and pathogens. 
A)  They are outlawed. 
B)  The Environmental Protection agency issues permits for bioengineered insects but bioengineered pathogens are outlawed. 
C)  The Environmental Protection agency issues permits for bioengineered pathogens but bioengineered insects are outlawed. 
D)  The Environmental Protection Agency issues permits for the use of bioengineered insects and pathogens.

Question 5

Which of the following is true regarding the placement of health claims for foods on labels?

Accepted Answer

A)  The FDA permits health food claims on labels without FDA approval as a new drug or the risk of sanctions for issuing a misbranded product, as long as the claim has been certified by the FDA as being supported by significant scientific agreement. 
B)  The FDA disallows health food claims on labels unless the food has been approved by the FDA as a type of new drug for the health concern involved. 
C)  The FDA allows health food claims on labels so long as the claim has not been certified by the FDA as false and misleading. 
D)  The FDA allows health food claims on labels without prior approval of the FDA only for organically grown foods. 
A)  The FDA permits health food claims on labels without FDA approval as a new drug or the risk of sanctions for issuing a misbranded product, as long as the claim has been certified by the FDA as being supported by significant scientific agreement. 
B)  The FDA disallows health food claims on labels unless the food has been approved by the FDA as a type of new drug for the health concern involved. 
C)  The FDA allows health food claims on labels so long as the claim has not been certified by the FDA as false and misleading. 
D)  The FDA allows health food claims on labels without prior approval of the FDA only for organically grown foods.

Question 6

Caveat venditor means:

Accepted Answer

A)  "let the buyer beware." 
B)  "le the buyer prevail." 
C)  "let the market decide." 
D)  "let the seller beware." 
A)  "let the buyer beware." 
B)  "le the buyer prevail." 
C)  "let the market decide." 
D)  "let the seller beware."

Question 7

The __________ has primary responsibility for regulating the labeling of food

Accepted Answer

A)  Federal Trade Commission 
B)  Food and Drug Administration 
C)  The Consumer Product Safety Commission 
D)  The Federal Trade Commission 
A)  Federal Trade Commission 
B)  Food and Drug Administration 
C)  The Consumer Product Safety Commission 
D)  The Federal Trade Commission

Question 8

The FTC now requires used car sellers to affix a __________ to the cars that they sell.

Accepted Answer

A)  fixed price 
B)  buyer's guide 
C)  base price 
D)  discount price 
A)  fixed price 
B)  buyer's guide 
C)  base price 
D)  discount price

Question 9

Which of the following is true regarding the use of genetically modified foods internationally?

Accepted Answer

A)  The European Parliament refused to approve legislation requiring the labeling of genetically modified foods. 
B)  Australia requires the labeling of genetically modified food, but New Zealand does not. 
C)  New Zealand requires the labeling of genetically modified food, but Australia does not. 
D)  The European Parliament required the labeling of genetically modified foods, and Australia and New Zealand also require the labeling of genetically modified foods. 
A)  The European Parliament refused to approve legislation requiring the labeling of genetically modified foods. 
B)  Australia requires the labeling of genetically modified food, but New Zealand does not. 
C)  New Zealand requires the labeling of genetically modified food, but Australia does not. 
D)  The European Parliament required the labeling of genetically modified foods, and Australia and New Zealand also require the labeling of genetically modified foods.

Question 10

In relation to food,which of the following is considered an additive?

Accepted Answer

A)  Pesticide residue 
B)  Unintended environmental contaminants 
C)  Substances unavoidably added from packaging 
D)  Pesticide residue, unintended environmental contaminants, and substances unavoidably added from packaging 
A)  Pesticide residue 
B)  Unintended environmental contaminants 
C)  Substances unavoidably added from packaging 
D)  Pesticide residue, unintended environmental contaminants, and substances unavoidably added from packaging

Question 11

Bobby develops a way to clone catfish.He finds that this is a very economical way to run his fish business.He begins selling the catfish to grocers in the area.Other fish producers,who do not know how to clone the fish,are very annoyed with Bobby and start to complain.They tell Bobby that he is violating federal law by not placing a label on his fish notifying consumes that the fish are cloned.Is Bobby in violation of the law?

Accepted Answer

A)  Bobby is not in violation of federal law, but he should check to see if his state has such a requirement because labeling legislation has been introduce in some states. 
B)  Bobby is not in violation of federal law nor have any states made any effort to require notification of cloned products. 
C)  Bobby is in violation of federal law by not notifying consumers through labeling of the cloning. 
D)  Bobby is in violation of federal law by not notifying consumers through labeling of the cloning only if there is evidence that the nutritional value of the fish is less than that of noncloned fish. 
A)  Bobby is not in violation of federal law, but he should check to see if his state has such a requirement because labeling legislation has been introduce in some states. 
B)  Bobby is not in violation of federal law nor have any states made any effort to require notification of cloned products. 
C)  Bobby is in violation of federal law by not notifying consumers through labeling of the cloning. 
D)  Bobby is in violation of federal law by not notifying consumers through labeling of the cloning only if there is evidence that the nutritional value of the fish is less than that of noncloned fish.

Question 12

Caveat emptor means:

Accepted Answer

A)  "let the buyer beware." 
B)  "let the buyer prevail." 
C)  "let the market decide." 
D)  "let the seller beware." 
A)  "let the buyer beware." 
B)  "let the buyer prevail." 
C)  "let the market decide." 
D)  "let the seller beware."

Question 13

Generic drugs can be approved for use on a showing that they are identical to approved brand-name drugs.

Accepted Answer

A) True 
 B)False

Question 14

The Truth-in-Lending Act provides consumers a right of __________ whenever their home is used as collateral for credit except for original construction or acquisition.

Accepted Answer

A)  rescission 
B)  redemption 
C)  new mortgage 
D)  refinance 
A)  rescission 
B)  redemption 
C)  new mortgage 
D)  refinance

Question 15

Drug Company X has a prescription drug that will make people look younger and lose weight.The problem is that it causes significant stomach problems.Ann,an executive of Drug Company X,wants to advertise the drug's benefits on television and radio but leave out the stomach problems.Her secretary,Bob,tells her that she could run into problems,and that he is not sure the drug can even be advertised.Ann disagrees stating that it is up to physicians to warn patients of possible complications.She tells Bob that she will not provide any information regarding contacting Company X so that no one at Company X will be annoyed by receiving numerous inquiries about obtaining the drug's benefits.What would an FDA representative likely say in regard to Ann's plan? Set forth your response in detail.

Accepted Answer

The FDA representative would say that th

Question 16

Which of the following are protected categories under the Equal Credit Opportunity Act?

Accepted Answer

A)  Gender, race, color, religion, and national origin 
B)  Gender, race, color, religion, national origin, and age 
C)  Gender, marital status, race, color, religion, national origin, and age 
D)  Gender, marital status, race, color, religion, national origin, age, and residents of disadvantaged neighborhoods 
A)  Gender, race, color, religion, and national origin 
B)  Gender, race, color, religion, national origin, and age 
C)  Gender, marital status, race, color, religion, national origin, and age 
D)  Gender, marital status, race, color, religion, national origin, age, and residents of disadvantaged neighborhoods

Question 17

Discuss the purpose of the purpose of the Consumer Product Safety Commission and the process by which it sets mandatory safety standards.Discuss fully.

Accepted Answer

The purposes of the Consumer Product Saf

Question 18

Which of the following is true regarding the use of irradiated foods in the U.S.?

Accepted Answer

A)  Irradiated foods are outlawed. 
B)  Irradiation is allowed only for fruits and vegetables, and no notice is required. 
C)  Irradiation is allowed for fresh and frozen red meat, and no notice is required. 
D)  Irradiation is allowed for fresh and frozen red meat, but notice must be required. 
A)  Irradiated foods are outlawed. 
B)  Irradiation is allowed only for fruits and vegetables, and no notice is required. 
C)  Irradiation is allowed for fresh and frozen red meat, and no notice is required. 
D)  Irradiation is allowed for fresh and frozen red meat, but notice must be required.

Question 19

Set forth the definitions used for determining whether an item is a food or a drug for purposes of FDA categorization.

Accepted Answer

Drugs include (1)articles intended for u

Question 20

The Truth-in-Lending Act (TILA)is intended to assure a truthful loan application by the consumer.

Accepted Answer

A) True 
 B)False

Exam 17: Consumer Protection.

In 2014,the __________ announced it considered __________ a __________ virtual currency.

The Wool Products Labeling Act is an example of a federal law regulating the labeling of clothing.

Which of the following is true regarding environmental standards in the European Union?

Which of the following is true regarding bioengineered insects and pathogens?

Which of the following is true regarding the placement of health claims for foods on labels?

Caveat venditor means:

The __________ has primary responsibility for regulating the labeling of food

The FTC now requires used car sellers to affix a __________ to the cars that they sell.

Which of the following is true regarding the use of genetically modified foods internationally?

In relation to food,which of the following is considered an additive?

Caveat emptor means:

Generic drugs can be approved for use on a showing that they are identical to approved brand-name drugs.

The Truth-in-Lending Act provides consumers a right of __________ whenever their home is used as collateral for credit except for original construction or acquisition.

Which of the following are protected categories under the Equal Credit Opportunity Act?

Discuss the purpose of the purpose of the Consumer Product Safety Commission and the process by which it sets mandatory safety standards.Discuss fully.

Which of the following is true regarding the use of irradiated foods in the U.S.?

Set forth the definitions used for determining whether an item is a food or a drug for purposes of FDA categorization.

The Truth-in-Lending Act (TILA)is intended to assure a truthful loan application by the consumer.

Law, Value Creation, and Risk Management.

Ethics and the Law.

Sources of Law, Courts, and Dispute Resolution.

Constitutional Bases for Business Regulation.

Agency.

Administrative Law.

Contracts.

Sales, Licensing, and E-Commerce.

Torts and Privacy Protection.

Product Liability.

Intellectual Property.

The Employment Agreement.

Civil Rights and Employment Discrimination.

Criminal Law.

Environmental Law and Sustainability.

Antitrust.

Real Property and Land Use.

Forms of Business Organizations.

Directors, Officers, and Controlling Shareholders.

Public and Private Offerings of Securities.

Securities Fraud and Insider Trading.

Debtor-Creditor Relations and Bankruptcy.

International Law and Transactions.

Filters

In 2014,the announced it considered a __ virtual currency.