Multiple Choice Questions
1. If you receive a product in the mail that you did not order:
(a) You must pay for it or return it.
(b) You must pay for it only if you use it.
(c) You must throw it away.
(d) You must return it, but the company must reimburse you for postage.
2. Zach sells Cutco Knives door to door. Which of the following statements is false?
(a) The buyer has three days to cancel the order.
(b) Zach must tell the buyer of her rights.
(c) Zach must give the buyer a written notice of her rights.
(d) The seller can cancel orally or in writing.
(e) If the seller cancels, Zach must return her money within 10 days.
3. Depending on state law, if a lender violates the usury laws, the borrower could possibly be allowed to keep:
I. The interest that exceeds the usury limit
II. All the interest
III. All of the loan and the interest
(a) I, II, and III
(b) Only I
(c) Only II
(d) Only III
(e) Neither I, II, nor III
4. Companies must obtain permission from a consumer before charging for overdrafts on:
(a) Debit cards
(b) Credit cards
(c) Neither
(d) Both
5. On the first of every month, your monthly rent is automatically deducted from your bank account. You are moving out and want to make sure the payments stop. What should you do?
(a) You must call the bank at least three days before the first of the month.
(b) You must write the bank at least three days before the first of the month.
(c) Either (a) or (b).
(d) You must have the landlord sign a form which you then mail or deliver to the bank at least three days before the first of the month.