Tag: organization of commerce and management

Questions Related to organization of commerce and management

The apex consumer court in India is referred to as _______.

organization of commerce and management grievance redressal mechanism grievance and need for redressal mechanism consumer protection commerce

  1. the Consumer education and research center

  2. the Consumer unity and trust society

  3. National consumer disputes redressal commission

  4. none of the above

Show answer
Correct Option: C

The consumer protection act provides for six consumer rights.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

The Consumer Protection Act provides for six consumer rights and helps consumers in getting their grievances redressed for any shortcoming in the goods purchased or services availed.

Consumer protection has a moral justification for business.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

True, consumer protection has a moral justification for business. It is the moral duty of every business to protect the interests of its customers. Business organisations must follow ethical values and any form of exploitation of the consumers such as unfair trade practices, adulteration, etc. must be avoided.

Situation in which cost object has any job, customer or product is known as

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. cost application base

  2. sale application base

  3. price application base

  4. direct application base

Show answer
Correct Option: A

A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are ____________________.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. Maximum possible positive

  2. Minimum possible positive

  3. Equal

  4. zero

Show answer
Correct Option: C

A _______ is generally understood as a person who uses or consumes goods or avails of any service

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. retailer

  2. consumer

  3. trader

  4. seller

Show answer
Correct Option: B

The desirable method of consumer protection is ___________.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. imposition of self regulation and discipline by the manufacturers and traders on themselves

  2. voluntary organisation of consumers

  3. spreading information and awareness regarding different products

  4. government legislation

Show answer
Correct Option: A
Explanation:

The desirable method of consumer protection is imposition of self regulation and discipline by the manufacturers and traders on themselves. It helps to prevent fraudulent practices in the market place. It also promotes fair trade and accurate information in the market.

Consumer Welfare Fund is created by ______________.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. The Govt. of India

  2. The Reserve Bank of India

  3. NABARD

  4. World Bank

Show answer
Correct Option: A

Which of the following award(s) is/are given every year by Government of India in the field of consumer protection?

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. Swami Vivekananda National Award on Consumer Protection

  2. Swami Vivekananda National Woman Award on Protection

  3. Swami Vivekananda National Youth Award on Protection

  4. All the above

Show answer
Correct Option: D
Explanation:
Following awards are given every year by Government of India in the field of consumer protection:a) Swami Vivekananda National Award on Consumer Protection
b) Swami Vivekananda National Woman Award on Protection
c) Swami Vivekananda National Youth Award on Protection
These awards are given in order to uphold the interests and rights of the consumers.

The Consumer Welfare Fund is created in _______.

organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

  1. 1991

  2. 1992

  3. 1999

  4. 1994

Show answer
Correct Option: B
Explanation:

The Consumer Welfare Fund is created in 1992.Consumer Welfare Fund is created by The Government of India. This welfare fund is created in order to promote the uphold the consumer's interest. It also addresses unfair practices prevalent in the market place.