Contemporary Business

Business

Quiz 34 :
Consumer Safety, Consumer Financial Protection, and Environmental Protection

Quiz 34 :
Consumer Safety, Consumer Financial Protection, and Environmental Protection

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Originally,sales transactions in the United States were guided by the principle of caveat emptor.
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True False
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Answer:

True

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The term caveat emptor means "to the winner goes the spoils."
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True False
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Answer:

False

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In 2010,the United States Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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True False
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Answer:

True

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The Dodd-Frank Wall Street Reform and Consumer Protection Act grants state governments substantial new powers to regulate consumer finance and lending.
True False
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The Federal Trade Commission (FTC)is the federal trade administrative agency that is primarily responsible for regulating meat,poultry and other food products.
True False
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The United States Department of Agriculture (USDA)conducts inspections of food processing and storage facilities.
True False
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The Food,Drug,and Cosmetic Act (FDCA)prohibits the shipment,distribution,or sale of ameliorated food.
True False
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Food is deemed ameliorated if it consists in whole or in part of any "filthy,putrid,or decomposed substance" or if it is otherwise "unfit for food."
True False
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Under the Food,Drug,and Cosmetic Act (FDCA),food does not have to be entirely pure to be distributed or sold; instead,it only has to be unadulterated.
True False
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The United States is not a signatory nation to the "Biosafety Protocol."
True False
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The "Biosafety Protocol" allows consumers to decide on their own whether to purchase genetically altered foods.
True False
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The Food,Drug,and Cosmetic Act gives the Federal Trade Commission the authority to regulate the testing,manufacture,distribution,and sale of drugs.
True False
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The Drug Amendment to the Food,Drug,and Cosmetic Act,enacted in 1962,gives the Food and Drug Administration broad powers to license new drugs in the United States.
True False
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The Food and Drug Administration may not withdraw approval of any previously-licensed drug.
True False
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The Food and Drug Administration's definition of cosmetics includes substances and preparations for cleansing,altering the appearance of,and promoting the attractiveness of a person.
True False
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Ordinary household soap is an example of a cosmetic subject to Food and Drug Administration regulation.
True False
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The Nutrition Labeling and Education Act sets standards regarding how much saturated fat may be contained in foods.
True False
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The process of licensing new drugs by the Food and Drug Administration may take many years.
True False
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The Food and Drug Administration may remove from commerce any cosmetics that contain unsubstantiated claims of preserving youth.
True False
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The Food and Drug Administration has no authority to regulate medicinal devices such as heart pacemakers.
True False
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