AAFCS Exam Practice Questions with Correct Answers (Grade A+)
Question 1: What will help get the red stain out of a cashmere shirt?
Answer: Alkaline
Question 2: Fat measuring method
Answer: Electrical current
Question 3: Intangible Resources
Answer: Cannot be touched - integrity, confidence, literacy
Question 4: Human Resources
Answer: Skills, talents, and abilities that people possess
Question 5: Tangible Resources
Answer: Real, touchable, concrete, able to appraised - jewelry, land, houses
Question 6: Material Resources
Answer: - Fertile soil, petroleum, minerals, rivers - and man-made resources (buildings, money, equipment,
computers)
Question 7: Bait and Switch - illegal
Answer: Goal to get you to buy higher priced items
Question 8: Sins of Omissions - legal
Answer: Not telling everything
Question 9: Puffery
Answer: Distort the meaning of something. "going out of business","sale"
Question 10: Federal Trade Commission - FTC
Answer: Antitrust legislation, false/misleading ads, packing and labeling of non-food items, warranties.
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, Question 11: Food and Drug Administration - FDA
Answer: Responsible for purity and safety of foods, drugs, cosmetics.
Question 12: What agency is in charge of cereal boxes stating they are "high in Fiber"?
Answer: Food and Drug Administration
Question 13: United States Department of Agriculture
Answer: Inspects and grades meat poultry and fish, sources of information on spending the food dollar.
Question 14: Consumer Product Safety Commission
Answer: Regulates the production and sale of products that are potentially hazardous, sets safety standards,
can ban products that are deemed hazardous to consumers, can seize products from the market.
Question 15: Pervious balance - Worst
Answer: Interest is applied to total amount of bill
Question 16: Adjusted Balance Method - best
Answer: Interest rate is applied to the balance of the bill after payment has been applied
Question 17: Average daily balance method
Answer: Interest rate is applied to daily average balance during the current billing cycle - 30 days.
Question 18: Fair Credit Reporting
Answer: Right to see credit report at credit bureau, right to correct information in credit report
Question 19: Fair Credit Billing
Answer: Right to correct incorrect bill within a reasonable time period (60 days), right to withhold payment
over fault merchandise
Question 20: Extra Credit Opportunity Act
Answer: Illegal to discriminate the granting of credit based on sex, martial status, age, race, color, religion,
national origin, or because person is on welfare
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Question 1: What will help get the red stain out of a cashmere shirt?
Answer: Alkaline
Question 2: Fat measuring method
Answer: Electrical current
Question 3: Intangible Resources
Answer: Cannot be touched - integrity, confidence, literacy
Question 4: Human Resources
Answer: Skills, talents, and abilities that people possess
Question 5: Tangible Resources
Answer: Real, touchable, concrete, able to appraised - jewelry, land, houses
Question 6: Material Resources
Answer: - Fertile soil, petroleum, minerals, rivers - and man-made resources (buildings, money, equipment,
computers)
Question 7: Bait and Switch - illegal
Answer: Goal to get you to buy higher priced items
Question 8: Sins of Omissions - legal
Answer: Not telling everything
Question 9: Puffery
Answer: Distort the meaning of something. "going out of business","sale"
Question 10: Federal Trade Commission - FTC
Answer: Antitrust legislation, false/misleading ads, packing and labeling of non-food items, warranties.
Page 1
, Question 11: Food and Drug Administration - FDA
Answer: Responsible for purity and safety of foods, drugs, cosmetics.
Question 12: What agency is in charge of cereal boxes stating they are "high in Fiber"?
Answer: Food and Drug Administration
Question 13: United States Department of Agriculture
Answer: Inspects and grades meat poultry and fish, sources of information on spending the food dollar.
Question 14: Consumer Product Safety Commission
Answer: Regulates the production and sale of products that are potentially hazardous, sets safety standards,
can ban products that are deemed hazardous to consumers, can seize products from the market.
Question 15: Pervious balance - Worst
Answer: Interest is applied to total amount of bill
Question 16: Adjusted Balance Method - best
Answer: Interest rate is applied to the balance of the bill after payment has been applied
Question 17: Average daily balance method
Answer: Interest rate is applied to daily average balance during the current billing cycle - 30 days.
Question 18: Fair Credit Reporting
Answer: Right to see credit report at credit bureau, right to correct information in credit report
Question 19: Fair Credit Billing
Answer: Right to correct incorrect bill within a reasonable time period (60 days), right to withhold payment
over fault merchandise
Question 20: Extra Credit Opportunity Act
Answer: Illegal to discriminate the granting of credit based on sex, martial status, age, race, color, religion,
national origin, or because person is on welfare
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