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Questions and Answers
What is the primary purpose of consumer protection laws?
What is the primary purpose of consumer protection laws?
- To prevent businesses from engaging in any commercial activity
- To protect the rights and interests of consumers (correct)
- To ensure businesses can operate without government interference
- To generate revenue for the government
Which of the following is an example of a predatory lending practice?
Which of the following is an example of a predatory lending practice?
- Extending a personal loan with flexible repayment terms
- Offering a credit card with a low interest rate
- Providing a fixed-rate mortgage loan
- Issuing a title loan with high fees and interest rates (correct)
What is the primary responsibility of a consumer who has been a victim of fraud or identity theft?
What is the primary responsibility of a consumer who has been a victim of fraud or identity theft?
- To keep the incident a secret to avoid further embarrassment
- To continue making payments on any fraudulent accounts opened in their name
- To report the incident to the police and their financial institutions (correct)
- To take no action and wait for the issue to resolve itself over time
Which of the following is a benefit of using a credit card for online purchases?
Which of the following is a benefit of using a credit card for online purchases?
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Which federal agency is responsible for enforcing consumer protection laws?
Which federal agency is responsible for enforcing consumer protection laws?
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Which of the following is a common financial scam to be aware of?
Which of the following is a common financial scam to be aware of?
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