This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 4 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Affixing of responsibility to compensate buyers, users, and others for injuries caused by a defective product. A) Product liability. B) Class liability. C) Disclaimer. D) Restitution. Show Answer Correct Answer: A) Product liability. 2. VOICE, a cooperative society for consumer education is located at: A) Delhi. B) Ahmedabad. C) Kolkata. D) Mumbai. Show Answer Correct Answer: A) Delhi. 3. What is the limitation period for filing a consumer complaint? A) 2 years from the date of cause of action. B) 3 years from the date of purchase. C) 1 year from the discovery of defect. D) No time limit. Show Answer Correct Answer: A) 2 years from the date of cause of action. 4. District commission entertains complaints of consumer for compensation which is less than ..... A) One crore. B) Ten lacs. C) Ten crore. D) None of the above. Show Answer Correct Answer: A) One crore. 5. Investigation wing of Central Authority will be headed by whom? A) Director general. B) Chairperson. C) Chief executive officer. D) Members. Show Answer Correct Answer: A) Director general. 6. COnsumer can directly file case in supreme cpurt. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 7. Ryan bought a self-sharpening knife at a Pampered Chef party. He decided that he did not really need it. He can cancel within 3 business days under which? A) The mail order rule. B) Violation of bait and switch advertising. C) The failure to warn rule. D) The cooling off rule. Show Answer Correct Answer: D) The cooling off rule. 8. How did the Truth in Lending Act (1968) impact the use of annual percentage rates (APR)? A) It discouraged the use of APR. B) It made APR optional for creditors. C) It encouraged the standard use of APR for loan comparison. D) It eliminated the need for APR in loans. Show Answer Correct Answer: C) It encouraged the standard use of APR for loan comparison. 9. Which of the following indicates the need for consumer protection from Business point of view? A) Ignorance. B) Being Unorganized. C) Social Responsibility. D) Widespread Exploitation. Show Answer Correct Answer: C) Social Responsibility. 10. If a bank fails-what's the maximum amount of money the FSCS pay compensation up to? A) £80, 000. B) £85, 000. C) £8, 000. D) £82, 000. Show Answer Correct Answer: B) £85, 000. 11. Complaints can also be filled by the ..... A) Central government. B) State Government. C) A group of consumers. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Consumer Protection Act is applicable: A) Immovable goods. B) Movable goods. C) Specific goods and services. D) All goods and services. Show Answer Correct Answer: D) All goods and services. 13. Jenny's expensive laptop stops working three weeks after the six-month warranty expires. Can she still get a repair, replacement or refund? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 14. What is a 'Consumer dispute' as defined in Sec 2 (e)? A) A dispute where the consumer is satisfied. B) A dispute wherein complaint made against the person is denying his fault. C) A dispute regarding the quality of goods. D) A dispute about the price of goods. Show Answer Correct Answer: B) A dispute wherein complaint made against the person is denying his fault. 15. A retailer ships shampoo in oversized boxes to make the bottles look larger on shelves. Which practice best describes this scenario? A) Product packaged in a much bigger package than needed. B) Limited-time promotional packaging with bonus items. C) Truthful size packaging to reduce waste. D) Standard retail display complying with safety rules. Show Answer Correct Answer: A) Product packaged in a much bigger package than needed. 16. When 7-Eleven wanted to buy out another convenience store chain, the government investigated to see what? A) If the chain would have a monopoly. B) If the chain could handle the addition cleanliness needed. C) If the chain had the money to do so. D) If the chain would be better to spread out globally instead. Show Answer Correct Answer: A) If the chain would have a monopoly. 17. The Public Utilities Board fixes the prices that are charged for utilities, for example, telephone, water and electricity. The purpose of this is to A) Regulate only the prices of electricity. B) Limit consumer choices in utilities. C) Increase profits for utility companies. D) Ensure fair and reasonable pricing for consumers. Show Answer Correct Answer: D) Ensure fair and reasonable pricing for consumers. 18. Claims by third parties, for example, for an unpaid balance. A) Restitution. B) Puffing. C) Encumbrances. D) Disclaimers. Show Answer Correct Answer: C) Encumbrances. 19. Appeal against the judgment given by a State Commission can be filed in Supreme Court. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 20. The Fair Credit Reporting Act (FCRA) regulates which of the following activities to protect consumer's rights? A) How long a credit reporting agency can keep records. B) How creditors can evaluate an applicant's creditworthiness. C) How lenders can use consumer information to rate performance. D) How retailers must disclose their privacy policies. Show Answer Correct Answer: B) How creditors can evaluate an applicant's creditworthiness. 21. The Financial Services Compensation Scheme (FSCS) is funded by: A) A tax, paid for by customers. B) A levy, paid for by providers. C) The Financial Conduct Authority (FCA). D) None of the above. Show Answer Correct Answer: B) A levy, paid for by providers. 22. The consumer protection Act came into force with effect from A) 1986. B) 1985. C) 1987. D) 1999. Show Answer Correct Answer: A) 1986. 23. A District Forum has jurisdiction to entertain a consumer complaint involving product value: A) Upto Rupees 10 lakhs. B) Between Rs. 10 lakhs to Rs 20 lakhs. C) Upto Rs. 20 lakhs. D) Above Rs. 1 crore. Show Answer Correct Answer: C) Upto Rs. 20 lakhs. 24. What is a primary area of focus of the Investor Protections elements of the Dodd-Frank Wall Street Reform and Consumer Protection Act? A) Monitoring of investment concentration. B) Enhancement of investment returns. C) Mitigation of investment fraud. D) Reduction of market volatility. Show Answer Correct Answer: C) Mitigation of investment fraud. 25. How might you know that your identity was stolen? A) You get a bill for something you didn't buy. B) You meet someone who looks just like you. C) A friend invites you to their birthday party. D) You get a coupon in the mail for a free car wash. Show Answer Correct Answer: A) You get a bill for something you didn't buy. ← 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 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 10Class 12 Business Studies Chapter 12 Consumer Protection Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books