1) The major duty of the Magnuson-Moss Warranty Act is to require the FTC to iss
ID: 447322 • Letter: 1
Question
1) The major duty of the Magnuson-Moss Warranty Act is to require the FTC to issue rules regarding consumer product warranties true or false
2) Using zip codes as a factor in denying credit has been determined to be illegal by the FTC due to possible discrimination that could result. true or false
3) The Insider Trading and Securities Fraud Enforcement Act of 1988 provides that suits alleging illegal use of nonpublic information may be filed up to a maximum period of _____ years after the wrongful transaction. A. six B. ten C. eight D. five E. seven
4) According to the Sarbanes-Oxley Act, the accuracy of the company's financial records is certified by the: A. CEO and COO. B. COO and CFO. C. CEO and CFO. D. CEO and CIO. E. CFO and CIO.
Explanation / Answer
1. True
The Magnuson–Moss Warranty Act was enacted in 1975. It is the federal statute that governs warranties on consumer products. t provide the Federal Trade Commission with means to better protect consumers by issuing rules regarding consumer product warranties.
2. True
he Federal Trade Commission (FTC) enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or any other discriminating factor. Factors like income, expenses, debts, and credit history are considered by lenders to determine creditworthiness.
3. Option D - Five Years
The Trading and Securities Fraud Enforcement Act of 1988 allows suits alleging the illegal use of nonpublic information may be filed within a five year period after the wrongful transaction.
4. Option C - CEO and CFO
According to Sarbanes - Oxley Act, corporate officials namely Chief Executive Officer and Chief Financial Officer need to sign financial records to certify them.
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