This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 47 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The only areas the EPA monitors are water and land. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 2. Which of the following is true about unemployment insurance coverage? A) It will provide you with the same income that your employer did. B) It will stop if you don't look for work. C) It will last as long as you need it. D) None of the above. Show Answer Correct Answer: B) It will stop if you don't look for work. 3. This law was designed to eliminate abusive debt collection practices. A) Equal Credit Opportunity Act. B) Fair Credit Billing Act. C) Fair Credit Reporting Act. D) Fair Debt Collection Practices Act. Show Answer Correct Answer: D) Fair Debt Collection Practices Act. 4. Which of the following is a common tactic used by identity thieves to steal personal information? A) Sending phishing emails to unsuspecting individuals. B) Analyzing handwriting on public signs. C) Collecting fingerprints from library books. D) Observing people in crowded places. Show Answer Correct Answer: A) Sending phishing emails to unsuspecting individuals. 5. Consumers are considered to be an important asset within an economy because A) Without them the economy will shut down. B) Without them the suppliers will not have a job. C) Without them there will be a great loss. D) Without them there will be an increase in jobs. Show Answer Correct Answer: B) Without them the suppliers will not have a job. 6. What legislation gave rise to the Dodd-Frank Wall Street Reform and Consumer Protection Act? A) Glass-Steagall Act of 1933. B) Truth in Lending Act of 1968. C) Consumer Credit Protection Act of 1974. D) Financial Services Modernization Act of 1999. Show Answer Correct Answer: D) Financial Services Modernization Act of 1999. 7. What is the primary role of the Better Business Bureau (BBB)? A) To help consumers find trustworthy businesses and resolve disputes. B) To regulate the stock market. C) To enforce laws against deceptive advertising. D) To insure bank deposits. Show Answer Correct Answer: A) To help consumers find trustworthy businesses and resolve disputes. 8. E-commerce platforms are categorized as: A) Physical retailers. B) Tele-marketers. C) Marketplaces and inventory-based models. D) Agents. Show Answer Correct Answer: C) Marketplaces and inventory-based models. 9. Which provision of the Dodd-Frank Act aims to ensure the cooperation of insiders engaged in financial and trading activities? A) Financial Stability. B) Consumer Protection. C) Whistleblower Provisions. D) Critical Provisions. Show Answer Correct Answer: C) Whistleblower Provisions. 10. Which of the following is not a way of acquiring real property? A) Adverse possession. B) Eminent domain. C) Dedication. D) All of the above are ways to acquire real property. Show Answer Correct Answer: D) All of the above are ways to acquire real property. 11. The chairman of the national consumer disputes redressal council is ..... A) Serving or retired judgeof the the supreme court of India. B) Prime minister. C) President of India. D) None of the above. Show Answer Correct Answer: A) Serving or retired judgeof the the supreme court of India. 12. Which of the following are ways to protect consumer rights?A. Self regulation by businessB. Business AssociationsC. Government A) A & C. B) B ONLY. C) A, B & C. D) B & C. Show Answer Correct Answer: C) A, B & C. 13. What is the purpose of a consumer product safety standard? A) To ensure products are marketed effectively. B) To protect consumers from hazardous products. C) To regulate pricing of consumer goods. D) To promote competition among manufacturers. Show Answer Correct Answer: B) To protect consumers from hazardous products. 14. What are the basic consumer rights? A) The basic consumer rights include the right to safety, the right to be informed, the right to choose, and the right to be heard. B) The basic consumer rights include the right to never receive faulty products. C) The basic consumer rights include the right to return items whenever. D) The basic consumer rights include the right to unlimited shopping. Show Answer Correct Answer: A) The basic consumer rights include the right to safety, the right to be informed, the right to choose, and the right to be heard. 15. What is the limit of amount of goods, services and compensation upto which cases can be filed with State Consumer Dispute Redressal Forum? A) Rs.1 crore-10 crore. B) Upto Rs. 1 crore. C) Upto Rs.10 crore. D) Upto Rs. 20 lakh. Show Answer Correct Answer: A) Rs.1 crore-10 crore. 16. The Right to be Heard states that the government should consider consumer complaints when creating laws. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 17. What is the 'Volcker Rule' element of the Dodd-Frank Wall Street Reform and Consumer Protection Act? A) A regulation prohibiting banks from making high-risk investments. B) A rule requiring banks to maintain a regular balance sheet. C) A regulation allowing banks to lend money to investors. D) A rule forcing banks to loan money to small businesses. Show Answer Correct Answer: A) A regulation prohibiting banks from making high-risk investments. 18. Consumer protection adopts measures to protect consumers from unethical malpractices by businesses and provide a swift redressal of their grievances with regard to: A) Overcharging a product, i.e., charging a product above its Maximum Retail Price. B) Supplying of defective goods. C) Use of malfunctioning weights and measures that lead to underweight of products. D) Supply of inferior services, i.e., quality of service lesser than the condition agreed. Show Answer Correct Answer: C) Use of malfunctioning weights and measures that lead to underweight of products. 19. Ash doesn't read the directions when he assembles his new barbeque. He uses the wrong screws, and the lid snaps off. Can he get a remedy from the store? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: B) No. 20. What challenges does the Consumer Protection Council face in Nigeria? A) High levels of public awareness. B) Strong regulatory compliance and support. C) Inadequate funding, limited public awareness, regulatory enforcement issues, and lack of collaboration. D) Excessive funding from the government. Show Answer Correct Answer: C) Inadequate funding, limited public awareness, regulatory enforcement issues, and lack of collaboration. 21. What is the primary purpose of the National Credit Act in South Africa? A) To regulate interest rates. B) To provide financial education. C) To promote responsible lending. D) To eliminate all forms of debt. Show Answer Correct Answer: C) To promote responsible lending. 22. A collection of laws that governs various types of business transactions A) ACC. B) UCC. C) SEC. D) FTC. Show Answer Correct Answer: B) UCC. 23. Which one of these actions might a seller take if faulty goods are returned? A) Apologise but explain that the goods were perfectly OK when they were sold. B) Explain that it is company policy not to give refunds. C) Offer a full refund. D) Advise the customer to take legal action. Show Answer Correct Answer: C) Offer a full refund. 24. What is the role of NGOs in consumer protection? A) To sell products at lower prices. B) To create awareness about consumer rights. C) To manufacture goods. D) To regulate prices in the market. Show Answer Correct Answer: B) To create awareness about consumer rights. 25. In effective consumer protection, it is essential that ..... involved A) Consumers. B) Businessmen. C) Goverment. D) All of these. Show Answer Correct Answer: D) All of these. ← 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