Which organization is responsible for collecting consumer complaints and stopping unfair practices?

Prepare for the Edmentum Personal Finance Exam with flashcards and multiple-choice questions. Gain insights with explanations and hints for each question. Get ready for your test!

The Federal Trade Commission (FTC) is the organization responsible for collecting consumer complaints and addressing unfair practices. Its primary role is to protect consumers by preventing anticompetitive, deceptive, and unfair business practices. The FTC conducts investigations, enforces compliance with laws intended to protect consumers, and facilitates reporting channels for individuals to submit their complaints about various unfair practices.

The FTC also provides information and resources to educate consumers on their rights and what to watch out for regarding fraud and deception in the marketplace. By collecting consumer complaints, the FTC can identify patterns of wrongdoing and take appropriate action against businesses that violate consumer rights.

Other organizations mentioned have specific roles that do not directly involve consumer complaints or the regulation of unfair practices in the same comprehensive manner. The Better Business Bureau focuses primarily on promoting trust between consumers and businesses but does not have enforcement powers. The Food and Drug Administration regulates food, pharmaceuticals, and medical devices, ensuring their safety and efficacy. The Internal Revenue Service deals with tax collection and enforcement of tax laws rather than consumer protection issues.

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