This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 14 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which quality mark is used for food product? A) ISI. B) FPO. C) Hallmark. D) AGMARK. Show Answer Correct Answer: B) FPO. 2. What is the role of the National Consumer Disputes Redressal Commission? A) To limit consumer rights. B) To increase product prices. C) To promote unfair trade practices. D) To resolve consumer disputes at a national level. Show Answer Correct Answer: D) To resolve consumer disputes at a national level. 3. The Pathfinder of consumer protection is- A) Ralph Nader. B) L.H Hanney. C) Richard Cantilon. D) R.N Owen. Show Answer Correct Answer: A) Ralph Nader. 4. True or False. The Financial Services Compensation Scheme is funded by levies paid for by regulated providers? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 5. True or False. The Financial Services Compensation Scheme protects savers in banks and building societies up to £85, 000? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. Covers insurance of home or apartment property, including possessions A) Automobile insurance. B) Renters insurance. C) Homeowners insurance. D) Homeowners and renters insurance. Show Answer Correct Answer: D) Homeowners and renters insurance. 7. When a phone call from an unknown source notifies you that you have won a prize but you need to pay in advance to receive the prize, what should you do? A) Pay the fee immediately and expect to receive the prize quickly. B) Check the identity of the other party to confirm the authenticity of the activity. C) All the above. D) None of the above. Show Answer Correct Answer: B) Check the identity of the other party to confirm the authenticity of the activity. 8. What is a potential consequence for businesses forming illegal cartels? A) Increased market share. B) Fines up to 10% of turnover. C) Government subsidies. D) Tax reductions. Show Answer Correct Answer: B) Fines up to 10% of turnover. 9. Rights of a consumer are protected under A) Consumer Protection Act, 1980. B) Consumer Protection Act, 1986. C) Consumer Protection Act, 1976. D) Consumer Protection Act, 1988. Show Answer Correct Answer: B) Consumer Protection Act, 1986. 10. Agency concerned on other consumer products not specified above. A) Department of Trade and Industry. B) Department of Agriculture. C) Department of Health. D) Department of Finance. Show Answer Correct Answer: A) Department of Trade and Industry. 11. Which government agency enforces consumer protection laws and seeks to ensure competitive markets? A) Better Business Bureau. B) Federal Reserve System. C) Federal Trade Commission. D) National Consumers' League. Show Answer Correct Answer: C) Federal Trade Commission. 12. You get a pop-up or an email that says your security software is out of date. You should: A) Click on the link to update your security software. B) Close the pop-up or delete the email. C) Click the link and hope for the best. D) Not have security software. Show Answer Correct Answer: B) Close the pop-up or delete the email. 13. Which act requires lenders to clearly explain loan terms and interest rates? A) FDCPA. B) FCRA. C) TILA. D) CPA. Show Answer Correct Answer: C) TILA. 14. ..... means a consumer has right to be protected against the marketing of such goods and services that are harmful to life and health. A) Right to Security. B) Right to Safety. C) Both A and B. D) None of the above. Show Answer Correct Answer: B) Right to Safety. 15. Consumers can ask anything regarding date of manufacture, price, quantity, etc., is an example of; A) Right to be informed. B) Right to be heard. C) Right to be assured. D) Right to safety. Show Answer Correct Answer: A) Right to be informed. 16. THE BASIC CONSUMER RIGHTS WAS DEFINED BY MR. JOHN F. KENNEDY A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 17. Which federal agency regulates unfair methods of competition, false advertising, and deceptive product labeling? A) Securities and Exchange Commission (SEC). B) Consumer Financial Protection Bureau (CFPB). C) Better Business Bureau (BBB). D) Federal Trade Commission (FTC). Show Answer Correct Answer: D) Federal Trade Commission (FTC). 18. This type of warranty provides less coverage than a full warranty A) Express warranty. B) Extended warranty. C) Implied warranty. D) Limited warranty. Show Answer Correct Answer: D) Limited warranty. 19. What should you do if you suspect your identity has been stolen? A) Ignore it and hope it goes away. B) Report it to the authorities and your financial institutions. C) Post about it on social media. D) Share your passwords with friends for help. Show Answer Correct Answer: B) Report it to the authorities and your financial institutions. 20. An agreement where the buyer obtains the good, but the seller retains ownership until full price is paid by the buyer: A) Layaway. B) A Sou Sou. C) Hire Purchase. D) Nothing Down for 30 days. Show Answer Correct Answer: C) Hire Purchase. 21. What does the Financial Services Compensation Scheme (FSCS) do? A) It provides loans to small businesses. B) It compensates consumers if financial firms fail. C) It regulates the stock market. D) It offers financial advice to consumers. Show Answer Correct Answer: B) It compensates consumers if financial firms fail. 22. The consumer organisation 'Consumer Guidance Society of India (CGSI)' is located in: A) Mumbai. B) Delhi. C) Chennai. D) Kolkata. Show Answer Correct Answer: A) Mumbai. 23. A consumer purchases a household product and suspects it is unsafe. What is the most appropriate first rationale for protection under caveat venditor? A) Only the Better Business Bureau can judge product quality. B) Legislation obliges sellers to ensure fair and safe products. C) The buyer alone must assess product utility and risk. D) Class action suits replace all individual legal options. Show Answer Correct Answer: B) Legislation obliges sellers to ensure fair and safe products. 24. When was the Consumer Protection Act passed in India? A) 1968. B) 1986. C) 1984. D) 1976. Show Answer Correct Answer: B) 1986. 25. Which of the following statements about consumer warranties is false? A) A warranty can be voided if the product is misused. B) A warranty is only applicable to new products. C) A warranty must be honored by the retailer regardless of the manufacturer's actions. D) All warranties must be in writing to be valid. Show Answer Correct Answer: B) A warranty is only applicable to new products. ← PreviousNext →Related 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 8Class 12 Business Studies Chapter 12 Consumer Protection Quiz 9Class 12 Business Studies Chapter 12 Consumer Protection Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books