Consumer Protection and Identity Theft Prevention (SSEPF9/10)

What is the purpose of consumer protection laws?

• To protect consumers from unfair or deceptive business practices.

• To increase business profits

• To promote unfair business practices

• To limit consumer choices

What are some common examples of consumer rights violations?

• Providing clear and accurate product information

• Offering fair and transparent pricing

• False advertising, deceptive pricing, unfair billing practices, failure to provide adequate product safety information

• Over-delivering on promised features

What are the steps a consumer can take to file a complaint against a company for unfair business practices?

• Ignore the issue and move on

• Contact customer service, consumer protection agencies, or seek legal assistance

• Post a negative review on social media

• Write a letter to the company's CEO

What are the consequences for businesses that violate consumer protection laws?

• Increased customer loyalty and trust

• Fines, legal action, damage to reputation, and loss of customer trust

• Positive impact on brand reputation

• Financial rewards and incentives

What are some strategies consumers can use to protect themselves from fraudulent or deceptive practices?

• Never check bank statements

• Make impulsive purchases without researching

• Always trust the seller's claims

• Be cautious and skeptical, research before making purchases, and monitor financial accounts regularly.

What are the responsibilities of businesses in ensuring consumer protection?

• Selling unsafe and unreliable products

• Providing inaccurate information and unfair pricing

• Ensuring safe and reliable products, accurate information, fair pricing, and addressing consumer complaints and concerns.

• Ignoring consumer complaints and concerns

What does BBB stand for?

• The Boss' Bureau on Business

• The Business' Bureau of Business

• The Better Business Bureau

• None of the above

What does SEC stand for?

• Southeastern Conference

• Safe Exchange Currency

• Securities and Exchange Commission

• Securities Enforcement Commission

Which agency insures accounts at commercial banks and has the power to take over failed commercial banks?

• Federal Deposit Insurance Corporation (FDIC)

• National Credit Union Administration (NCUA)

• Securities Investor Protection Corporation (SIPC)

• Securities and Exchange Commission (SEC)

Which not-for-profit organization is authorized by Congress and ensures that banks, lenders, and other financial companies treat customers fairly?

• Department of Commerce

• General Services Administration (GSA)

• Consumer Product Banking Commission (CPBC)

• Consumer Financial Protection Bureau (CFPB)