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Consumer Bowl Review. Review Panel 6 Class Version. Predatory lending refers to…. A) when a lender targets consumers in an area to increase business. B) an illegal practice where a lender charges excessive fees or rates
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Consumer Bowl Review Review Panel 6 Class Version
Predatory lending refers to… • A) when a lender targets consumers in an area to increase business. • B) an illegal practice where a lender charges excessive fees or rates • C) an illegal practice where a lender offers loans to low-income customers
Answer • B) an illegal practice where a lender charges excessive fees or rates
How do predatory lenders usually market their services? • A) by door-to-door sales • B) by phone • C) by email • D) Both A and B
How much money do travel scammers make annually? • A) $6 billion • B) $12 billion • C) $20 billion
Answer • B) $12 billion
FTC Regulations state a telemarketer can only call between what hours?
Answer • 8:00 am and 9:00 pm
What is the Alternative Dispute Resolution • A) a way to mediate consumer complaints • B) a group that makes recommendations on how to combat senior citizen fraud • C) All of the above
Answer • A) a way to mediate consumer complaints
For a 1st violation ticket scalping can result in a penalty of up to • A) $1,000 • B) $6,500 • C) $7,500
Answer • C) $7,500
It is unlawful to resell tickets for more than • A) $3.00 or 20% above face value • B) $3.00 or 30% above face value • C) $4.00 or 40% above face value
Answer • A) $3.00 or 20% above face value
What is a responsibility of the NHTSA? • A) investigate safety defects in motor vehicles • B) monitor gas prices • C) regulate traffic signs and lights
Answer • A) investigate safety defects in motor vehicles
Answer • Their identity • Purpose for the call • Nature of the goods being sold • Return and refund policy
ABC Food Market places the following ad in the local Sunday paper 2 weeks before Thanksgiving. “Turkey $.25 per pound. Regular price is $1.69 per pound.” Each store receives 5 turkeys for the sale 30 people arrive at the store the next day. • A) Each customer must receive a rain check • B) The store is in violation of the Consumer Fraud Act because they did not have sufficient quantity • C) The store is within its legal rights
Answer • B) The store is in violation of the Consumer Fraud Act because they did not have sufficient quantity
Mary Jones ordered children’s books from Amazon. She called the toll free 800 number and paid for the purchase with her VISA. Delivery was promised within 30 days. 90 days later the books hadn’t arrived. Which of the following is NOT correct? • A) the company must send a letter or notice stating the delay • B) The company may send substitute material • C) The company can wait until their shipment arrives and then send the ordered book
Answer • C) The company can wait until their shipment arrives and then send the ordered book
Which federal agency has jurisdiction over telemarketing fraud? • A) FTC (federal trade commission) • B) FCC (federal communications commission) • C) SEC (securities and exchange commission)
Answer • A) FTC (federal trade commission)
All of the following commodities use pounds as their approved unit of measurement EXCEPT… • A) cheese • B) bottled beverages • C) flour
Answer • B) bottled beverages
All lumber sold in the state of New Jersey MUST disclose the… • A) grade of wood • B) date it was milled • C) forest it was cut from
Answer • A) grade of wood
Lumber that has been treated must disclose all of the following EXCEPT • A) the year of treatment • B) the name and location of the treatment processors • C) the price of lumber yard paid for the lumber
Answer • C) the price of lumber yard paid for the lumber