Family Consumer Sciences Resource Management
Praxis II (5122) Exam LATEST Test and Exam question
and answers latest update 2026 RATED A+
Truth in Lending Act - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS "literally means "let the buyer beware"
Time Management - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS refers specifically to money, but capital goods include the machinery that turns raw goods into a
finished product in a factory
Information resources - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS before making a decision
three basic rights - CORRECT ANSWERS right to safety, the right to be informed, and the right to be treated fairly
State and federal laws - CORRECT ANSWERS 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 ANSWERS recognizing that he or she has a need or a want that to fulfill
Second step Decision process - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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
Praxis II (5122) Exam LATEST Test and Exam question
and answers latest update 2026 RATED A+
Truth in Lending Act - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS "literally means "let the buyer beware"
Time Management - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS refers specifically to money, but capital goods include the machinery that turns raw goods into a
finished product in a factory
Information resources - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS before making a decision
three basic rights - CORRECT ANSWERS right to safety, the right to be informed, and the right to be treated fairly
State and federal laws - CORRECT ANSWERS 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 ANSWERS recognizing that he or she has a need or a want that to fulfill
Second step Decision process - CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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
