International Baccalaureate (IB) Practice Exam

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Prepare for the International Baccalaureate Exam with comprehensive quizzes including multiple choice questions and detailed explanations to boost your confidence. Hone your skills with our expertly crafted materials!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Is the Federal Trade Commission (FTC) responsible for regulating consumer credit?

True
False

The correct answer is: True

The statement that the Federal Trade Commission (FTC) is responsible for regulating consumer credit is correct. The FTC plays a crucial role in protecting consumers in the financial marketplace, including overseeing various aspects of credit. It enforces laws that protect consumers from unfair, deceptive, or abusive practices in the credit industry. This includes monitoring how credit reporting agencies operate, ensuring that consumers are informed about their rights related to credit, and taking action against companies that violate consumer protection laws. Additionally, the FTC's responsibilities extend to enforcing regulations tied to the Fair Credit Reporting Act (FCRA) and the Truth in Lending Act (TILA), which are essential for promoting transparency and fairness in consumer credit transactions. As a result, the FTC is integral in ensuring that consumers have the necessary information and protections when it comes to their credit, thus playing a vital role in the regulation of consumer credit activities.