This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 12 Consumer Protection – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 12 Consumer Protection Quiz 9 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which consumer right gives the freedom to business firms to set up their own consumer grievance cell? A) Right to consumer education. B) Right to choose to. C) Right to be heard. D) Right to be informed. Show Answer Correct Answer: A) Right to consumer education. 2. What is one potential risk of e-commerce? A) Increased convenience for consumers. B) Exposure to unsafe products. C) Reduced availability of goods. D) Limited access to online shopping. Show Answer Correct Answer: B) Exposure to unsafe products. 3. Against whom product liability action be claimed? A) Product Manufacturer. B) Product Seller. C) Service Providers. D) Only option 1 & 2. E) All of the above. Show Answer Correct Answer: D) Only option 1 & 2. 4. What type of policies will be critical in paving the way forward? A) Policies promoting sustainability. B) Policies focusing on economic interests. C) Policies regulating the digital marketplace. D) Policies encouraging international cooperation. Show Answer Correct Answer: A) Policies promoting sustainability. 5. Why should employees act as if customers are their employer? A) Customers own the business. B) Employees would not have jobs if there were no customers. C) Employees might work for the customers in the future. D) Customers pay employees' bonuses. Show Answer Correct Answer: B) Employees would not have jobs if there were no customers. 6. What is the primary characteristic of "bait and switch" advertising? A) Advertising products at enticing prices. B) Offering special deals to consumers. C) Sending unordered goods through the mail. D) Providing false information about product quality. Show Answer Correct Answer: A) Advertising products at enticing prices. 7. Why is it important to regularly check your bank and credit card statements for unfamiliar transactions? A) To ensure you're not overspending. B) To keep track of your subscriptions. C) To identify any unauthorized transactions that could indicate identity theft. D) To report to the bank for a refund. Show Answer Correct Answer: C) To identify any unauthorized transactions that could indicate identity theft. 8. True or False. The Financial Services Compensation Scheme covers deposits in banks, building societies and credit unions? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. What is a common feature of "advance fee" scams? A) They require an upfront payment for a promised service or benefit. B) They offer free services with no strings attached. C) They are endorsed by government agencies. D) They provide guaranteed returns on investments. Show Answer Correct Answer: A) They require an upfront payment for a promised service or benefit. 10. What role does technology play in OJK's consumer protection efforts? A) Technology is primarily used for marketing purposes in OJK. B) Technology plays a crucial role in improving data management, consumer education, and regulatory compliance in OJK's consumer protection efforts. C) Technology only complicates data management for OJK. D) Technology has no impact on consumer education efforts. Show Answer Correct Answer: B) Technology plays a crucial role in improving data management, consumer education, and regulatory compliance in OJK's consumer protection efforts. 11. It is clearly stated in the legal framework of India that the information regarding the product, its content, date of manufacturing, expiry, etc should be printed on the package. Identify the right of consumer highlighted here. A) Right to be heard. B) Right to choose. C) Right to safety. D) Right to be informed. Show Answer Correct Answer: D) Right to be informed. 12. Imagine Anaya is shopping for a new smartphone. What does the right to be informed entail for her as a consumer? A) Consumers should be given incorrect information. B) Consumers must be given sufficient correct information to make informed purchase decisions. C) Information is not necessary for consumer decisions. D) Only partial information should be provided to consumers. Show Answer Correct Answer: B) Consumers must be given sufficient correct information to make informed purchase decisions. 13. What should a consumer do after receiving a damaged product? A) Sell it. B) Keep it. C) Contact the seller or file a complaint. D) Call the police. Show Answer Correct Answer: C) Contact the seller or file a complaint. 14. In India, the consumer protection act was initiaed in the year A) 1947. B) 1989. C) 1986. D) 2000. Show Answer Correct Answer: C) 1986. 15. What is one of the key roles of the Financial Services Compensation Scheme (FSCS)? A) To provide insurance for financial firms. B) To compensate consumers for losses due to firm failures. C) To regulate interest rates. D) To offer financial planning services. Show Answer Correct Answer: B) To compensate consumers for losses due to firm failures. 16. The role of the OFT is A) To permit financial service providers to trade. B) To encourage fair practices and healthy competition between financial institutions. C) All the above. D) None of the above. Show Answer Correct Answer: B) To encourage fair practices and healthy competition between financial institutions. 17. The complaints filed in the State Commission are where the value of goods and services, along with the compensation claimed is: A) More than ₹ 20 lakhs but less than ₹ 1 crore. B) More than ₹ 1 crore but less than ₹ 10 crore. C) Less than ₹ 20 lakhs. D) More than ₹ 10 lakhs but less than ₹ 20 lakhs. Show Answer Correct Answer: B) More than ₹ 1 crore but less than ₹ 10 crore. 18. A written contract specifying the terms for the use of an asset is called: A) Lease. B) Paper. C) Signing your life away. D) Loose. Show Answer Correct Answer: A) Lease. 19. Which of the following is NOT typically considered a remedy available to consumers under consumer protection laws? A) Monetary damages. B) Injunctive relief. C) Criminal prosecution of businesses. D) Rescission of contract. Show Answer Correct Answer: C) Criminal prosecution of businesses. 20. What is the time frame for resolving consumer disputes under the Act? A) 120 days. B) 60 days. C) 30 days. D) 90 days. Show Answer Correct Answer: D) 90 days. 21. The final aim of modern marketing is ..... A) Maximum profit. B) Minimum profit. C) Consumer satisfaction. D) Service to the society. Show Answer Correct Answer: C) Consumer satisfaction. 22. What does COBRA status allow you to do? A) Add more people to your insurance plan. B) Stay on your employer's insurance plan after you lose your job. C) Apply for health insurance as an individual. D) None of the above. Show Answer Correct Answer: B) Stay on your employer's insurance plan after you lose your job. 23. What is the focus of the CFPB? A) To promote fairness in securities markets. B) To ensure consumer financial products are fair and transparent. C) To prevent deceptive business practices. D) To regulate international trade. Show Answer Correct Answer: B) To ensure consumer financial products are fair and transparent. 24. A consumer has a right to file a complaint in case of dissatisfaction, which right of consumer is refered to here? A) Right to be heard. B) Right to seek redressal. C) Right to information. D) Right to safety. Show Answer Correct Answer: A) Right to be heard. 25. What potential risks can arise from the use of machine learning and artificial intelligence in the consumer marketplace? A) Increased personalization and enhanced product safety. B) Exposure to social biases and discrimination. C) Improved convenience and reduced environmental impact. D) Compromised safety due to software glitches or hackers. Show Answer Correct Answer: B) Exposure to social biases and discrimination. ← 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 10Class 12 Business Studies Chapter 12 Consumer Protection Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books