Family Consumer Sciences Resource Management Praxis II (5122) Exam Study Questions and Answers
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Course
Family Consumer Sciences Resource Management
Institution
Family Consumer Sciences Resource Management
Truth in Lending Act -Correct Answer any organization issuing credit to a consumer to disclose the full terms of the lending arrangement and all costs associated with entering into that arrangement.
Equal Credit Opportunity Act -Correct Answer a federal act prohibiting any organization that issu...
Family Consumer Sciences Resource Management Praxis II (5122) Exam
Family Consumer Sciences Resource
Management Praxis II (5122) Exam Study
Questions and Answers 2024-2025
Truth in Lending Act -Correct Answer ✔any organization issuing credit to a consumer to
disclose the full terms of the lending arrangement and all costs associated with entering
into that arrangement.
Equal Credit Opportunity Act -Correct Answer ✔a federal act prohibiting any
organization that issues credit to consumers from denying credit to a consumer on the
basis of race, gender, age, marital status, religion, national origin, or skin color.
Fair Housing Act -Correct Answer ✔a similar anti-discrimination act that prevents a
seller or organization offering financing for a home from denying to sell,rent, or finance a
residence on the basis of race color, gender, religion, family status, national origin, or
handicap.
Fair Credit Reporting Act -Correct Answer ✔states that consumer reporting agencies
collecting and distributing information about consumers fro credit related purposes are
required to follow certain guidelines concerning how they maintain and distribute the
information they collect.
Fair Debt Collection Practices Act -Correct Answer ✔requires third party debt collectors,
businesses that collect debts due to other individuals or businesses, to refrain from
using abusive or deceptive practices in collecting those debts.
Caveat emptor -Correct Answer ✔"literally means "let the buyer beware"
Time Management -Correct Answer ✔process of using skills, tools, principles, and
practices together in order to most efficiently use the time that an individual or group of
individuals as available.
Land resource -Correct Answer ✔uses as locations fro homes and businesses or as
sites for other natural resources located on piece of land, such as oil, minerals, soil that
can be considered.
labor resource -Correct Answer ✔marketers who determine the best way to sell a
product, salespeople who sell the product to the consumer, factory workers who
assemble that product,and anyone else who aids in achieving the end goal of those
dealing with the product
Capital -Correct Answer ✔refers specifically to money, but capital goods include the
machinery that turns raw goods into a finished product in a factory
Family Consumer Sciences Resource Management Praxis II (5122) Exam
, Family Consumer Sciences Resource Management Praxis II (5122) Exam
Information resources -Correct Answer ✔books or online sites that can be used to learn
how to construct a better product or how to better manage a particular organization.
non financial resource -Correct Answer ✔not cash or cannot be sold outright and turned
into cash, Exampe, family that may not want to sell its house can rent out a room to
make additional money, mending everyone's clothing, making a repairs to the family
home before paying anyone else for labor.
Identifying and defining the goals and values -Correct Answer ✔before making a
decision
three basic rights -Correct Answer ✔right to safety, the right to be informed, and the
right to be treated fairly
State and federal laws -Correct Answer ✔are designed to hold businesses accountable
for the manner in which they conduct business. examples, may include protection
against products that are dangerous, protection against certain types of discrimination
with in the marketplace,hidden cost associated with a transaction.
First step Decision process -Correct Answer ✔recognizing that he or she has a need or
a want that to fulfill
Second step Decision process -Correct Answer ✔gather information about products or
services that will fulfill that need or want by searching online, examining magazines,
talking to people
Third Step Decision process -Correct Answer ✔Evaluate the various product or service
choices available in order to determine which option will best fulfill that need or want
Final step Decision process -Correct Answer ✔the consumer will be able to decide
whether or not that product or service really satisfied the initial want or need that
initiated the decision process
Marketing -Correct Answer ✔the process of informing as many consumers as possible
of the existence of a particular product or service and the benefits of that product or
service with the intent of influencing a consumer's purchasing decisions. advertising to
convince consumers to purchase their products.
When the economy is doing well -Correct Answer ✔unemployment figures are low,
consumers are willing to spend, especially on products and services that consumers
enjoy having
Family Consumer Sciences Resource Management Praxis II (5122) Exam
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