ScienceEconomicsModule 8 Consumer Protection
Please enter something

Module 8 Consumer Protection

Rex Barnes avatar Rex Barnes
9 November 2022
4.5 (144 reviews)
31 test answers

Unlock all answers in this set

Unlock answers (27)
question
Pre Quiz 1.It is generally safe to provide your Social Security Number to:
answer
Verified trusted sources that need it.
question
2.) The primary goal of the Consumer Financial Protection Bureau is:
answer
To protect consumers by regulating financial products and services.
question
3.) Which action will be least helpful if you've been the victim of identity theft?
answer
Ordering your latest credit report.
question
4.) If you've been a victim of identity theft, what should you do after contacting the company that reported the suspicious charge and issuing a credit fraud report?
answer
Order a Credit Report
question
5.) Which document puts you at the LEAST risk of identity theft?
answer
Cash receipts
question
6.) Which type of password would be considered secure?
answer
A short phrase from your favorite song.
question
7.) Consumer protection laws are meant to:
answer
Prevent unfair or deceptive business practices.
question
Consumer Fraud
answer
Deceives you into providing personal info
question
Identity Theft
answer
Steals your personal info & Impersonates you
question
Which of the following describes an effective strategy for protecting yourself against identity theft?
answer
Avoid using unsecured wireless networks
question
In which of the following situations should you expect to provide your Social Security number?
answer
Applying for federal student aid
question
Steps for Resolving Identity Theft:
answer
1.) Contact the company that reported suspicious charge. 2.) Call a Credit Bureau and Place an initial Fraud Alert 3.) Order Credit Report 4.) Report identity Theft to Federal Trade Commission. 5.) Continue to monitor ur accounts and Credit Report.
question
The Federal Trade Commission
answer
(FTC) is a U.S. government agency that protects consumers against false advertising and other unfair business practices.
question
Consumer Finical Protection Bureau
answer
(CFPB) is a U.S. government agency that helps protect consumers by regulating financial products and services, especially mortgages, credit cards, and student loans.
question
Credit Card Accountability Act of 2009
answer
is a law that makes credit card companies adopt fairer practices. It puts restrictions on when credit card companies must provide your credit card bill, accept payments, and notify you of changes to your fees or rates. It also requires credit card companies to put information on interest payments and the number of years it will take to pay off any debt on your monthly statements.
question
Fair Credit Reporting Act
answer
mandates that the information in your credit report is accurate, complete, and private. This act also gives you the right to view your credit report and dispute incorrect information.
question
Final Quiz: 1.) If you've been a victim of identity theft, what should you do after contacting the company that reported the suspicious charge and issuing a credit fraud report?
answer
Report the identity theft to the Federal Trade Commission.
question
2.) The primary goal of the Consumer Financial Protection Bureau is to:
answer
To protect consumers by regulating financial products and services.
question
3.) The safest action to take if someone claiming to be from your bank calls you to ask for account information is to:
answer
Provide only your name and account number.
question
You may have been a victim of identity theft if...
answer
{ D. } A.) You look at your credit report and notice accounts you didn't open B.) You notice charges on your bank account that you don't recognize C.) Your favorite store e-mails you to let you know their data was stolen D.)All of the above
question
5.) What is the safest way to dispose of old bank account statements?
answer
Shred them in a paper shredder.
question
6.) It is generally safe to provide your Social Security Number to:
answer
Verified trusted sources that need it.
question
Fair Debt Collection Practices Act
answer
aims at doing away with abusive and deceptive practices by those who collect debt. For example, it regulates the hours that collectors may call a consumer and prohibits collectors from publishing a consumer's name or address on a "bad debt" list.
question
7.) The best way to investigate fraudulent transactions on your credit card is to:
answer
Review your recent credit card statements.
question
Identity thieves can use your personal information to:
answer
{ D. All the above } A.) Open a credit card B.) Sign up for electricity service C.) Get a cell phone contract D.)All of the above
question
9.) What activities might require you to provide your social security number?
answer
Renting a car.
question
10.) Consumer protection laws might result in:
answer
{Both A. and B. } A.) Fewer unwanted telemarketing calls. B.) Lower prices at the gas station. C.) Both A and B D.) Neither A nor B
question
4.) Which action will be least helpful if you've been the victim of identity theft?
answer
Ordering your latest credit report.
question
What is the FIRST action you should take if you suspect there has been a fraudulent charge on your credit card?
answer
Contact the credit card company to report the fraudulent charge.
question
Which new password is the strongest alternative to the weak password: "ilovedogs"?
answer
{ D. All are secure! } A.) $iL0V3dGs6! B.) LoveDogs18! C.) @EyelUvDawGs D.) All of the passwords are equally secure.
question
Which of the following scenarios might indicate that you have been a victim of identity theft?
answer
Your credit report displays accounts you did not open.