FS Mgmt Exam IV

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FS Mgmt Exam IV
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2012-10-21 13:55:25
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FS Mgmt Exam IV
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  1. Federal Trade Commission
    (FTC)
    A.agency of federal government created in 1914 to promote free and fair competition by prevention of trade restraints, price fixing, false advertising and other unfair methods of competition.
  2. How many commissioners are there on the FTC?
    5 commissioners appointed by the president of the United States
  3. How long do commissioners serve on the FTC?
    7 year term
  4. What are the three purposes of the FTC?
    1. Maintain free and fair competition in U.S. business

    2. Take action against monopoly, restraint of trade and unfair or deceptive trade practices

    3. Prevent anti-competitive practices in the market place as an aid to consumers
  5. Commission
    refers to the Federal Trade Commission.
  6. What year did the FTC Trade regulation Rule for the Funeral lndustry go into effect?
    April 30, 1984
  7. Funeral Provider
    Any person, partnership or corporation that sells or offers to sell funeral goods and funeral services to the public.
  8. Crematory
    Any person, partnership or corporation that performs cremation and sells funeral goods.
  9. Person
    Any individual, partnership, corporation, association, government or governmental subdivision or agency, or other entity.
  10. What are the 5 things a Funeral Provider NOT do under the rule?
    Misrepresent legal, cemetery and crematory requirements

    Embalm for a fee without permission

    Require the purchase of a casket for direct cremation

    Require the purchase of certain goods or services as a condition to furnish other goods or services

    Engage in unfair or deceptive practices as described in the Rule
  11. What is the fine per violation?
    penalties of up to $10,000 per violation.
  12. Telephone Price Disclosure
    funeral provider must provide  consumers who call accurate information from the price list and answer the questions about offering and prices with readily available information
  13. Casket Price List
    (CPL)
    printed or typewritten list of the casket and alternative containers normally offered for sale by the funeral provider which do not require special ordering. 

    CPL must include retail price and enough descriptive information to enable consumers to identify the merchandise.
  14. Outer Burial Container Price List (OBC PL)
    printed or typewritten list of outer burial containers normally offered for sale by the funeral provider which do not require special ordering.

    • OBC PL must include retail price and enough
    • descriptive information to enable consumers to identify the merchandise.
  15. General Price List (GPL)
    printed or typewritten list of goods and services offered for sale by a funeral provider with retail prices.

    GPL is considered the keystone of the Funeral Rule.
  16. Statement of Funeral Goods and Services Selected
    itemized written statement provided for retention to each person who arranges a funeral or other disposition.

    It must include the goods and services selected and prices paid for each, itemization of cash advance items and the total cost.
  17. Itemization
    method of price quotation by which each unit of service and/or merchandise is priced separately.
  18. Package pricing
    use of a single dollar amount to identify the charge for a group or bundle of goods and /or services.
  19. Cremation
    heating process which incinerates human remains.
  20. Outer burial container
    any container which is designed for placement in the grave around the casket including , but not limited to, container commonly known as burial vaults, grave boxes, and grave liners.
  21. Funeral goods
    goods which are sold or offered for sale directly to the public for use in connection with funeral services
  22. Funeral services
    • any services which may be used to:
    • 1) care for and prepare deceased human bodies for burial, cremation or other final disposition;

    and 2) arrange, supervise or conduct the funeral ceremony or the final disposition of deceased human bodies
  23. Services of Funeral Director and Staff
    basic services, not to be included in prices of other categories in Section 453.2(b)(4), that are furnished by a funeral provider in arranging any funeral, such as conducting the arrangements conference, planning the funeral, obtaining necessary permits, and placing obituary notices.
  24. Non-Declinable service fee
    basic service is the only fee which the consumer cannot decline (unless state or local law requires otherwise). 

    Funeral Provider should recover expenses for services, facilities or unallocated overhead in this charge.
  25. Trying arrangements prohibited
    exist when a seller requires the purchase of unwanted items/services in order to obtain the desired item/service.
  26. casket handling fees
    charge, fee or surcharge applied to consumers who purchase their casket elsewhere from a source other than the price list/funeral provider.
  27. Mandatory disclosures
    statement required by the Rule which cannot be modified or edited and must appear in a clear and conspicuous manner.
  28. Effective Date
    date that the specific Price List was put into use.
  29. funeral ceremony
    service commemorating the deceased with the body present.
  30. memorial service
    ceremony commemorating the deceased without the body present.
  31. graveside service
    ceremony commemorating the deceased at place of final disposition.
  32. Forwarding of remains
    one of the categories required to be itemized on the GPL (if the funeral provider offers the service). 

    This involves services of the funeral provider in the locale where death occurs and preparation for transfer to another funeral provider as selected by the family (consumer).

    Funeral Rule requires package pricing of this service with a description of the components included.
  33. Receiving remains
    one of the categories required to be itemized on the GPL (if the funeral provider offers the service). 

    This involves services of the funeral provider after initial services have been provided by another firm at the locale of death.

    Funeral Rule requires package pricing of this service with a description of the components included.
  34. Direct cremation
    disposition of human remains by cremation, without formal viewing, visitation, or ceremony with the body present.
  35. Alternative Price Lists
    price list which may be prepared for use in certain limited situations such as children/infants, for government agencies to provide for indigent persons, for agreements with religious groups, burial or memorial societies for members of their group
  36. Explain FROP
    Funeral Rule Offenders Program (FROP)

    Non-litigation alternative for correcting core violations of the Rule

    Joint project of FTC and NFDA

    Voluntary payments to US Treasury

    NFDA-led training and competency testing

    Five year commitment

    Price list are reviewed
  37. How long must the Statement of Funeral Goods and Services be retained?
    at least one year from date of arrangements conference
  38. How long must the GPL be retained?
    for at least one year after date of last distribution
  39. What are the items required to be on the Statement of Funeral Goods and Services Selected?
    Itemized written statement identifying the funeral goods and services selected and the prices of each

    Specifically itemized cash advance items

    Total cost to the consumer of all items selected

    Legal, cemetery or crematory requirements

    Embalming

    Cash Advance items:  any item or service or merchandise described to a purchaser as a “cash advance,” “accommodation,” “cash disbursement,” or similar term.  A cash advance item is also any item obtained from a third party paid for by the funeral provider on the purchaser’s behalf.  Cash services; pallbearers; public transportation; clergy honoraria; flowers; musicians or singers; nurses; obituary notices; gratuities and death certificates.
  40. Exigent circumstances
    situation requiring immediate action or urgency; FTC recognizes that funeral provider might embalm without permission.
  41. Are the OBC PL and CPL given for retention?
    Not required for retention
  42. What is the triggering event for giving the CPL?
    Upon beginning discussion of caskets
  43. What is the triggering event for giving the OBC PL?
    Upon beginning discussion of outer burial containers
  44. What is the triggering event for giving the GPL?
    occurrence of situation that requires certain action i.e. the triggering event for giving out the GPL is face-to face meeting.
  45. What are the 4 rules about placing disclosures?
    Exactly as Rule Prescribes

    Clear and conspicuous manner

    Identical wording as given in the Rule

    Can include additional information in disclosures, but cannot change or add anything that will modify FTC language
  46. What are the 6 required disclosures on the GPL?
    Consumer right to select only the goods and service desired

    Embalming

    Alternative containers for direct cremation

    Basic Service Fee

    Casket Price List

    Outer Burial Container Price List
  47. How many ltems of Goods and Services are required on the GPL if the funeral home provides them all?
    at least 16 items
  48. ls the GPL to be given for retention?
    Must be for retention
  49. What is considered the cornerstone of "the rule"?
    GPL is considered the keystone of the Funeral Rule
  50. Are you permitted to charge a casket handling fee under "the rule"?
    No casket handling fees
  51. What are the 6 items required on the GPL?
    Consumer right to select only the goods and service desired

    Embalming

    Alternative containers for direct cremation

    Basic Service Fee

    Casket Price List

    Outer Burial Container Price List

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