This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 23 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... act aim at providing ISI marks on the product confirming to the prescribed quality standards A) BIS. B) MIS. C) BSI. D) ISI. Show Answer Correct Answer: A) BIS. 2. Innocent party to a fraudulent transfer of goods and acquires rights to them A) Criminal. B) Consumer. C) Good faith purchaser. D) Purchaser of goods. Show Answer Correct Answer: C) Good faith purchaser. 3. The Financial Conduct Authority is a body which aims to improve the workings of financial markets and ensure consumers get a fair deal. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 4. Who is the target for ponzi scheme A) Banks. B) Anyone willing to lend money. C) Your friend who lends you money. D) Disabled people. Show Answer Correct Answer: B) Anyone willing to lend money. 5. During a recent class discussion, Tara raised a question about the authority of the CCPA regarding unfair trade practices. What does the CCPA have the authority to do in this context? A) Conduct investigations and issue guidelines. B) Only recommend changes. C) Provide legal representation. D) Manage consumer funds. Show Answer Correct Answer: A) Conduct investigations and issue guidelines. 6. How many times Consumer Protection Act has been amended? A) 1 time. B) 2 time. C) 3 time. D) None of these. Show Answer Correct Answer: B) 2 time. 7. "Consumer has the right to present before the appropriate forum or authourities all those matters which effect his interests" . It is termed as right to be: A) Heard. B) Informed. C) Safety. D) Education. Show Answer Correct Answer: A) Heard. 8. The Right to Safety says that businesses must operate without polluting the environment. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. The latest amendment to the Consumer Protection Act came into force in which year A) 1986. B) 2019. C) 2020. D) 2021. Show Answer Correct Answer: C) 2020. 10. Analyse the impact of these financial authorities (FCA, FOS and FSCS) on businesses. A) They regulate, protect, and resolve disputes for businesses in the financial sector. B) They provide direct funding to businesses for expansion. C) They set global trade policies for all UK businesses. D) They manage business tax collection and distribution. Show Answer Correct Answer: A) They regulate, protect, and resolve disputes for businesses in the financial sector. 11. The right of ownership to goods is known as the ..... A) Title. B) Receipt. C) Choice. D) Satisfaction. Show Answer Correct Answer: A) Title. 12. The seller has to recognize the rights of Consumer. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. The relationship that exists between or among the contracting parties as a result of their legally binding agreement. A) Privity of contract. B) Merchant accountability. C) Trade agreement. D) Warranty of merchantability. Show Answer Correct Answer: A) Privity of contract. 14. Rajiv purchased a diesel car for Rs. 7 lakhs from an automobile company and found its engine being defective. Despite many complaints the defect was not rectified. Name the highest authority to file his complaint in the three-tier machinery under the Consumer Protection Act A) DISTRICT FORUM. B) STATE COMMISSION. C) NATIONAL COMMISSION. D) NONE OF THE ABOVE. Show Answer Correct Answer: A) DISTRICT FORUM. 15. A toy manufacturer identifies a choking hazard after release. Which agency's authority is most relevant to address this risk? A) Federal Trade Commission oversight on advertising. B) Environmental Protection Agency emissions rules. C) Consumer Product Safety Commission standards. D) Department of Labor workplace compliance. Show Answer Correct Answer: C) Consumer Product Safety Commission standards. 16. You should check your credit report this often A) Daily. B) Weekly. C) Monthly. D) Annually. Show Answer Correct Answer: D) Annually. 17. Which of these is a consumer right? A) Right to Safety. B) Right to Sell. C) Right to Manufacture. D) Right to Ignore. Show Answer Correct Answer: A) Right to Safety. 18. How can consumers identify legitimate online retailers? A) By checking for secure websites with 'https' and trusted reviews. B) By only shopping during major sales events. C) By avoiding websites with customer feedback. D) By limiting purchases to social media ads. Show Answer Correct Answer: A) By checking for secure websites with 'https' and trusted reviews. 19. The Financial Ombudsmen Service (FOS) is funded by ..... fees charged to regulated financial institutions. A) Optional. B) Compulsory. C) All the above. D) None of the above. Show Answer Correct Answer: B) Compulsory. 20. What is the role of the Consumer Protection Agency in ensuring consumer rights? A) Regulating businesses, investigating consumer complaints, and taking legal action against companies that violate consumer protection laws. B) Ignoring consumer complaints. C) Promoting business monopolies. D) Supporting companies that violate consumer protection laws. Show Answer Correct Answer: A) Regulating businesses, investigating consumer complaints, and taking legal action against companies that violate consumer protection laws. 21. What are the key functions of the Standards Organization of Nigeria? A) Formulating standards, ensuring compliance, conducting quality assurance, and promoting consumer protection. B) Developing marketing strategies. C) Regulating financial institutions. D) Setting international trade policies. Show Answer Correct Answer: A) Formulating standards, ensuring compliance, conducting quality assurance, and promoting consumer protection. 22. What is not the function of the Central Authority A) Inquire or investigation into the violatation of consumer rights either suo moto or on complaint. B) File a complaint before district commission, state commission or central commission. C) Indemnify the complainant. D) Recommend adoption of international convenants and best international practices on consumer rights. Show Answer Correct Answer: C) Indemnify the complainant. 23. The concept of strict liability applies to profit-making businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 24. If the value of product is ₹ 10 lakhs the consumer can file case in: A) District Forum. B) State Commission. C) National Commission. D) All of the above. Show Answer Correct Answer: A) District Forum. 25. Which of the following is NOT a problem faced by consumers? A) Adulteration. B) Sale of spurious products. C) High-quality products. D) Hoarding and black marketing. Show Answer Correct Answer: C) High-quality 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