Consumer Rights Quiz: Test Your Knowledge on 8 Rights

Questions and Answers

What does the Bureau of Consumer Protection do for consumers?

The Bureau of Consumer Protection collects complaints, conducts investigations, sues companies and people that break the law, develops rules to maintain a fair marketplace, and educates consumers and businesses about their rights and responsibilities.

What is the purpose of consumer rights?

Consumer rights and consumer protection law provides a way for individuals to fight back against abusive business practices.

Identify the percent increase in sales of jackets compared to total coat sales.

Sales of jackets increased 18.8 percentage points faster than total coat sales. (correct)

Sales of jackets increased 3.6 percentage points faster than total coat sales.

Total coat sales increased 24.5 percentage points faster than sales of jackets.

Total coat sales increased 8.1 percentage points faster than sales of jackets.

Which of the following are accurate assessments of trends displayed in the sales of stuffed toys?

All of the above. Signup and view all the answers

Determine whether there was a percent increase or decrease in the number of trench coats sold.

The percentage of trench coats sold increased by 23.3%. Signup and view all the answers

What consumer protection agency is known by the acronym SEC?

Securities and Exchange Commission Signup and view all the answers

How many total computers will be sold in July if the sales trend continues from May to June?

721 Signup and view all the answers

Which agency is responsible for supervising programs related to housing needs and community development?

HUD Signup and view all the answers

Which of the following is not one of the eight recognized consumer rights?

Right to dignity Signup and view all the answers

How many Dinztop computers will be sold in July if current trends continue?

98 Signup and view all the answers

Which of the following functions is most closely connected with the CPSC?

Ensuring product safety and setting safety standards Signup and view all the answers

What percent of the market will parkas occupy in 2008 if current trends continue?

16.5% Signup and view all the answers

How do the choices consumers make impact business decisions?

Businesses can track the trends of what consumers are and are not buying, and will attempt to cater to the desires of those who provide them with profits. Signup and view all the answers

Study Notes

Consumer Protection Overview

The Bureau of Consumer Protection addresses consumer complaints, investigates violations, sues offenders, establishes fair marketplace rules, and educates the public about rights and responsibilities.
Consumer rights laws empower individuals to challenge exploitative business practices and hold sellers accountable.

Sales Trends and Calculations

Sales of jackets increased by 18.8 percentage points faster than total coat sales.
Teddy bear sales decreased by approximately 2.9% from September to October.
The percentage of trench coats sold increased by 23.3%.

Consumer Protection Agencies

The Securities and Exchange Commission (SEC) oversees financial securities.
The Department of Housing and Urban Development (HUD) addresses housing needs and community development.
The Consumer Product Safety Commission (CPSC) focuses on product safety and sets safety standards.

Consumer Rights

The eight recognized consumer rights include the right to safety and the right to choose but notably do not include the right to dignity.

Future Sales Predictions

A store is projected to sell 721 total computers in July based on sales changes from May to June.
Estimated sales for Dinztop computers in July are 98, based on continuation of sales trends.

Market Impact

Consumer choices significantly influence business decisions as companies adapt to buying trends to enhance profitability.

Description

Explore key concepts of consumer rights and protections through these flashcards. Learn about the role of the Bureau of Consumer Protection and the foundational principles behind consumer rights. This quiz is essential for understanding consumer advocacy and legal frameworks.