Consumer Protection in Business Studies
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Questions and Answers

Which of the following is NOT a responsibility of businesses according to the text?

  • Long-term business interests
  • Consumer exploitation (correct)
  • Government intervention
  • Utilising societal resources

    • What is the primary purpose of The Consumer Protection Act of 2019?

  • To promote unfair commercial practices
  • To safeguard and promote consumers' interests (correct)
  • To support hoarding and black marketing
  • To exempt e-commerce companies

    • Which sector is NOT covered by The Consumer Protection Act of 2019?

  • Government sector (correct)
  • Public sector
  • Private sector
  • Cooperative sector

    • What provides various protections and benefits to buyers in respect to agreements made for goods?

    <p>The Sale of Goods Act, 1930</p> Signup and view all the answers

    What is the primary aim of every business according to the text?

    <p>To operate in the society's best interests</p> Signup and view all the answers

    What is the literal translation of the previous approach of 'caveat emptor'?

    <p>Let the buyer beware</p> Signup and view all the answers

    Which of the following is NOT an example of exploitative and unfair trading practices mentioned in the text?

    <p>Price discrimination</p> Signup and view all the answers

    What is the literal translation of the present approach of 'caveat venditor'?

    <p>Let the seller beware</p> Signup and view all the answers

    Why is consumer protection necessary from the consumer's point of view?

    <p>To safeguard consumers from exploitative practices</p> Signup and view all the answers

    Why is consumer protection necessary from the business point of view?

    <p>To maintain trust and goodwill with consumers</p> Signup and view all the answers

    What is the next step after planning and selection of the organization structure?

    <p>Staffing</p> Signup and view all the answers

    What is the primary purpose of staffing in an organization?

    <p>Ensuring continuous survival and growth</p> Signup and view all the answers

    Which step of staffing involves filling positions according to workforce requirements?

    <p>Recruitment</p> Signup and view all the answers

    What is the significance of proper staffing in an organization?

    <p>Avoiding disruptions by showing exact personnel shortages</p> Signup and view all the answers

    Which step of staffing is responsible for identifying and selecting the best candidate for the job?

    <p>Recruitment</p> Signup and view all the answers

    What is the primary purpose of staffing in human resource management?

    <p>Ensuring proper utilization of manpower</p> Signup and view all the answers

    Which activity falls under the specialized activities of HRM as mentioned in the text?

    <p>Developing pay structure, incentives, and remunerations</p> Signup and view all the answers

    In the staffing process, what is the purpose of the recruitment step?

    <p>Attracting a larger number of people with desirable profiles to apply for vacant positions</p> Signup and view all the answers

    What is the significance of estimating manpower requirements in the staffing process?

    <p>Planning the manpower needed to fill various positions in the organization</p> Signup and view all the answers

    What is a generic function of an organization performed by managers as stated in the text?

    <p>Motivating and making resources acquainted with organization goals</p> Signup and view all the answers

    Study Notes

    Consumer Protection

    • The Consumer Protection Act of 2019 aims to protect consumers' interests by promoting fair and ethical business practices.
    • The Act covers all sectors except the public sector.
    • The primary purpose of the Act is to provide various protections and benefits to buyers in respect to agreements made for goods.
    • The Act replaced the previous approach of 'caveat emptor' (let the buyer beware) with 'caveat venditor' (let the seller beware).

    Business Responsibilities

    • The primary aim of every business is to maximize profits while ensuring customer satisfaction.
    • Businesses are responsible for ensuring fair and ethical business practices, including not engaging in exploitative and unfair trading practices.

    Staffing in Organizations

    • The primary purpose of staffing in an organization is to fill positions according to workforce requirements.
    • Staffing involves planning, selection, and recruitment of employees.
    • The next step after planning and selection of the organization structure is staffing.
    • Proper staffing is significant in an organization as it ensures the right people are in the right positions.
    • The recruitment step in staffing involves identifying and selecting the best candidate for the job.
    • Estimating manpower requirements is crucial in the staffing process to ensure the right number of employees are hired.
    • Staffing is a generic function of an organization performed by managers.

    Human Resource Management

    • The primary purpose of staffing in human resource management is to fill positions according to workforce requirements.
    • Recruitment is a specialized activity of HRM.
    • Staffing is a critical function in HRM as it ensures the organization has the right people to achieve its goals.

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    Description

    Learn about consumer protection in business studies and how it aims to safeguard consumers from anti-consumer trade activities. Explore the shift from 'caveat emptor' to 'caveat venditor' and its implications.

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