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Law 531 Week 6 Practice Assignment

• The _________________ Act protects consumers in the collection and reporting of their personal financial credit information.
• Fair Credit and Charge Card Disclosure
• Equal Credit Opportunity
• Fair Credit Reporting
• Fair Debt Collection Practices
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In order to make a claim of deceptive advertising, a party must show all but which of the following elements?
• The false claim is likely to produce economic injury.
• The false claim is likely to deceive a buyer.
• The false claim is made about a product or service.
• The false claim does not affect the purchasing decision.
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Which of the following is not a goal of the National Environment Policy Act?
• to prevent damage to the environment and biosphere
• to conserve energy and endangered animals
• to encourage productive and enjoyable harmony between humans and their environment
• to enrich understanding of ecological systems and natural resources
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Which of the following is NOT a form that an express warranty may take?
• hyperbole about the nature or quality of a product
• representative samples and models of a product
• oral and written representations of a product
• descriptions of a product
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Which of the following is NOT true of the Food and Drug Administration?
• It aims to prevent adulterated food from entering the marketplace.
• It conducts premarket safety assessments for new drugs.
• It tests all drugs for safety and efficacy.
• It inspects manufacturing facilities to check for adulteration.
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A copyright claim is an example of a(n) _________________ on a product.
• title
• lien
• infringement
• implied warranty
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An implied warranty of _________________ is an inherent promise that the product sold conforms to ordinary standards and that it is of the same average grade, quality, and value as similar products.
• product dependability
• title
• merchantability
• fitness for a particular purpose
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Which of the following is NOT true of the Consumer Product Safety Commission?
• It is presided over by three commissioners who are appointed by the president.
• It is an independent agency that does not operate under any other department of the federal government.
• It operates a hotline and a website where consumers may report dangerous products.
• It may issue recalls for dangerous products, but it may not ban dangerous products that are in the marketplace.
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Which of the following is NOT a required element of an environmental impact statement?
• negative effects to the environment from the proposed action
• a cost-benefit analysis of the project
• a consideration of less adverse alternatives
• a supportive petition of signatures proportional to the area’s population
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Accredited investors are those who have a net worth of at least _________________.
• $10 million
• $1 million
• $5 million
• $20 million
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Which of the following is NOT a goal of the Dodd-Frank Act?
• halting “too big to fail” bailouts
• stabilizing the economy
• increasing transparency and accountability
• addressing fraud-related issues in investment banking and accounting
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Which of the following is NOT true of the Investment Company Act?
• It restricts some types of securities trading.
• It regulates the terms of adviser compensation.
• It defines what constitutes an investment company.
• Its primary purpose is to address conflicts of interest that arise in the operation of investment opportunities.
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Which of the following is NOT true of the Investment Advisers Act?
• It imposes a duty on advisers to act in the best interest of their clients at all times.
• It contains a general antifraud provision.
• It requires all investment companies to register with the SEC.
• It regulates the terms of management of client assets.
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Which of the following is NOT an aim of the SOX Act?
• To increase accountability of investment advisers
• To address fraud-related issues in accounting and investment banking
• To increase disclosure requirements
• To increase corporate responsibility
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Which of the following is NOT true of the Securities Act of 1933?
• Its aim is to deter fraud by regulating the way that securities are offered to the public.
• It requires issuers of securities who make offers to the public to register with the SEC.
• It requires registration from securities issued by federal, state, and local governments.
• It was enacted after the 1929 stock market crash, when many people thought unregulated securities trading was the cause of the crisis.
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Trading of information that is not generally available to the public is known as _________________ trading.
• insider
• nonpublic
• private
• interdepartmental
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Which of the following is NOT a responsibility of the SEC?
• instituting regulations
• copying state regulations and enforcing them on a federal level
• prosecuting violations of regulations
• monitoring the activities of advisers and brokers
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Financial interests that are expressly recognized as securities under the law are known as _________________ securities.
• limited
• express
• special interest
• statutorily defined
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Which of the following is NOT true of securities?
• Securities involve pooled assets and shared profits.
• Classification of securities hinges on an evaluation of the investor’s role in the investment.
• Stocks are always securities.
• Bonds and investment contracts are examples of securities.
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Companies whose assets surpass $10 million are required to do all but which of the following?
• file annual and quarterly financial reports
• report major business developments as they occur
• report all major changes in personnel
• have statutory insiders report the shares of company stock that they hold