Consumer Protection Test

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Consumer Protection Test - 18

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Weekly Quiz Competition

Question 1
1 / -0

Out of the following contracts, would the Sale of Goods Act NOT apply?

A
A contract for the sale of shares in Listed Company

B
A contract for a furniture, to be paid over time

C
A contract to sell books that the seller will receive in due course.

D
A contract for dinner at a restaurant.

Solution

A contract for the sale of shares in Listed Company- on this contract the Sale of Goods Act would not be applied as share is not considered as goods in sale of good act.
Question 2
1 / -0

The rights of customer towards his bankers are ______.

A
To receive a statement of his account from a banker

B
To sue the bank for any loss and damage

C
To sue the banker for not maintaining the secrecy of his account

D
All the given option

Solution

Consumers have several rights towards his banker. The rights of customer towards his bankers are as follows:a) to receive a statement of his account from a banker
b) to sue the bank for any loss and damage
c) to sue the banker for not maintaining the secrecy of his account
Question 3
1 / -0

When property in goods has not passed to the buyer the unpaid seller has a right of

A
Withholding delivery

B
Stoppage in transit

C
a & b

D
None of the above
Question 4
1 / -0

In case of Hire purchase Agreement, the onus of the risk of the loss of goods is on.

A
Hirer

B
Owner of goods.

C
The buyer of the goods

D
None of the above

Solution

Hirer is the party availing the facility in the hire- purchase agreement. Under hire-purchase agreement, the goods are let on hire and in accordance with the terms of the agreement hirer can purchase the good.In case of Hire purchase Agreement during the hiring period the goods are in possession of the hirer but the ownership of the goods is with the original owner. Thus, the onus of the risk of the loss of goods is on the owner of goods.
Question 5
1 / -0

Consumer's market is a type of __________ market.

A
buyer's

B
sellers

C
distributor's

D
none of the above

Solution

Consumer's market is a type of buyer' market as in this market people buys goods mainly for the consumption purpose. Consumer refers to a person who consumes goods with his given income and prices of the goods and buyer is a person who buys the goods.
Question 6
1 / -0

Distribution channel aims of moving products from producer to ___________.

A
Ultimate consumer

B
Retailers

C
Stockists

D
Brokers

Solution

Distribution channel aims of moving products from producer to ultimate consumer. Distribution channel refers to the pathway of several persons by which the finished goods get transferred to the final consumer.
Question 7
1 / -0

A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as _____________.

A
competitive advantage

B
competence

C
core competence

D
value addition

Solution

A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as core competence. It also provides long term competitive advantage. Thus in turn, the consumers get benefited.
Question 8
1 / -0

What are the essential elements of Contract of Sale?

A
At least two Parties

B
Subject must be Goods

C
Both (a) and (b)

D
None of these

Solution

The Sale of Goods Act, 1930 came into force on 1st day of July 1930. It is an Indian Contract Act. This act specifies that seller transfers the ownership of goods in the name of buyers during the sale of goods. Essential elements of Contract of Sale is that subject must be goods and there should be two people for contract.
Question 9
1 / -0

The Sale of Goods Act, $1930$ came into force on _______.

A
$1^{st}$ day of July $1930$

B
$1^{st}$ day of September $1930$

C
$1^{st}$ day of January $1930$

D
$31^{st}$ day of December $1930$

Solution

The Sale of Goods Act, 1930 is a mercantile law which came into existence on 1 July 1930.

Question 10

1 / -0

Match the following:

A.	Various combinations of two commodities that a consumer can purchase	1.	Indifference map
B.	Various combinations of two commodities that give consumer equal satisfaction	2.	Indifference curve
C.	A set of indifference curves	3.	Budget line
D.	Point of agency of a budget line and an indifference curve	4.	Consumer's equilibrium

A-1, B-2, C-4, D-3

A-4, B-3, C-2, D-1

A-2, B-3, C-4, D-1

A-3, B-2, C-1, D-4

Solution

a) Various combinations of two commodities that a consumer can purchase is depicted by the budget line.

b) Various combinations of two commodities that give consumer equal satisfaction is depicted by an indifference curve.c) A set of indifference curves is known as indifference map.d) Point of agency of a budget line and an indifference curve is known as consumer's equilibrium point.

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Consumer Protection Test - 18

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Consumer Protection Test - 18

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SHARING IS CARING

Question 1

A contract for the sale of shares in Listed Company

A contract for a furniture, to be paid over time

A contract to sell books that the seller will receive in due course.

A contract for dinner at a restaurant.

Solution

Question 2

To receive a statement of his account from a banker

To sue the bank for any loss and damage

To sue the banker for not maintaining the secrecy of his account

All the given option

Solution

Question 3

Withholding delivery

Stoppage in transit

a & b

None of the above

Question 4

Hirer

Owner of goods.

The buyer of the goods

None of the above

Solution

Question 5

buyer's

sellers

distributor's

none of the above

Solution

Question 6

Ultimate consumer

Retailers

Stockists

Brokers

Solution

Question 7

competitive advantage

competence

core competence

value addition

Solution

Question 8

At least two Parties

Subject must be Goods

Both (a) and (b)

None of these

Solution

Question 9

1st1^{st}1st day of July 193019301930

1st1^{st}1st day of September 193019301930

1st1^{st}1st day of January 193019301930

31st31^{st}31st day of December 193019301930

Solution

Question 10

A-1, B-2, C-4, D-3

A-4, B-3, C-2, D-1

A-2, B-3, C-4, D-1

A-3, B-2, C-1, D-4

Solution

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$1^{st}$ day of July $1930$

$1^{st}$ day of September $1930$

$1^{st}$ day of January $1930$

$31^{st}$ day of December $1930$