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Academic Questions in Business Studies

Please check out our Test Your Knowledge page to see all Questions and Answers

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?

  • A. Right to Education

  • B. Right to Choose

  • C. Right to Safety

  • D. Right to the Good things of Life

  • E. Right to be Assured

  • F. Right to Compel

Which of the following is NOT a government agency of consumer protection?

  • A. Ministry of Sports

  • B. Ministry of Commerce

  • C. Consumer Protection Council

  • D. Ministry of Health

  • E. Ministry of Environment

  • F. National Drug Law Enforcement Agent

Define Consumer Protection.

In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. Chain store

  2. Hyper market

  3. Hypo market

  4. Warehouse

  5. Mobile shop

  6. Supermarket

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:

  1. Government Agencies
  2. Independent Agencies
  3. Legislation

Please read on Consumer Protection here