Topics in Business StudiesAdvantages and Disadvantages of Corporations Advantages and Disadvantages of Limited Liability Company Advantages and Disadvantages of Partnership Credit card and Debit card explained with their similarities and differences Business Structure: What is a business structure? Advantages and Disadvantages of Franchise What is a franchise? Types of franchise Corporation explained with its types What is Limited Liability Company? What is Partnership Business? Types of Partnership What is business studies? Concept of business Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Cheque explained with its terminologies Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque What is Advertising? Types of Advertising
Academic Questions in Business Studies
An accounting system focused primarily on a balanced debit and credit side is termed _____.
A. Ledger system
B. Journal system
C. Double entry system
D. Balance sheet system
E. Principle of accounting system
F. Balanced accounting system
With regards to money, which of the following statement is incorrect?
A. Money is crucial for the survival of every human being
B. Money is completely advantageous
C. Money is defined as anything that is generally accepted as a medium of exchange
D. Monopoly is said to exist when money and wealth exists in the hands of a few
E. Excess money in an economy can lead to inflation
F. When a person receives money that isn't commensurate with the job he or she had done, then that's underemployment
Which of the following statement is wrong with regards to business?
A. Business involves the exchange of something for another thing or money
B. Business is an economic activity
C. In business, profit goes beyond money
D. Businesses do not have social responsibilities to their customers
E. The exchange of services is an aspect of business
F. Businesses can be affected by government policies
Consumer _____ are the laws and methods put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.
Which of the following is not a characteristics of business?
A. The buyer and seller must always come into a contract agreement
B. Risk from unforseen circumstances is involved
C. They are subject to policies made by the government
D. All business transaction is aimed at making profit
E. It requires a discontinuous transaction between the buyer and the seller
F. Investments are required to begin a business
Which of the following is not a Right of Consumer Protection?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
There will be no need for an ongoing production of goods and services in our world if we had on one to consume them. In this regard, the consumers pay to enjoy these varieties of goods and services while the producers on the other hand make profit from sales or usage of their products.
Unfortunately, some producers may try to exploit the consumers into buying at a much higher price. Some may even sell fake or substandard products to their consumers.
Interestingly, the middlemen or distribution agents may also exploit the final consumers on goods and services against the will of the producers.
In regards to the above forms of exploitation, consumers’ interest must be protected; and awareness must be made so that they can understand their rights in the process of buying goods and services.
Consumer protection refers to the laws and processes put in place by various agencies so that consumers can enjoy maximum satisfaction on the goods they buy and services rendered to them.
Consumer protection helps to prevent consumers' exploitation from producers or middlemen who distribute their products. It also protects consumers from any form of unfair trade.
At one point or another, we may have purchased a product or requested for a service which we fail to get satisfaction from. Now, the question is: 'can we take appropriate actions concerning such unsatisfactory experience?'
In response to the above question, this is where the rights and protection of consumers come into place. Therefore, consumers must be aware that they have got their protection and rights; and are entitled to enjoy them.
Note: Some countries have the bill or documentation of the Consumer’s Right Act (CRA). You may wish to check the documentation for your country via the internet.
Below are explanations on rights of the consumer:
The right to consumer education is the strongest and most important right of a consumer. This is true because by this right, the consumer realizes he has other rights too.
The right of consumer education becomes a powerful tool to every consumer especially when the manufacturers or producers are aware that consumers have got a knowledge of this right.
In summary, the right of education will enlighten consumers to all other consumers' rights.
No producer or industry can force a consumer to buy their goods or accept the services they offer. Consumers are not expected to buy goods under duress or undue pressure.
As a consumer, you are entitled to make requests for a variety of products from the sellers. If a seller don’t have want you want, it’s your right to check from other sellers until you find exactly what you want.
If by chance you couldn’t find your exact want from the available shops, it’s your right not to purchase the products or to choose its closest match.
The presence of a variety of goods in the market gives the consumer an edge when it comes to choice.
It is the right of the consumer to buy goods or accept services that will not adversely affect their health and that of their family/neighbor.
As soon as a consumer realizes they have been deceived into buying an unhealthy product, they have the right to sue the seller for damages caused by the product; in addition to getting a refund from the purchase of such dangerous product.
With regards to drugs, it must be recommended by a medical doctor before we buy them. Also, we should check out the adverse or side effects of the purchased drugs before using them.
Consumers have the right to express their views about a product. When someone seeks your advice for a product that they have seen you use, please feel free to tell them your candid opinion about such product because it’s your right.
If you are certain about the overwhelming dangerous effects of certain products, it your right to share this view through the internet, social media, radio, television stations or some other reputable means.
In a previous article, we shared our opinion on the abuse of certain drugs in order to create awareness for teenagers, adolescents and students.
You have the right to enjoy every good thing that will make life worth living. However, an important point to note is that you must get every good thing you desire legally.
A consumer who get things by stealing, manipulation, corruption, cyber crimes and other illegal methods will face the law as stipulated in the constitution of his/her country.
To enjoy the good things of life, we need to work hard in every legal occupation or learning place we find ourselves. Consequently, if we intend to live in good houses, ride great cars and enjoy memorable vacations overseas, then we must work and pray.
The product of some manufacturers comes with warranty because they understand the customers’ right to be assured. This form of assurance may be for a period of 6 months, 1 year, 2 years, 5 years and 10 years.
Note: The terms and conditions of the manufacturer will often apply to the assurance given to their respective consumers.
The right of customers’ assurance is consequently good for producers or manufacturers since it confirms the originality and quality of their products.
It is the right of consumers to sue an organization or any business person who had sold fake or low quality goods in a deceitful manner.
For this reason, consumers are expected to get a receipt for each goods purchased or services rendered. This receipt will serve as proof that a transaction took place between both parties whenever redress is required.
A consumer can sue any producer for any form of unfair trade, restrictive trade or hidden exploitation from their product or service.
The goal of every consumer is to get satisfaction for goods purchased or services rendered to them.
Customer satisfaction is expected to be commensurate with the amount paid for goods and services. Also, a major goal of every producer is to provide customer satisfaction. This is why many organizations have got customer care service and representatives.
As a consumer, you can choose to buy goods with regards to the environment. If the goods are sold in a dirty environment, it is in your power not to buy.
As an instance, if a man enters a restaurant to eat and discovers that the environment is filled with flies or some other insects, then the consumer can choose not to buy food from this environment. He has the right to go to a healthy environment in an attempt to enjoy a healthy meal.
Note: In addition to understanding consumer right, it's also important we understand our fundamental human rights.
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Amazing facts in Business Studies
The world's 100 richest people earned enough money in 2012 to end global poverty four times over
NOTABLE POINTS IN Business Studies
Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.
The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:
One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.
Below are some of the government agencies of consumer protection: