Choose two consumer protection laws and, in about 500 words, describe the benefits they provide for consumers and the costs to society.

Answers

Answer 1

Answer:

1. Federal Food, Drug, and Cosmetic Act :-

The act governs level of quality for those food, drugs , medical instruments, as well as beauty products produced and procured by customers in the market  of America. Government control as well as regulation of these guidelines was also supplied for under the law.

2. Truth in Lending Act (TILA) :-

The Truth in Lending Act (TILA) relates to the federal law that allows borrowers to make some statements regarding consumer credit conditions and prices. TILA includes rules regulating accessible-end credit lines, closed-end personal loans, retail lending as well as private lending to college.

Answer 2

Answer:

See Explanation Below

Explanation:

Gramm-Leach-Bliley Act (GLBA): This Act of 1999 removed the barriers to consolidation among banking and other financial institutions and allowed the consolidation of a commercial bank, securities firm, investment bank, and insurance company. This Act is also known as the “Financial Services Modernization Act.” This Act allows consumers to use various financial services at a single financial institution. More importantly, the Gramm-Leach-Bliley Act provided limitations on the private information gained from consumers through the transactions performed through banks and other institutions. Private information cannot be sold to other entities without the permission of the consumer. In addition, the Gramm-Leach-Bliley Act makes the practice of obtaining information using false pretenses illegal. Because of the mergers of different types of financial institutions with the relaxation of barriers of consolidation, one entity could possibly have access to an individual’s financial, medical, and criminal history information through the merger of an insurance company and a brokerage company. Therefore, privacy legislation was needed to protect consumers with the Financial Services Modernization Act.

Fair Debt Collection Practices Act (FDCPA): This act prohibits debt collectors from making use of unfair means to recover overdue bills. Unfair means may include calling consumers at any time other than between 8:00 a.m. and 9:00 p.m. local time. It also prohibits using offensive language during the conversation over debt and demanding unjustified amounts not allowed legally. The FDCPA make consumers’ voices powerful by giving consumers more rights regarding how debts are collected from them. These rights include allowing consumers to sue debt collectors individually and to ban contact with consumers at work. Consumers can also seek proof that they actually do owe the money that the debt collector refers to. When first contacting a consumer, the debt collector must inform a debtor of his or her right to dispute the debt. The debt collector must also tell the debtor the amount of the debt, the name of the creditor, and the fact that the debt can be disputed within 30 days. Debt collectors can’t misrepresent themselves by claiming to be an attorney or an employee of a credit reporting agency.

The costs to society include the economic costs. Staffers, lawyers, and enforcement agencies are hired for the administration of these laws. Compliance with regulations requires that companies hire, train, and continually re-educate employees on how to comply with applicable laws. In addition, one provision of the FDCPA requires that consumers can recover reasonable attorney fees. Society needs to contribute for the payment of these services through taxes and also through the higher-priced products and services companies must assess in order to remain profitable


Related Questions

A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,400,000 $ 5,624,000 Cost of goods sold 4,750,000 3,513,500 Gross margin 2,650,000 2,110,500 Selling and administrative expenses: Selling expenses 1,392,000 1,079,000 Administrative expenses 704,500 608,500 Total expenses 2,096,500 1,687,500 Net operating income 553,500 423,000 Interest expense 101,000 87,000 Net income before taxes $ 452,500 $ 336,000 Members of the company’s board of directors are surprised to see that net income increased by only $116,500 when sales increased by $1,776,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)

Answers

Answer:

Explanation:

In a common - size income statement , the percentages are calculated using the sales value as the base figure

                          This Year                            Last year    

Sales                 7,400,000            100        5,624,000     100

Cost of Goods  4,750,000            64.2        3,513,500     62.5

Gross Margin    2,650,000           35.8         2,110,500     37.5

Selling Exp.       1,392,000            18.8          1,079,000     19.2

Admin. Exp.         704,500             9,5           608,500       10.8

Total Exp.           2,096,500          28.3          1,687,500     30.0

Net Op. Inc.          553,500            7.5              423,000     7.5

Interest Exp.          101,000             1.4                87,000      1.6

NIBT                       452,500           6.1                336,000    6.0

Who uses the factors of production?

Answers

Answer: entrepreneurs

Explanation: They use all of the factors of production to form a business and make sure they can maintain it.

I hope this helped!

the factors of production are resources that are the building blocks of the economy they are what people use to produce goods and services

Four years ago, Mr. B sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. Mr. B properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. At the start of this year, the buyer defaulted on the contract, and Mr. B repossessed the property. At the time of repossession, the property had a fair market value of $160,000. What is the gain or loss to be reported on the repossession?

Answers

This question is incomplete because it lacks the appropriate options.

Complete Question

Four years ago, Mr. B sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. Mr. B properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. At the start of this year, the buyer defaulted on the contract, and Mr. B repossessed the property. At the time of repossession, the property had a fair market value of $160,000. What is the gain or loss to be reported on the repossession?

A) $20,000 Capital gain

B) $45,000 Ordinary income

C) $60,000 Ordinary income

D) $80,000 Capital gain

E) $100,000 Capital gain

Answer:

D) $80,000 Capital gain

Explanation:

From the question, we are told that Mr B sold his property for $200,000 on contract with $100,000 Capital gain. A Capital gain can be defined as the higher profit that is obtained from selling a property due to the fact that the price at which the house is been sold is higher than the price at which the property was bought.

This means the purchase price of Mr B's property = $100,000

Last year, Mr B collected $40,000 on the contract

Mr B repossessed his property which had a fair market value of $160,000 due to the default in payment of the buyer.

This means : Mr B collected a capital gain on repossession and this is calculated by:

(Selling price + Amount collected on contract) - Fair market value

($200,000 + $40,000 ) - $160,000

$240,000 - $160,000

= $80,000

Therefore , the gain to be reported on the repossession is $80,000 capital gain.

If a firm belives tht some of its debtors may default and it should act on this by making sure tht all possible losses are recorded in the books this is an example of which concept

Answers

Answer: Conservatism

Explanation: The conservatism concept can be ncept may be explained as an accounting principle which ensures that an organization tends to be very careful in handling its finances, with the conservatism concept, financial management often lean towards an approach which tends to play down future gains and concentrate more on potential chances of losses in the future. With such approach the organization tends to be very prudent in its financial management. In other words, conservatism shifts toward a tendency to understate its asset or income rather than overstate its asset.

i will give brainliest if correct

Which two sentences describe the characteristics of a corporation?
The company is treated as a separate tax entity by law.
The owners have to accept partial liability for debts.
It is possible to raise large amounts of capital by selling company stock.
The owners are known as corporators.

Answers

Answer:

I believe that it is A and C

Explanation:

Answer:

I believe that it is A and C

Explanation: on plato

On March 1, 2017, Carla Vista Co. Acquired real estate, on which it planned to construct a small office building, by paying $79,000 in cash. An old warehouse on the property was demolished at a cost of $8,000; the salvaged materials were sold for $1,660. Additional expenditures before construction began included $1,160 attorney's fee for work concerning the land purchase, $4,400 real estate broker's fee, $8,660 architect's fee, and $13,800 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.

Answers

Answer:

The reported cost of the land = $99,560

Explanation:

In order to calculate the cost of the land, it is important to note that the amount recorded as cost of the land, includes the actual amount paid as the market price of the land, including all the necessary costs incurred to make the land ready for use. These include: attorney's fees, cost of demolition of old properties, broker's fees etc.

To calculate the net cost of the land, let us identify all the transactions done in the purchase of the land. This is done as follows:

market value of land = $ 79,000

cost of demolition     = $   8,000

additional expenses = $     1,160

attorney's fee            = $    4,400

broker's fee               = $    8,660

salvaged materials    = $    1,660 (minus)

Total                           = $ 99,560

Note that the amount gotten from sale of salvaged materials is subtracted from the cost of land, because it is an income, not expenditure, while the architect's fee is not used in the calculation because, it doesn't meet the criteria for cost of land, instead it is part of the cost of building after the acquisition of the land.

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