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Types of Regulatory Agencies

Description: This quiz will test your knowledge of the different types of regulatory agencies.
Number of Questions: 16
Created by:
Tags: regulatory agencies law government
Attempted 0/16 Correct 0 Score 0

Which of the following is an example of an independent regulatory agency?

  1. Federal Reserve

  2. Environmental Protection Agency

  3. Securities and Exchange Commission

  4. All of the above


Correct Option: D
Explanation:

Independent regulatory agencies are created by Congress to regulate specific industries or sectors of the economy. They are not part of the executive branch of government and are therefore not subject to the direct control of the President.

What is the primary function of a regulatory agency?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Regulatory agencies are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular agency will depend on its mandate.

Which of the following is an example of a government corporation?

  1. United States Postal Service

  2. Federal Deposit Insurance Corporation

  3. Tennessee Valley Authority

  4. All of the above


Correct Option: D
Explanation:

Government corporations are created by Congress to carry out specific functions that are not easily performed by private businesses. They are owned by the government but are operated independently of the executive branch.

What is the difference between a regulatory agency and a government corporation?

  1. Regulatory agencies are created by Congress, while government corporations are created by the President.

  2. Regulatory agencies are independent of the executive branch, while government corporations are not.

  3. Regulatory agencies are funded by the government, while government corporations are funded by fees and charges.

  4. All of the above


Correct Option: D
Explanation:

Regulatory agencies and government corporations are two different types of government entities with different powers and functions. Regulatory agencies are independent of the executive branch and are funded by the government, while government corporations are created by the President and are funded by fees and charges.

Which of the following is an example of a self-regulatory organization?

  1. American Bar Association

  2. American Medical Association

  3. Financial Industry Regulatory Authority

  4. All of the above


Correct Option: D
Explanation:

Self-regulatory organizations are private organizations that are given the authority to regulate their own members. They are typically composed of industry professionals who are experts in the field being regulated.

What is the primary function of a self-regulatory organization?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Self-regulatory organizations are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular SRO will depend on its mandate.

Which of the following is an example of a quasi-governmental agency?

  1. Federal Reserve

  2. Environmental Protection Agency

  3. Securities and Exchange Commission

  4. All of the above


Correct Option:
Explanation:

Quasi-governmental agencies are not government agencies, but they are created by the government to perform specific functions. They are typically funded by a combination of government and private funds.

What is the primary function of a quasi-governmental agency?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Quasi-governmental agencies are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular quasi-governmental agency will depend on its mandate.

Which of the following is an example of a regulatory commission?

  1. Federal Trade Commission

  2. Securities and Exchange Commission

  3. Federal Communications Commission

  4. All of the above


Correct Option: D
Explanation:

Regulatory commissions are independent agencies that are created by Congress to regulate specific industries or sectors of the economy. They are typically composed of a group of commissioners who are appointed by the President and confirmed by the Senate.

What is the primary function of a regulatory commission?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Regulatory commissions are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular regulatory commission will depend on its mandate.

Which of the following is an example of a government-sponsored enterprise?

  1. Federal National Mortgage Association

  2. Federal Home Loan Mortgage Corporation

  3. Student Loan Marketing Association

  4. All of the above


Correct Option: D
Explanation:

Government-sponsored enterprises are private companies that are created by the government to provide financing for specific industries or sectors of the economy. They are typically funded by a combination of government and private funds.

What is the primary function of a government-sponsored enterprise?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option:
Explanation:

Government-sponsored enterprises are not tasked with carrying out any specific functions. Their primary purpose is to provide financing for specific industries or sectors of the economy.

Which of the following is an example of a regulatory board?

  1. Federal Reserve Board of Governors

  2. National Labor Relations Board

  3. Consumer Product Safety Commission

  4. All of the above


Correct Option: D
Explanation:

Regulatory boards are independent agencies that are created by Congress to regulate specific industries or sectors of the economy. They are typically composed of a group of members who are appointed by the President and confirmed by the Senate.

What is the primary function of a regulatory board?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Regulatory boards are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular regulatory board will depend on its mandate.

Which of the following is an example of a regulatory authority?

  1. Food and Drug Administration

  2. Occupational Safety and Health Administration

  3. Environmental Protection Agency

  4. All of the above


Correct Option: D
Explanation:

Regulatory authorities are independent agencies that are created by Congress to regulate specific industries or sectors of the economy. They are typically composed of a group of members who are appointed by the President and confirmed by the Senate.

What is the primary function of a regulatory authority?

  1. To promote competition

  2. To protect consumers

  3. To ensure public safety

  4. All of the above


Correct Option: D
Explanation:

Regulatory authorities are tasked with carrying out a variety of functions, including promoting competition, protecting consumers, and ensuring public safety. The specific functions of a particular regulatory authority will depend on its mandate.

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