Tag: organization of commerce and management

Questions Related to organization of commerce and management

Which act safeguards and provides reliefs to the buyers of the goods in case the goods purchased do not match with express or implied conditions or warranties?

  1. Sale of goods Act, 1930

  2. Consumer protection Act, 1986

  3. The Indian Contract Act,1872

  4. None of these


Correct Option: A
Explanation:

The Sale of Goods Act came into existence on 1 July 1930.
It is a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for price.
It is applicable all over India, except Jammu and Kashmir.
The goods are sold from owner to buyer for a certain price and at a given period of time.
This act safeguards and provides reliefs to the buyers of the goods in case the goods purchased do not match with express or implied conditions or warranties.

___________ play an important role in educating consumers about their rights and providing protection to them.

  1. Consumer awareness

  2. Consumer organisations

  3. Government

  4. Business associations


Correct Option: B
Explanation:

Consumer organization play an important role in educating consumers about their rights and providing protection to them. These consumer organization also promote consumer awareness about the fraudulent practices in the market place.

The _________ can protect the interests of the consumers by enacting various legislations.

  1. government

  2. business

  3. individual

  4. company


Correct Option: A
Explanation:

The government can protect the interests of the consumers by enacting various legislations. Government make policies in order to protect the rights of the consumers. It also helps to prevent the fraudulent practices in the market place.

Under __________, a consumer is well informed about his rights and the reliefs available to him, is in a a position to raise his voice against any unfair trade practices or unscrupulous exploitation.

  1. business associations

  2. consumer awareness

  3. consumer organisations

  4. government


Correct Option: B
Explanation:

Under consumer awareness, a consumer is well informed about his rights and the reliefs available to him, is in a a position to raise his voice against any unfair trade practices or unscrupulous exploitation. Consumer awareness is of utmost necessary to uphold the rights of the consumers.

The Consumer Protection Act, 1986 provides for _______-tier machinery at the district, state and national levels for redressal of consumer grievances.

  1. one

  2. two

  3. three

  4. four


Correct Option: C
Explanation:

The Consumer Protection Act, 1986 provides for three- tier machinery at the district, state and national levels for redressal of consumer grievances. The most important regulation which provide protection to consumers is the Consumer Protection Act. This Act helps to protect the interests and rights of the consumers. It also helps to prevent the fraudulent practices in the market place.

Which of the following is not a way of consumer protection?

  1. Self Regulation by Business

  2. Business Associations

  3. Consumer Awareness

  4. Business


Correct Option: D
Explanation:

Business is not a way of consumer protection. It is not a way to uphold the interests and rights of the consumers. Business can be defined as an activity where buying and selling take place on a daily basis.

The draft form of a proposed statute law is called:

  1. A writ

  2. A Bill

  3. A draft

  4. An Act


Correct Option: B
Explanation:

The draft form of a proposed statute law is called a bill. In other words, a bill refers to a statement which specifies the amount owed for goods and services.

Which is not an option for the victim of a breach of a condition?

  1. Accept the goods and lose the right of discharging the contract.

  2. Consider the breach of condition a breach of warranty and accept the goods.

  3. Keep the goods and lose any right to a remedy.

  4. Sure for damages but keep the goods.


Correct Option: C
Explanation:

Keep the goods and lose any right to a remedy- this is not an option for the victim of a breach of a condition. Legally, 'breach of a contract' refers to a situation when any one party fails to meet the conditions made on the contract.

Buyers can exercise high bargaining power over their suppliers if: __________.

  1. the volume they buy accounts for a large percentage of their suppliers sales.

  2. there are few buyers in the market.

  3. they have many suppliers to choose from.

  4. all of the above.


Correct Option: D
Explanation:
Buyers can exercise high bargaining power over their suppliers if the following situations occur:
a) the volume they buy accounts for a large percentage of their suppliers sales.
b) there are few buyers in the market.
c) they have many suppliers to choose from.

You are writing a report on the level of customer satisfaction at each of your three locations. Which of the following is the BEST title for your report?

  1. Why customers are happy with our service

  2. Not all customers are happy with our service

  3. Customers have interesting things to say

  4. Results of customer service survey at three locations


Correct Option: D
Explanation:

Results of customer service survey at three locations- this would be the best title of the report.  If a report is to be written on the level of customer satisfaction at each of the three locations then, the results of all three consumer's reaction should be highlighted.