This quiz works best with JavaScript enabled. Home > Cbse > Class 12 > Commerce > Business Studies > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 22 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A firm violates consumer law repeatedly. Which action reflects an agency's quasi-judicial authority? A) Agency lobbyist drafts bills for the legislature. B) Agency judge holds hearings and orders restitution. C) Agency spokesperson issues press releases to media. D) Agency judge prosecutes and sentences the violator. Show Answer Correct Answer: B) Agency judge holds hearings and orders restitution. 2. Which body was set up by Parliament? A) Financial Conduct Authority. B) Office of Fair Trading. C) Financial Services Compensation Scheme. D) Financial Ombudsman Service. Show Answer Correct Answer: D) Financial Ombudsman Service. 3. What is meant by 'maximum satisfaction' in consumer protection? A) 'Maximum satisfaction' indicates that consumers should be satisfied with any product, regardless of quality. B) 'Maximum satisfaction' refers to the lowest price consumers can pay. C) 'Maximum satisfaction' means ensuring consumers receive the highest level of satisfaction from their purchases. D) 'Maximum satisfaction' means consumers should always choose the cheapest option available. Show Answer Correct Answer: C) 'Maximum satisfaction' means ensuring consumers receive the highest level of satisfaction from their purchases. 4. A person who is or has been a HighCourt Judge is its president. A) State Commission. B) Taluk Commission. C) National commission. D) District forum. Show Answer Correct Answer: A) State Commission. 5. Why do consumer protection laws exist? A) To help businesses earn more. B) To reduce competition. C) To create a fair and safe marketplace. D) To protect social media users. Show Answer Correct Answer: C) To create a fair and safe marketplace. 6. The philsophy of caveat emptor is more lenient on vendors. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 7. Why do most participants in a "pyramid scheme" typically lose their money? A) Because they recruit new members. B) Because they receive free gifts. C) Because they supply their bank account details. D) Because it's an unsustainable scheme where only a few at the top profit. Show Answer Correct Answer: D) Because it's an unsustainable scheme where only a few at the top profit. 8. Apa yang bisa terjadi jika seseorang memiliki literasi keuangan yang rendah? A) Pengetahuan berlebih tentang produk keuangan. B) Kurangnya perencanaan keuangan jangka panjang. C) Pemahaman tinggi tentang manfaat keuangan. D) Perkiraan keuntungan investasi yang terlalu tinggi. Show Answer Correct Answer: B) Kurangnya perencanaan keuangan jangka panjang. 9. Who cannot file a complaint under Consumer Protection Act, 1986 A) Tthe Central Government. B) A person who obtains the goods with no consideration. C) The State Government. D) Both (a) & (c). Show Answer Correct Answer: B) A person who obtains the goods with no consideration. 10. The labels of goods or advertisements will be examined with careful consideration every time before making a contract. A) The right to receive correct and sufficient information. B) The right to enjoy freedom in the choice of goods or services. C) The right to receive a fair contract. D) The right to have the injury considered and compensated. Show Answer Correct Answer: C) The right to receive a fair contract. 11. Number of members in central consumer protection council are ..... A) 170. B) 160. C) 150. D) 165. Show Answer Correct Answer: C) 150. 12. Which of the following is an example of the Right to Choose? A) Buying a product of your choice without restrictions. B) Receiving free products from sellers. C) Selling products at higher prices. D) Forcing others to buy your preferred brand. Show Answer Correct Answer: A) Buying a product of your choice without restrictions. 13. All consumer products domestically sold whether manufactured locally or imported shall indicate the following in their respective labels of packaging, except? A) Its correct and registered trade name or brand name. B) Its duly registered trademark. C) Its duly registered business name. D) The address of the manufacturer, importer, but not the repacker of the consumer product in the Philippines. Show Answer Correct Answer: D) The address of the manufacturer, importer, but not the repacker of the consumer product in the Philippines. 14. Requesting an insurance company make payment when a policyholder has been involved in an accident, injury, or illness. A) Claim. B) Coverage. C) Employee benefits. D) Emergency savings. Show Answer Correct Answer: A) Claim. 15. Langkah apa yang diambil OJK untuk memastikan transparansi dalam layanan keuangan? A) OJK membatasi akses ke laporan keuangan. B) OJK memastikan transparansi melalui pengungkapan wajib, audit, akses publik terhadap laporan, dan pendidikan konsumen. C) OJK tidak mendorong program pendidikan konsumen. D) OJK mempromosikan produk keuangan eksklusif. Show Answer Correct Answer: B) OJK memastikan transparansi melalui pengungkapan wajib, audit, akses publik terhadap laporan, dan pendidikan konsumen. 16. What does 'Good' refer to in the context of the Consumer Protection Act? A) Only tangible property. B) Only residential property. C) Any personal property. D) Only intangible property. Show Answer Correct Answer: C) Any personal property. 17. What is the primary function of the Financial Conduct Authority (FCA)? A) To provide financial advice to consumers. B) To regulate financial markets and firms. C) To offer compensation to consumers for financial losses. D) To resolve disputes between consumers and financial firms. Show Answer Correct Answer: B) To regulate financial markets and firms. 18. This Act provides automatic guarantees to consumers against issues like fraud or mis-selling when they purchase a product or service: A) Racial Discrimination Act 1975 (Cth). B) Australian Human Rights Commission Act 1986 (Cth). C) Australian Consumer Law Act 1992 (Cth). D) Privacy Act 1988 (Cth). Show Answer Correct Answer: C) Australian Consumer Law Act 1992 (Cth). 19. Greatly exaggerated sales talk. A) Rectifying. B) Puffing. C) Encumberance. D) Bragging. Show Answer Correct Answer: B) Puffing. 20. What is the maximum compensation that can be awarded by a consumer court? A) Cannot be determined. B) 10, 000. C) $ 1, 000. D) 100, 000. Show Answer Correct Answer: A) Cannot be determined. 21. What is the main focus of the Consumer Protection from Unfair Trading Regulations 2008? A) To provide a cooling-off period for contracts. B) To control the quality of goods. C) To regulate online purchases. D) To make it a criminal offence for businesses to engage in unfair practices. Show Answer Correct Answer: D) To make it a criminal offence for businesses to engage in unfair practices. 22. The symbol which is used in ornaments- A) FPO. B) Halmark. C) ISI mark. D) None of these. Show Answer Correct Answer: B) Halmark. 23. A company wants to market a new drug nationwide. Which requirement must be met to protect consumers? A) Nutrition labels on the outer packaging. B) Clean facilities meeting FDA standards. C) Inspection by local restaurant regulators. D) Approval from the FDA before marketing. Show Answer Correct Answer: D) Approval from the FDA before marketing. 24. Bagaimana konsumen dapat mengajukan keluhan terhadap lembaga keuangan? A) Keluhan harus diajukan secara langsung di cabang bank saja. B) Konsumen hanya dapat mengajukan keluhan melalui media sosial. C) Konsumen dapat mengajukan keluhan kepada lembaga keuangan, CFPB, otoritas perbankan negara bagian, atau kelompok advokasi konsumen. D) Konsumen harus menghubungi IRS untuk keluhan keuangan. Show Answer Correct Answer: C) Konsumen dapat mengajukan keluhan kepada lembaga keuangan, CFPB, otoritas perbankan negara bagian, atau kelompok advokasi konsumen. 25. What is one of the criticisms of the Consumer Protection Councils? A) They lack enforcement capabilities. B) They have too much power. C) They are too costly to operate. D) They are too effective. Show Answer Correct Answer: A) They lack enforcement capabilities. 26. True or False. The Financial Conduct Authority permits financial service providers to trade? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 27. Apa definisi literasi keuangan menurutmu? A) Kemampuan untuk memahami dan menggunakan informasi keuangan secara efektif. B) Kemampuan untuk membaca dan menulis dalam konteks keuangan. C) Kemampuan untuk mengelola uang secara harian. D) Kemampuan untuk menghitung angka-angka keuangan secara akurat. Show Answer Correct Answer: A) Kemampuan untuk memahami dan menggunakan informasi keuangan secara efektif. 28. It has been enacted in order to protect consumer rights and punish those who violate it. A) Consumer Preventive Act. B) Consumer Protection Act. C) Consumer Production Act. D) Consumer Act. Show Answer Correct Answer: B) Consumer Protection Act. 29. What does 'Defect' mean as per Sec 2(f)? A) A defect that can be ignored. B) A minor issue with the product. C) Any fault, imperfection or shortcoming in quality. D) A defect that is not significant. Show Answer Correct Answer: C) Any fault, imperfection or shortcoming in quality. 30. What does the Fair Credit Reporting Act (FCRA) protect? A) The regulation of the stock market. B) The accuracy and privacy of information in consumer credit reports. C) Consumers from unfair debt collection practices. D) Consumers from false advertising. Show Answer Correct Answer: B) The accuracy and privacy of information in consumer credit reports. 31. What is one of the key objectives of the Consumer Protection Act, 2019? A) To promote monopolies. B) To increase product defects. C) To provide timely resolution of complaints. D) To limit consumer rights. Show Answer Correct Answer: C) To provide timely resolution of complaints. 32. Bagaimana konsumen dapat tetap terinformasi tentang hak dan perlindungan mereka? A) Konsumen dapat tetap terinformasi dengan mengunjungi situs web pemerintah dan berlangganan buletin advokasi konsumen. B) Mengabaikan hak konsumen sama sekali. C) Beranggapan bahwa semua toko memberikan perlindungan yang sama. D) Hanya mengandalkan media sosial untuk pembaruan. Show Answer Correct Answer: A) Konsumen dapat tetap terinformasi dengan mengunjungi situs web pemerintah dan berlangganan buletin advokasi konsumen. 33. What is the primary role of an ombudsman? A) To manage financial investments. B) To offer complaints procedures for dissatisfied customers. C) To provide legal representation in court. D) To sell consumer products. Show Answer Correct Answer: B) To offer complaints procedures for dissatisfied customers. 34. During a recent project, Riyaan was tasked with understanding the role of the investigation wing of the CCPA. What is the primary function of this wing? A) To provide legal advice. B) To conduct inquiries and investigations. C) To oversee advertising standards. D) To manage consumer complaints. Show Answer Correct Answer: B) To conduct inquiries and investigations. 35. Which nonprofit organization helps consumers by providing reviews and ratings of businesses? A) Better Business Bureau (BBB). B) Federal Trade Commission (FTC). C) Securities and Exchange Commission (SEC). D) Consumer Financial Protection Bureau (CFPB). Show Answer Correct Answer: A) Better Business Bureau (BBB). 36. Property intentionally placed somewhere but then forgotten is referred to as mislaid property. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 37. Ranjan bought a bottle of soft drink of a famous beverage company and found a gutka pouch floating inside the bottle. He forwarded a legal notice to the company, accusing it of the deficiency in service that could cause health hazard to the consumer. Identify the right of consumer being violated in the given case. A) Right to consumer education. B) Right to seek redressal. C) Right to safety. D) Right to be heard. Show Answer Correct Answer: C) Right to safety. 38. A box of 12 candy canes cost $ 1.00. How much would 1 cost? A) $ .08. B) $ .10. C) $ .01. D) $ .12. Show Answer Correct Answer: A) $ .08. 39. What is the purpose of Consumer Protection? A) To safeguard the interests and rights of consumers. B) To promote business interests. C) To increase product prices. D) To limit consumer choices. Show Answer Correct Answer: A) To safeguard the interests and rights of consumers. 40. What are consumer rights? A) Rights given to consumers to protect them from unfair business practices. B) Rights given to consumers to ignore business practices. C) Rights given to businesses to exploit consumers. D) Rights given to consumers to harm businesses. Show Answer Correct Answer: A) Rights given to consumers to protect them from unfair business practices. 41. True or False. The Financial Ombudsman Service is unbiased and impartial? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 42. Which of the following is a defense against liability under the Consumer Protection Act 1987? A) The defect was known to the consumer. B) The defect is attributable to compliance with any requirement imposed by or under any enactment. C) The product was marketed internationally. D) The product was sold at a discount. Show Answer Correct Answer: B) The defect is attributable to compliance with any requirement imposed by or under any enactment. 43. Which of the following is covered by the Financial Services Compensation Scheme (FSCS)? A) Losses from gambling. B) Losses from failed financial firms. C) Losses from personal injury. D) Losses from property damage. Show Answer Correct Answer: B) Losses from failed financial firms. 44. A disadvantage of paying on credit is having A) Lower credit score. B) Delivery charges. C) More interest added to your account. D) Additional fees. Show Answer Correct Answer: D) Additional fees. 45. True or False. The Financial Ombudsman Service becomes involved in disputes only when they have been sorted between the consumer and the financial institution? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 46. Principal health agency in the Philippines. Access to basic health services to al Filipinos A) DTI. B) DA. C) DOH. D) WHO. Show Answer Correct Answer: C) DOH. 47. What is an example of an unfair practice? A) Customer feedback. B) Quality service. C) Hidden fees. D) Clear pricing. Show Answer Correct Answer: C) Hidden fees. 48. Under the Consumer Protection Act of India, which forum is responsible for adjudicating disputes involving claims up to Rs. 1 crore? A) High Court. B) District Consumer Disputes Redressal Forum. C) National Consumer Disputes Redressal Commission. D) State Consumer Disputes Redressal Commission. Show Answer Correct Answer: B) District Consumer Disputes Redressal Forum. 49. The dollar amount you have to pay before an insurance plan takes effect and the insurance company starts paying is the ..... A) Copay. B) Premium. C) Deductible. D) None of the above. Show Answer Correct Answer: C) Deductible. 50. Tahukah kamu undang-undang apa yang menandai era baru dalam regulasi dan pengawasan layanan keuangan di Indonesia? A) UU Nomor 7 Tahun 2020. B) UU Nomor 21 Tahun 2011. C) UU Nomor 10 Tahun 2015. D) UU Nomor 4 Tahun 2023. Show Answer Correct Answer: B) UU Nomor 21 Tahun 2011. 51. Which of the following is NOT a responsibility of the Financial Conduct Authority (FCA)? A) Protecting consumers. B) Enhancing market integrity. C) Providing financial advice. D) Promoting competition. Show Answer Correct Answer: C) Providing financial advice. 52. Appeal against the judgment given by a State Commission can be filed in National Commission. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 53. Working period of the member of State Commission is- A) 15 years. B) 12 years. C) 5 years. D) 10 years. Show Answer Correct Answer: C) 5 years. 54. Complaint for a product having value between Rs. 20 Lakhs and Rs. 1 Crore can be filed in ..... A) District court. B) State Commission. C) State Court. D) Both B and C. Show Answer Correct Answer: B) State Commission. 55. Apa yang dimaksud dengan inklusi keuangan? A) Peningkatan keuntungan lembaga keuangan. B) Pembatasan akses ke layanan keuangan. C) Penyediaan akses ke berbagai lembaga keuangan, produk, dan layanan. D) Regulasi sektor perbankan. Show Answer Correct Answer: C) Penyediaan akses ke berbagai lembaga keuangan, produk, dan layanan. 56. Which definition most accurately describes a consumer in the marketplace context presented? A) Anyone who acquires goods for resale to others. B) Someone who acquires a product for personal or household use. C) A person who manufactures products for distribution. D) Any individual advising on product laws and regulations. Show Answer Correct Answer: B) Someone who acquires a product for personal or household use. 57. How does the National Agency for Food Safety contribute to consumer protection? A) By promoting unhealthy food choices to consumers. B) By regulating and monitoring food safety standards to protect consumers from unsafe food products. C) By providing free food samples without any safety checks. D) By ignoring food safety regulations entirely. Show Answer Correct Answer: B) By regulating and monitoring food safety standards to protect consumers from unsafe food products. 58. What is a 'defect' in a product according to the Consumer Protection Act 1987? A) A safety issue that is not what persons generally are entitled to expect. B) A minor flaw in the product's appearance. C) A marketing error. D) A pricing mistake. Show Answer Correct Answer: A) A safety issue that is not what persons generally are entitled to expect. 59. What is the responsibility of consumers according to the Consumer Protection Act? A) To be quality-conscious while purchasing goods/services. B) To not file complaints for any loss. C) To ignore quality marks. D) To not insist on cash memos. Show Answer Correct Answer: D) To not insist on cash memos. 60. Match the type of fraud:Kyler learned her identity had been used during an arrest, but she hadn't been arrested. A) Investment. B) Identity Theft. C) Communications. D) Tax. E) Credit. Show Answer Correct Answer: B) Identity Theft. ← PreviousNext →Related QuizzesCommerce QuizzesClass 12 QuizzesClass 12 Business Studies Chapter 12 Consumer Protection Quiz 1Class 12 Business Studies Chapter 12 Consumer Protection Quiz 2Class 12 Business Studies Chapter 12 Consumer Protection Quiz 3Class 12 Business Studies Chapter 12 Consumer Protection Quiz 4Class 12 Business Studies Chapter 12 Consumer Protection Quiz 5Class 12 Business Studies Chapter 12 Consumer Protection Quiz 6Class 12 Business Studies Chapter 12 Consumer Protection Quiz 7Class 12 Business Studies Chapter 12 Consumer Protection Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books