Question 1

Blogs and social media ads must clearly indicate that they are,in fact,ads by including some equivalent of "ad" or "sponsored."

Accepted Answer

A) True 
 B)False

Question 2

John loans George money,and they sign a written agreement whereby George will repay John in monthly installments.Is this loan subject to the Truth in Lending Act?

Accepted Answer

A) Yes,if the loan is for more than $1,000. 
B) Yes,if John and George live in different states. 
C) No,if John is not in the business of offering credit. 
D) No,if John and George are related. 
A) Yes,if the loan is for more than $1,000. 
B) Yes,if John and George live in different states. 
C) No,if John is not in the business of offering credit. 
D) No,if John and George are related.

Question 3

Brett applies for a $60,000 loan to purchase a tractor for his farm business.This loan is subject to TILA disclosure requirements.

Accepted Answer

A) True 
 B)False

Question 4

Under FTC rules,when a customer legally cancels a door-to-door sales contract,the seller must return the buyer's money within

Accepted Answer

A) 3 days. 
B) 5 days. 
C) 10 days. 
D) a "reasonable time" after the sale was made. 
A) 3 days. 
B) 5 days. 
C) 10 days. 
D) a "reasonable time" after the sale was made.

Question 5

Which of the following statements expresses the purpose of the Truth-in-Lending Act?

Accepted Answer

A) to require lenders to charge a "reasonable" rate of interest 
B) to regulate interest rates and terms of loans 
C) to provide consumers with information necessary to make the best credit decision 
D) to help lenders limit state laws 
A) to require lenders to charge a "reasonable" rate of interest 
B) to regulate interest rates and terms of loans 
C) to provide consumers with information necessary to make the best credit decision 
D) to help lenders limit state laws

Exam 39: Consumer Protection

Blogs and social media ads must clearly indicate that they are,in fact,ads by including some equivalent of "ad" or "sponsored."

John loans George money,and they sign a written agreement whereby George will repay John in monthly installments.Is this loan subject to the Truth in Lending Act?

Brett applies for a $60,000 loan to purchase a tractor for his farm business.This loan is subject to TILA disclosure requirements.

Under FTC rules,when a customer legally cancels a door-to-door sales contract,the seller must return the buyer's money within

Which of the following statements expresses the purpose of the Truth-in-Lending Act?

Introduction to Law

Ethics and Corporate Social Responsibility

International Law

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Dispute Resolution

Crime

Intentional Torts and Business Torts

Negligence, Strict Liability, and Product Liability

Privacy and Internet Law

Introduction to Contracts

Agreement: Offers and Acceptances

Consideration

Legality

Voidable Contracts: Capacity and Consent

Written Contracts

Third Parties

Contract Termination

Remedies

Practical Contracts

Introduction to Sales

Ownership, Risk and Warranties

Performance and Remedies

Secured Transactions

Creating a Negotiable Instrument

Liability for Negotiable Instruments

Accountants Liability

Agency Law

Employment and Labor Law

Employment Discrimination

Starting a Business: Llcs and Other Options

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Life and Death of a Corporation

Management Duties

Shareholder Rights

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Real Property and Landlord Tenant Law

Personal Property and Bailment

Planning for the Future: Wills, Trusts and Insurance

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