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Exam 21: Consumer Protection

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Question 41

Multiple Choice

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Credit Loan Company extends credit in the ordinary course of its business.Under the Truth-in-Lending Act,Credit Loan must inform potential borrowers of

A) credit terms offered by other lenders.
B) comparative prices for goods to be bought with the borrowed funds.
C) Credit Loan's credit terms.
D) the borrowers' credit scores.

E) B) and D)
F) A) and D)

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Question 42

True/False

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Under the Fair Credit Reporting Act,a consumer can request the identity of anyone who has received a credit agency's report on the consumer.

A) True
B) False

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Question 43

True/False

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Labels must be accurate and use words easily understood by the ordinary consumer.

Bait-and-switch advertising occurs if the seller fails to have reasonably adequate quantities of the advertised item available.

A consumer may recover under a state consumer-fraud statute,even if he or she has not suffered actual damages proximately caused by a deceptive act.

The government cannot remove a product from the market simply because it is considered imminently hazardous.

Spicy Salsa,Inc. ,complains to the Federal Trade Commission (FTC) about an ad broadcast by Tangy Taco Sauce Company,Spicy's competitor.The FTC investigates and concludes that the ad is deceptive.The FTC's next step is to

The Lanham Act protects against the deceptive use of trademarks but does not cover false advertising claims.

Lu's application to Metro Bank for a credit card is denied.Logan can obtain information on his credit history in a credit agency's files under

An ad for Bagels Inc.attracts buyers who would otherwise have made purchases from Croissant Company.To bring a successful claim against Bagels Inc.under the federal Lanham Act for false advertising,Croissant must establish that

Bea borrows funds from Credit Union to repair her home and to buy a car.She buys a laptop from Discount Store in a transaction financed by the seller.If these parties are subject to the Truth-in-Lending Act,Regulation Z applies to

Regulation Z was issued by the Federal Reserve Board of Governors to implement the disclosure requirements of the Truth-in-Lending Act.