Week 1 FTC

Question 1

___ commissioners appointed by the President of the United States for a period of ___ years

Answer 1

five, seven

Question 2

purposes of the FTC (3)

Answer 2

1. Maintain free and fair competition in business in the United States
2. Take action against monopolies, restraint of trade, and unfair or deceptive trade practices
3. Prevent anti-competitive practices in the marketplace as an aid to consumers

Question 3

Full FTC Trade Regulation Rule for the Funeral Industry Practices took effect

Answer 3

April 30, 1984

Question 4

how the funeral rule is enforced (3)

Answer 4

1. Consumer Education
2. Self Enforcement
3. Direct Enforcement

Question 5

FROP

Answer 5

Funeral Rule Offenders Program

Question 6

printed or typewritten list of goods and services offered for sale by a funeral provider with retail prices

Answer 6

General Price List (GPL)

Question 7

face-to-face meeting can occur anywhere, not just at the funeral home; when you begin to discuss any of the following: funeral disposition, goods or services or pricing.

Answer 7

triggering event

Question 8

Requirements for the General Price List (4)

Answer 8

-Must be printed or typed
-Identifying Information
-Six Required Disclosures
-Required Itemized Prices

Question 9

Six Required Disclosures on GPL

Answer 9

1. Right of Selection
2. Embalming
3. Alternative Container
4. Basic Service Fee
5. Casket Price List
6. Outer Burial Container Price List

Question 10

Year the FTC was created by Congress

Answer 10

1914

Question 11

Clayton Anti-Trust Act

Answer 11

defined unethical business practices (price fixing, monopolizing the market, etc.) and upheld rights of laborers

Question 12

Truth in Lending Act (TILA)

Answer 12

protects consumer against inaccurate and unfair credit billing and credit card practices (spiking interest rate, etc.)

Question 13

Fair Credit Reporting Act (FCRA)

Answer 13

regulates collection of consumer credit information and gives a person access to their credit report

Question 14

Robinson-Patman Act

Answer 14

prohibits anticompetitive practices by producers; thwarts price discrimination; protects small businesses against large chains

Question 15

Magnuson-Moss Warranty Act

Answer 15

governs warranty on consumer products, applies to products $10 or more

Question 16

Cooling Off Rule

Answer 16

For door-to-door sales; allows consumer to cancel the contract for up to 3 business days after the transaction, for products $25 or more