Answer in one word
Identify the concept
Q&A
Q&A
100
Q.Answer in One Word
What is a movement that ensures fair practices by manufacturers and traders?
Consumerism
100
A faulty washing machine injures a customer due to an electric shock. Which consumer right is useful in this case?
Right to Safety
100
What is the use of a warranty card?
Ans: A warranty card guarantees free repair or replacement of a product's parts within a specified period after purchase.
200
What is the latest method of advertising through websites?
Internet
200
A company wants an advertisement to be seen by people in different locations without paying for space in newspapers. What medium should they use?
Option- Vehicular Display/Internet/Newspaper
Vehicular Display
200
Why is the Consumer Protection Act important for consumers?
Ans: The Consumer Protection Act is important because it helps consumers deal with unfair practices, provides courts to resolve complaints, and protects their rights.
200
What is meant by Joint Stock Company.? List any two characteristics of a joint stock company.
Answer - The companies of India that are governed by the Indian Companies Act, 1956 are called Joint Stock Companies. Its characteristics are:
a) Separate legal entity- A company has a separate legal entity different from its members. It can sue or be sued in its own name.
b)Perpetual succession- The life of a company is not affected by the death of its members or directors.
300
What type of communication includes body language and facial expressions?
Non-verbal
300
Rahul owns shares in a company and can sell them without asking other members.
(Cooperative Society/Joint Stock Company/Partnership)
Joint Stock Company
300
List three responsibilities of a consumer.
Ans: The responsibilities of a consumer are:
(write any 3)
i) Responsibility of self help- A consumer should not depend only on the seller for information.
They should also check details of products and services themselves.
ii) Proof of transaction-
- The consumer should get a cash memo/ bill from the dealer when they buy a product.
- They should safely keep such documents related to the purchase of any products and services (example TV, AC, etc).
- This is required in case the consumer needs to file a complaint later.
iii) Proper claim- While making complaints and claiming compensation, the consumer should not make unreasonably high claims.
iv) Proper use of products/ services-
During the warranty period, some consumers use the product roughly thinking that it will be replaced by the manufacturer during this period. This is not fair. The consumer should use the product gently and properly.
300
Explain the term “ primary industry” giving 2 examples.
Answer - Primary industry is concerned with production of goods with the help of nature. It is a nature-oriented industry, which requires very little human effort. e.g. Agriculture, farming, forestry, fishing, horticulture, etc
400
Who is the head of a Joint Hindu Family business?
Karta
400
Ramesh runs a small grocery shop on his own without any partners.
(Partnership/Sole Proprietorship/Hindu family Business)
Sole Proprietorship
400
Why is consumer education important?
Ans: Consumer education is important because
Consumers should understand their rights and laws.
They should recognise unethical practices by sellers.
They should know how to file complaints and seek redressal (solutions).
400
Define E- commerce. Describe its advantages.
Answer - E-commerce or Electronic Commerce is buying and selling of goods and services on the Internet.
Some advantages of E-commerce are:
i. Wider choice - Businesses can conduct business at both the national and global (international level). So consumers have a wider choice of products.
ii. Improved customer service- Suppliers can offer information about the products, guidance for use, attend to consumer queries about quality etc.
500
The place where goods are stored before sale.
Warehouse
500
Rohan works at a bank and earns a salary every month.
(Economic Activity/Non-Economic Activity)
Economic Activity
500
Discuss the six rights of consumers as per the Consumer Protection Act.
Answer: The six rights of consumers as per the Consumer Protection Act are:
i) Right to safety: Through this right, consumers have a right to protect themselves from goods that are harmful to health and life. They can complain against the marketing of these goods.
ii) Right to be informed : Consumers have a right to know about the quantity, quality, purity and price of goods, so that they can make a proper choice before buying any product or service.
iii) Right to be heard :
To ensure that the consumer opinions are heard:
Government should consult with consumers when policies are made -
e.g. take their suggestionsManufacturers, dealers and advertisers should also hear consumers' opinions. It will help them serve consumer needs better.
A consumer has a right to complain about a product or service in a court of law.
iv) Right to choose:
Every consumer has the right to choose from a variety of similar goods
- e.g. same product but different brands.
The seller should not put him under pressure to buy a specific product.
v). Right to seek redressal:
A consumer has the right to seek redressal if they have a complaint. If they receive a defective product, they have a right to get it replaced or money refunded by a seller or dealer.
vi). Right to consumer education :
Consumer education and awareness are important so that consumers know their rights. Consumers should be educated about:
a) important consumer laws
b) the ways in which sellers may try to cheat consumers
c) how consumers can protect their rights
d) the process the consumer needs to follow in case he wants to make a complaint against a producer or service provider.
500
What is meant by business. Describe characteristics of business.
Deals in goods and services - People in business are engaged in production and distribution /selling of goods and services.
Regular exchange of goods and services- The production or buying and selling activities must be carried out on a regular basis. A single transaction is not treated as business.
Requires investment- Every business activity requires some amount of investment in terms of land, labour or capital.
Earning profit is the primary aim- The main objective of any business is to make a profit. When a businessman earns profit , it helps him to earn a living and expand his business.
Involves risk and uncertainty of income- In Spite of a businessman’s best efforts, the reward is always uncertain. Sometimes he enjoys profit and there are times he may suffer heavy losses. This happens because the future is unpredictable and the business person has no control over certain factors.