Test: Consumer Protection - 2 - Commerce MCQ

It is important that every consumer having a knowledge of every product or every things which are use in daily routine life. Every small knowledge protect the consumer from malpractices by the sellers. It's helps the consumer to spend a motivated life.

NGOs (Non-Governmental Organisations) are primarily non-profit organisations that operate independently of government influence. Their primary goal is to address social, environmental, cultural, or humanitarian issues and not to earn profits. NGOs focus on providing services, advocating for causes, and bringing about social change, often relying on donations, grants, and voluntary contributions.

Who can file a complaint under the Consumer Protection Act, 2019?

Under the Consumer Protection Act, 2019, various individuals and entities are entitled to file a complaint. These include:

• A legal heir of a deceased consumer.
• Any registered consumer association.
• Any consumer who has purchased goods or availed services.

In summary, all of these parties can file a complaint under the Act.

Introduction:
A prestigious firm has the advantage of being able to raise more capital from the public due to its established reputation and credibility. This additional capital can be utilized for various purposes to benefit the firm and its stakeholders. One of the key purposes for which a prestigious firm can raise more capital is for growth.
Explanation:
Here are the reasons why a prestigious firm can raise more capital from the public for the purpose of growth:
1. Expansion:
- A prestigious firm may use the additional capital to expand its operations, such as opening new branches or entering new markets.
- This expansion allows the firm to increase its market share, reach a larger customer base, and potentially generate more revenue and profits.
2. Research and Development:
- To stay competitive in the market, a prestigious firm needs to continuously invest in research and development (R&D).
- Raising more capital enables the firm to allocate funds towards R&D activities, which can lead to the development of innovative products or services.
- These innovations can attract new customers, increase market demand, and contribute to the firm's growth.
3. Acquisitions and Mergers:
- Another growth strategy for a prestigious firm is to acquire other companies or merge with them.
- Raising more capital allows the firm to have sufficient funds to finance such strategic moves.
- Acquisitions and mergers can provide access to new markets, technologies, or talented employees, which can contribute to the firm's growth and expansion.
4. Infrastructure and Capacity Building:
- A prestigious firm may require additional capital to invest in infrastructure, equipment, or technology upgrades to enhance its production capacity.
- By improving its infrastructure and capacity, the firm can meet increasing customer demands, improve efficiency, and scale its operations, leading to growth in market share and profitability.
Conclusion:
In conclusion, a prestigious firm can raise more capital from the public for the purpose of growth. This capital can be utilized for various growth-oriented initiatives such as expansion, research and development, acquisitions and mergers, and infrastructure and capacity building. By leveraging its reputation and credibility, a prestigious firm can attract more public investment to fuel its growth and stay competitive in the market.

Rights of a consumer are protected under the Consumer Protection Act, 2019. This Act aims to safeguard consumer interests and provides a framework for addressing grievances efficiently. Key features include:

• Consumer Rights: The Act outlines six fundamental rights for consumers, including the right to safety and the right to be informed.
• Redressal Mechanism: It establishes a three-tier system for resolving consumer complaints at the district, state, and national levels.
• Empowerment: The Act empowers consumers by ensuring they are informed about their rights and the available remedies.
• Regulatory Authority: The Central Consumer Protection Authority (CCPA) oversees the enforcement of consumer rights and addresses unfair trade practices.

Overall, the Consumer Protection Act, 2019 plays a crucial role in promoting consumer welfare and ensuring fair trade practices in India.