AFIP Federal Exam Part 1 Questions With Correct Answers

AFIP Federal Exam Part 1 Questions With
Correct Answers

What does FTC stand for? - CORRECT ANSWER✔✔-Federal Trade
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Commission


What does the FTC manage? - CORRECT ANSWER✔✔-Franchise New
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What does CFPB stand for? - CORRECT ANSWER✔✔-Consumer
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Financial Protection Bureau
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What does CFPB manage? - CORRECT ANSWER✔✔-Independent
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Used, buy here pay here, finance sources
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FTC 2024 fine for violations - CORRECT ANSWER✔✔-$51,744
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What does UDAP stand for? - CORRECT ANSWER✔✔-Unfair
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Deceptive Acts or Practices
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What does UDAAP stand for? - CORRECT ANSWER✔✔-Unfair
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Deceptive Abusive Acts or Practices
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, What department is UDAP typically charged by? - CORRECT
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ANSWER✔✔-FTC


What department is UDAAP typically charged by? - CORRECT
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ANSWER✔✔-CFPB


How to get hit with UDAP/UDAAP? - CORRECT ANSWER✔✔-treating
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customer unethically or providing false or misleading info
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You cannot enforce a contract unless it's been
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______________________. - CORRECT ANSWER✔✔-signed by the || || || || || ||



customer


3 elements of a contract - CORRECT ANSWER✔✔-offer acceptance
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consideration


What makes a consideration in a contract? - CORRECT ANSWER✔✔-
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something of value has to be exchanged
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2 types of insurance to protect against loss? - CORRECT
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ANSWER✔✔-comprehensive and collision || ||