Question 1

The Consumer Leasing Act applies to consumer leases for all of the following except a lease:

Accepted Answer

The Consumer Leasing Act applies to consumer leases for personal, family, or household purposes. Therefore, all the options mentioned in the question are covered by the act, except for any leases that are not for personal use. Hence, option E is the correct choice.

Question 2

A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:

Accepted Answer

The Truth-in-Lending Act (TILA) requires creditors to disclose terms of credit, including the interest rate, to consumers before an agreement is finalized. Failure to disclose the interest rate violates TILA, making none of the provided choices correct in describing the consequences or applicability of TILA accurately.

Question 3

The Fair Credit Billing Act:

Accepted Answer

The answer of The Fair Credit Billing Act:
...

Question 4

The Fair Credit Billing Act that governs credit card issuers:

Accepted Answer

The Fair Credit Billing Act only prohibits mailing unsolicited credit cards and establishes procedures for lost or stolen credit cards. It applies to all credit cards, regardless of whether they charge interest on existing balances.

Question 5

The Consumer Leasing Act would apply to which of the following leases:

Accepted Answer

The Consumer Leasing Act applies to personal leases of items with a value of $25,000 or less for a term of more than four months. Option D is for a big-screen television for a year, which meets both criteria, and hence would be covered.

Question 6

The Consumer Leasing Act:

Accepted Answer

The Consumer Leasing Act applies to leases for less than $25,000 and leases lasting longer than four months, but it does not apply to most apartment leases.

Question 7

The ____ provides standard terms for leases.

Accepted Answer

The Consumer Leasing Act provides standard terms for leases, including disclosures of costs and fees, allowing consumers to compare lease offers from different lessors.

Question 8

The Consumer Leasing Act does not apply to leases for:

Accepted Answer

The Consumer Leasing Act applies primarily to personal property leases that are used for personal, family, or household purposes. It does not apply to leases for business or commercial use, such as furniture for a dentist's office, which is considered a business use.

Question 9

To address the issues of consumers being unable to get creditors to correct inaccurate or unauthorized charges that appeared on their bills and credit cards being sent to people who did not request them the FTC passed the:

Accepted Answer

The Fair Credit Billing Act was specifically designed to address issues related to incorrect or unauthorized charges on credit card bills. It established rules for how creditors must handle billing disputes and provided consumers with specific rights when it comes to their credit card billing process. None of the other options listed specifically address this issue.

Question 10

The ____ provides standard terms for leases.

Accepted Answer

The options provided (Truth-in-Lending Act, Consumer Lease Regulation Act, Consumer Buying Act, Consumer Renting Act) do not directly provide standard terms for leases. Standard terms for leases are typically governed by state laws and specific regulations related to leasing and rental agreements, not by a single federal act named as any of the options given.

Question 11

Which of the following can be sued for by consumers under the TILA:

Accepted Answer

Consumers can sue for a variety of damages under the TILA, including twice the amount of the finance charge (up to $1000), court costs, and attorney's fees, among others. Therefore, all of the other specific choices are correct.

Question 12

Which of the following is NOT a required disclosure under the Consumer Leasing Act:

Accepted Answer

The number of leases both parties are involved in is not a required disclosure under the Consumer Leasing Act.

Question 13

A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:

Accepted Answer

The Truth-in-Lending Act requires stores to disclose the interest rate charged for credit. Failing to do so can result in civil damages of up to $1,000 plus attorney fees for the consumer. The fact that the consumer agreed to the credit does not excuse the store from failing to disclose the interest rate. Canceling the contract may be an option for the consumer, but they also have the right to seek damages for the store's violation of the law. Option C (giving the goods for free) is not a plausible outcome for this situation. Option E (no violation) is incorrect because the store is required to disclose the interest rate.

Question 14

____ is a regulation written by the Federal Reserve Board specifying items that must be listed as part of consumer finance charges under the Truth-in-Lending Act.

Accepted Answer

The correct regulation related to specifying items that must be listed as part of consumer finance charges under the Truth-in-Lending Act is Regulation Z, not any of the options provided. Regulation Z is designed to protect consumers by ensuring they are provided with meaningful information about credit terms.

Question 15

Under the Consumer Leasing Act, which of the following must be given before a consumer becomes obligated under a lease?

Accepted Answer

The Consumer Leasing Act requires disclosure of various terms and conditions of a lease before the consumer is obligated, including the identity of the party responsible for maintaining the property.

Question 16

Which of the following is NOT a required disclosure under the Consumer Leasing Act:

Accepted Answer

The Consumer Leasing Act does not require the disclosure of express warranties offered by the leasing party or the manufacturer of the leased property.

Question 17

The Consumer Leasing Act applies to consumer leases for all of the following except a lease:

Accepted Answer

The Consumer Leasing Act applies to consumer leases for personal, family or household purposes for more than four months, which excludes the lease of living room furniture for only two months.

Question 18

The Consumer Leasing Act would apply to which of the following leases:

Accepted Answer

The Consumer Leasing Act applies to personal property leases that exceed four months and are made for personal, family, or household purposes, but it does not apply to real estate leases, short-term leases (like a car for a week), or accommodations in a hotel (like a Hilton Hotel in Hawaii). Therefore, none of the given options fall under the Consumer Leasing Act.

Question 19

Under the Fair Credit Billing Act, a consumer must notify the creditor within ____ of the billing of a disputed charge.

Accepted Answer

According to the Fair Credit Billing Act, a consumer must notify the creditor within 60 days of the billing of a disputed charge. If the consumer fails to do so, they may lose their right to dispute the charge.

Question 20

The Fair Credit Billing Act:

Accepted Answer

The Fair Credit Billing Act does not prohibit the mailing of credit cards, nor does it require consumers to pay disputed amounts while disputes are resolved. It limits liability for unauthorized charges to $50 if the card issuer is notified in a timely manner, but does not eliminate liability entirely.

Quiz 19: Consumer Protection

The Consumer Leasing Act applies to consumer leases for all of the following except a lease:

A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:

The Fair Credit Billing Act:

The Fair Credit Billing Act that governs credit card issuers:

The Consumer Leasing Act would apply to which of the following leases:

The Consumer Leasing Act:

The ____ provides standard terms for leases.

The Consumer Leasing Act does not apply to leases for:

To address the issues of consumers being unable to get creditors to correct inaccurate or unauthorized charges that appeared on their bills and credit cards being sent to people who did not request them the FTC passed the:

The ____ provides standard terms for leases.

Which of the following can be sued for by consumers under the TILA:

Which of the following is NOT a required disclosure under the Consumer Leasing Act:

A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:

____ is a regulation written by the Federal Reserve Board specifying items that must be listed as part of consumer finance charges under the Truth-in-Lending Act.

Under the Consumer Leasing Act, which of the following must be given before a consumer becomes obligated under a lease?

Which of the following is NOT a required disclosure under the Consumer Leasing Act:

The Consumer Leasing Act applies to consumer leases for all of the following except a lease:

The Consumer Leasing Act would apply to which of the following leases:

Under the Fair Credit Billing Act, a consumer must notify the creditor within ____ of the billing of a disputed charge.

The Fair Credit Billing Act: