Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Law
Q:
Standards for appropriate speech are regulated only by societal norms.
Q:
Title VII of the Civil Rights Act only affects companies doing business within the U.S. and cannot be used to restrain the business activities of U.S. companies doing business outside of the U.S.
Q:
Distributors purchase goods from a seller, then negotiate sales to foreign buyers on their own behalf.
Q:
Generally, when a subsidiary is sued, the parent company is also liable.
Q:
List the methods used by the Consumer Product Safety Commission (CPSC) to enforce its rules.
Q:
Explain the purpose of the Electronic Fund Transfer Act (EFTA).
Q:
Describe the issues that led to the passing of the Equal Credit Opportunity Act (ECOA) and identify how the Act handles these issues.
Q:
Briefly describe the three important forms of bankruptcy action.
Q:
The World Trade Organization was established by the 1994 Marrakesh Agreement.
Q:
Describe in brief the functions of the Consumer Financial Protection Bureau (CFPB).
Q:
Describe the elements generally adopted by the legal community in defining fraud.
Q:
Briefly describe the doctrine of unconscionability.
Q:
Describe the requirements to prove that a vehicle is a lemon and the remedies generally provided under lemon laws.
Q:
Which of the following is one of the key provisions of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009?
A. Lenders can issue credit cards to those under age 21 without any objections.
B. Interest rates, with some exceptions, cannot be raised in the first year.
C. Credit card issuers can charge interest on bills paid on time.
D. Credit card companies can increase the annual percentage rate on all existing account balances.
Q:
Which of the following credit reporting protections is offered by the federal Fair Credit Reporting Act?
A. In all cases, negative information more than seven years old must be reported in a consumers credit report.
B. All inaccurate information must be corrected or removed from a consumers credit file, usually within 30 days.
C. Consumers cannot sue a credit reporting agency or a bank for damages even if their rights under the act have been violated.
D. Anyone using information from a credit reporting agency to deny a consumer credit cannot reveal the source of information to the consumer.
Q:
Under the _____, liability for misuse of missing cards is capped at $50 if the consumer provides notice within two business days after learning of the loss.
A. Fair Debt Collection Practices Act
B. Electronic Fund Transfer Act
C. Fair Credit Billing Act
D. Equal Credit Opportunity Act
Q:
Which of the following Acts was passed mostly as a response to anger over discriminating treatment of women in the financial marketplace?
A. The Fair Debt Collection Practices Act
B. The Social Security Act
C. The Equal Credit Opportunity Act
D. The Mortgage Finance Act
Q:
Lucy uses her credit card to make purchases for her new house. She bills a sum of $2,000 and repays $1,200 within a month. However, she is not able to repay the remaining $800 for about a year. The debt collection partner of her bank repeatedly calls her during odd hours and threatens to seize her property if she fails to repay the outstanding amount along with an unreasonable late fee in a weeks time. In the context of the federal Fair Debt Collection Practices Act (FDCPA), which of the following statements holds true in this scenario?
A. The act extends only to creditors who are themselves trying to recover money owed to them.
B. Lucy is not protected under the act unless the debt collection agency uses physical force on her.
C. Lucy is protected under the act as it prohibits creditors from making contact with a debtor during inconvenient hours.
D. The act allows debt collection agencies to employ any tactic to recover the outstanding debt from a consumer.
Q:
Which of the following debt collection practices would be legal under the federal Fair Debt Collection Practices Act?
A. Using physical force on a debtor to recover debt
B. Making repeated phone calls to a debtor with the intent to harass
C. Contacting a debtor in an unfair, abusive, or deceptive manner
D. Contacting third parties for the purpose of locating a debtor
Q:
Which of the following is the federal agency charged with protecting consumers from unreasonable risks of injury and death from products such as toys, lawn mowers, washing machines, bicycles, fireworks, pools, portable heaters, and household chemicals?
A. The Consumer Product Safety Commission
B. The Consumer Goods Forum
C. The Consumer Financial Protection Bureau
D. The Federal Trade Commission
Q:
Identify a true statement about the Food and Drug Administration (FDA).
A. The FDA is empowered to impose fines although it does not have the authority to remove dangerous drugs from the market.
B. The FDA can regulate tobacco ingredients, including nicotine, but the agency is not yet exercising that power.
C. The 2011 Food Safety and Modernization Act reduced the food safety powers of the FDA.
D. The food safety burden for imported food lies primarily with customers as it does not come under the FDAs jurisdiction.
Q:
HealthPro Pharma Inc. released a new medicine that promised to cure heart diseases. A few months later, it was found that patients who regularly took the medicine faced a high risk of obesity and other related side effects. In this scenario, which of the following federal agencies is empowered to remove the medicine from the market?
A. The Consumer Product Safety Commission
B. The Consumer Goods Forum
C. The Food and Drug Administration
D. The Federal Trade Commission
Q:
Which of the following standards determines the Truth in Lending Acts applicability?
A. The debtor must be an organization.
B. The amount secured as credit must be above $25,000.
C. The purpose of the credit must not be personal.
D. The credit must be subject to a finance charge.
Q:
Which of the following is true of credit reporting protections provided to consumers under the federal Fair Credit Reporting Act (FCRA)?
A. In case of inaccurate information in a credit file, the concerned credit reporting agency must make the correction, usually within 90 days.
B. If a person makes a request, the concerned credit reporting agency must give the person a list of all those who have recently sought information about him or her.
C. Credit reporting agencies do not need a written consent from a person to provide information to the persons employer or prospective employer.
D. Negative information more than two years old must not be reported in a consumers credit file.
Q:
Catalina buys a car on loan from Elko Automobiles. She pays the car loan over four years in monthly installments. Yet, her bank sends inaccurate information to Citizen Safe, a local credit reporting agency (CRA), claiming that the installments were not made on time. As a result, Catalina is denied a home loan by another bank. In the context of the Fair Credit Reporting Act, which of the following can be concluded from this scenario?
A. Catalina has no right to find out the information in her credit report.
B. If Catalina files a complaint against Citizen Safe, the agency will have up to 90 days to correct and remove the inaccurate information from Catalinas credit report.
C. Citizen Safe must change Catalinas credit report immediately upon her request.
D. If Catalina informs Citizen Safe about the inaccurate information, the agency must investigate her complaint and give her a written report.
Q:
Which of the following consumer protection agencies in the United States is charged with providing financial education, thereby promoting Americans financial literacy?
A. The Consumer Product Safety Commission
B. The Consumer Financial Protection Bureau
C. The Education Resources Information Center
D. The Chief Financial Officers Council
Q:
Which of the following federal agencies is primarily responsible for enforcing the finance laws such as the Electronic Fund Transfer Act and the Fair Credit Billing Act?
A. The Chief Financial Officers Council
B. The American Federation of Labor
C. The Consumer Financial Protection Bureau
D. The Consumer Product Safety Commission
Q:
Which of the following is a primary fear associated with the Consumer Financial Protection Bureaus role in the finance market?
A. Increased government regulation is likely to reduce the availability of credit.
B. Increased government regulation is likely to reduce the cost of credit.
C. Increased government interference will increase the money supply in the market.
D. Increased government interference will increase consumer spending.
Q:
Which of the following best states the purpose of the Federal Trade Commission (FTC)?
A. It was created to ensure that the American economy imports more than it exports.
B. It was created to prevent unfair methods of competition and unfair or deceptive acts or practices in and affecting commerce.
C. It provides a mechanism to deal with the billing errors that accompany credit card and certain other open-end credit transactions.
D. It was designed to shield debtors from unfair debt collection tactics by collection agencies and attorneys who routinely operate as debt collectors.
Q:
Which of the following is true of the Federal Trade Commission?
A. It has the authority to impose criminal sanctions on those found guilty as soon as a citizen complaint is filed.
B. It operates as a miniature government with powerful quasi-legislative (rule-making) and quasi-judicial (adjudication) roles.
C. It does not have the authority to enforce privacy provisions in laws addressing the use of consumer credit reports.
D. It is solely responsible for enforcing many finance laws, including the Electronic Fund
Transfer Act, the Equal Credit Opportunity Act, and the Fair Credit Billing Act.
Q:
When is a contract unconscionable?
A. When foolishness exists on the part of one of the parties to the contract
B. When one party is spectacularly clever and the other is not
C. When some contracts are so unfair or oppressive as to demand court intervention
D. When a want of knowledge exists on the part of one of the parties to the contract
Q:
Which of the following is true of lemon laws?
A. Very few states protect consumers through lemon laws.
B. The determination about whether a car is a lemon is usually handled by an arbitration panel.
C. They typically cover used cars for ten years or up to 100,000 miles after purchase.
D. Lemon laws are the same in every state.
Q:
In the context of lemon laws, a new vehicle would be considered a lemon if it has been:
A. damaged due to negligence on the part of a consumer.
B. returned to the manufacturer or dealer three or four times to repair the same defect.
C. sold by a dealer who is not registered in the state where the vehicle was purchased.
D. stolen and resold to a new buyer.
Q:
The _____, authorized by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, is charged with writing and enforcing rules covering consumer financial products and services including mortgages, credit cards, payday loans, loan servicing, check cashing, debt collection, and others.
A. Consumer Product Safety Commission
B. Consumer Financial Protection Bureau
C. American Federation of Labor
D. Bureau of Public Debt
Q:
Chapter 11 of the Bankruptcy Act keeps creditors from a debtor’s assets while the debtor, under the supervision of the court, works out a financial reorganization plan and continues to pay creditors.
Q:
Under Chapter 13 of the Bankruptcy Act, individual debtors are prohibited from voluntarily seeking the protection of a court to arrange a debt adjustment plan.
Q:
Jones sold a wooden chair to Amy, claiming it to be an antique. However, Jones recently acquired the chair from a carpenter who specializes in reproducing antique furniture. When Amy showed the chair to an antique collector, he pointed out that it was a fake. Thus, Amy was a victim of _____.
A. innocent misrepresentation
B. libel
C. slander
D. fraud
Q:
Which of the following elements must be proved to judge a situation as fraud?
A. The injured party suffered a loss of at least $25,000.
B. The misrepresentation was unintentional.
C. The injured party ignored the misrepresentation.
D. The misrepresented facts resulted in injury.
Q:
Which of the following is true of procedural unconscionability in the context of contracts?
A. It usually arises from lack of knowledge or a lack of choice.
B. It is a situation where the clause is so clearly unfair as to shock the conscience of the court.
C. It is a situation in which both the parties of a contract have equal bargaining power.
D. It occurs when one party in a contract is spectacularly clever and the other is not.
Q:
Which of the following is true of substantive unconscionability?
A. It primarily arises from lack of knowledge or lack of choice.
B. It occurs when a clause or contract does not provide a remedy for a breach.
C. It primarily arises when the parties to a contract have equal bargaining power.
D. It occurs when one party in a contract is spectacularly clever and the other is not.
Q:
Chapter 13 of the Bankruptcy Act permits only voluntary bankruptcies and is restricted to those with steady incomes and somewhat limited debts.
Q:
Under the Fair Credit Billing Act (FCBA), a credit cardholder who receives an erroneous bill must complain in writing to the creditor within 60 days of the time the bill was mailed.
Q:
Under the Fair Credit Billing Act, a creditor must acknowledge receipt of a consumer complaint regarding an erroneous bill within 90 days.
Q:
The Equal Credit Opportunity Act (ECOA) is designed to combat bias in lending.
Q:
The federal Fair Debt Collection Practices Act (FDCPA) extends to creditors who are themselves trying to recover money owed to them.
Q:
The federal Fair Debt Collection Practices Act forbids debt collectors from contacting debtors during inconvenient hours.
Q:
To enforce its policies and decisions, the Consumer Product Safety Commission (CPSC) holds both compliance and enforcement powers.
Q:
The heart of the Truth in Lending Act (TILA) is the required conspicuous disclosure of the amount financed, the finance charge, the annual percentage rate, and the number of payments.
Q:
For a debtor to be protected under the Truth in Lending Act (TILA), the credit obtained must be above $25,000.
Q:
Based on Julias credit history, TrueMoney Bank denies her a loan. In this case, the bank need not notify Julia and tell her where it secured her credit information.
Q:
If a consumer claims that his or her credit file contains inaccurate information, the concerned credit reporting agency (CRA) merely has to verify that it took the information accurately from the original source and has no duty to investigate further.
Q:
Lemon laws govern the export and sale of agricultural produce.
Q:
The Federal Trade Commissions primary legislative direction is in issuing trade regulation rules to enforce the intent of broadly drawn congressional legislation.
Q:
The Federal Trade Commission (FTC) has the authority to impose criminal sanctions on businesses that engage in unfair and deceptive trade practices.
Q:
Banning a product from the market is usually the first remedy sought by the Consumer Product Safety Commission (CPSC).
Q:
Innocent misrepresentation differs from fraud only in that the falsehood was intentional in the former.
Q:
Mere foolishness or want of knowledge constitutes the grounds for unconscionability of contracts.
Q:
The Bill of Rights was designed to ensure that members of labor organizations get equal voting rights, the right to sue a union, and the rights of free speech and assembly.
Q:
The National Labor Relations Act recently changed labor laws related to closed-shop arrangements, permitting labor unions to pursue closed-shop arrangements.
Q:
Throughout the United States, all public-sector employees have equal rights to strike.
Q:
Certain classes of employees, such as supervisors, are excluded from employee bargaining units.
Q:
Those matters not directly related to wages, hours, and terms and conditions of employment and not falling within the category of prohibited subjects are referred to as mandatory bargaining subjects.
Q:
Section 8(d) of the National Labor Relations Act clearly sets out some mandatory subjects over which the parties must bargain.
Q:
Refusal to bargain over a permissive bargaining subject constitutes a National Labor Relations Act violation.
Q:
In most labor management bargaining cases, neither the company nor the union can turn to the courts to set aside arbitration decisions.
Q:
The Landrum Griffin Act has regulated the manner in which unions represent employees in the collective bargaining process.
Q:
The National Labor Relations Act (NLRA) prohibits employees from engaging in concerted activities like strikes and collective bargaining.
Q:
Political advocacy may in some circumstances be considered a concerted activity for mutual aid or protection under Section 7 of the National Labor Relations Act.
Q:
Section 8(a) of the National Labor Relations Act makes it an unfair labor practice for an employer to dominate, interfere, or assist with the formation of any labor organization.
Q:
Section 8(b) of the National Labor Relations Act permits a labor organization to try to make an employer compensate workers for services not performed.
Q:
One of the primary tasks of the National Labor Relations Board (NLRB) is conducting elections for union representation within the chosen bargaining unit.
Q:
In the context of labor unions representation elections, a union, employee, or employer initiates the formal organizing process by filing an election petition with the National Labor Relations Board (NLRB).
Q:
The Landrum Griffin Act prohibits labor unions from lending money except under specified circumstances and procedures, all of which must be reported annually to the government.
Q:
The Congress of Industrial Organizations (CIO) was organized in response to the needs of laborers working in skilled trades.
Q:
Through the Wagner Act, Congress established the National Labor Relations Board.
Q:
Explain the National Labor Relations Boards (NLRB) guidelines with regard to employees indulging in political advocacy at the workplace.
Q:
What are the implications of a union as an exclusive bargaining agent?
Q:
Differentiate mandatory bargaining subjects from permissive and prohibited bargaining subjects.
Q:
What are the differences between legal picketing and illegal picketing under the National Labor Relations Act (NLRA)?
Q:
The Knights of Labor admitted any workers to its ranks, regardless of occupation, gender, or nationality.