Miscellaneous Topics MCQ Quiz - Objective Question with Answer for Miscellaneous Topics - Download Free PDF

The Correct answer is Option 4.

Key Points

• B2B (Business-to-Business): This involves transactions between businesses, such as a manufacturer selling products to a wholesaler or retailer.
• B2C (Business-to-Consumer): This focuses on transactions between businesses and individual consumers, like buying clothes or electronics online.
• C2B (Consumer-to-Business): In this model, individual consumers offer products or services to businesses, such as freelance services or influencer partnerships.
• Hence Option 4 is correct. 

The correct answer is: (A) - (III), (B) - (IV), (C) - (II), (D) - (I)

Key Points

• Specialty store (A - III)
  • A specialty store is characterized by carrying a narrow product line with a deep assortment. For example, a store specializing in shoes or electronics.
  • These stores focus on a specific category, providing expertise and a wide variety of choices within that category.
• Convenience store (B - IV)
  • A convenience store is a relatively small store located near residential areas. Examples include 7-Eleven or local corner shops.
  • These stores typically offer a range of everyday items such as snacks, drinks, and basic groceries, making them convenient for quick and easy access.
• Supermarket (C - II)
  • A supermarket is a large, low-cost, low-margin, high-volume, self-service operation designed to serve the consumer's total needs for grocery and household products. Examples include Walmart and Tesco.
  • Supermarkets provide a wide variety of food and household items, usually organized into sections or aisles.
• Department store (D - I)
  • A department store carries several product lines, typically including clothing, home furnishings, and household goods. Examples include Macy's and John Lewis.
  • These stores are often organized into different departments, each specializing in a particular type of product.

Additional Information

• Retailer Types
  • Different types of retailers cater to various consumer needs and shopping preferences.
  • Specialty stores focus on specific product categories, offering deep assortments and expertise.
  • Convenience stores provide quick access to everyday items, often with extended hours and close proximity to residential areas.
  • Supermarkets offer a wide range of grocery and household products at competitive prices in a self-service format.
  • Department stores offer a broad selection of merchandise across multiple categories, typically in larger, multi-level stores.

The correct answer is 'Factory outlet.'

Key Points

• Factory outlet:
  • A factory outlet is a type of off-price retailer that sells products directly from the manufacturer at a discount.
  • These outlets typically offer excess production, discontinued items, or products with minor defects at lower prices.
  • Factory outlets are often located in outlet malls and are popular with consumers looking for brand-name goods at reduced prices.

Additional Information

• Super store:
  • A super store is a large retail store that combines a grocery supermarket with a department store, offering a wide range of products under one roof.
  • They are not categorized as off-price retailers because they sell products at regular prices rather than discounted rates.
• Category killer:
  • A category killer is a large retail chain that specializes in a particular product category and offers a vast selection at competitive prices.
  • Examples include stores like Best Buy (electronics) or Home Depot (home improvement). They are not off-price retailers, as they focus on dominating a specific product category rather than offering discounted merchandise.
• Discount store:
  • A discount store sells a wide variety of goods at lower prices compared to traditional retail stores.
  • While they do offer products at reduced prices, they are not the same as factory outlets, which specifically sell manufacturer-direct goods at discounts.

• A pure wholesaler is a merchant who operates by buying and selling goods in large lots without engaging in the manufacturing or retailing of those goods. Their primary role is to act as intermediaries between producers and retailers or other businesses, facilitating the distribution process.
• Pure wholesalers handle large quantities of products, securing bulk purchases from manufacturers and reselling them in smaller quantities to retailers, other wholesalers, or industrial users.

• Rationale: This option refers to a wholesaler who is also involved in the manufacturing of the products they distribute. Therefore, it doesn't fit the definition of a merchant who operates solely by buying and selling goods without engaging in manufacturing.

• Rationale: This term suggests a wholesaler who is also involved in retailing activities, directly selling products to consumers. This does not align with the definition of a pure wholesaler, who does not engage in retailing.

• Rationale: This option is incorrect because "Pure wholesaler" is the accurate term that describes a merchant who buys and sells in large lots without manufacturing or retailing.

• Pure wholesalers play a crucial role in the supply chain by ensuring that products are efficiently moved from manufacturers to retailers. They often take on the risk of holding inventory and provide services such as bulk breaking, warehousing, and transportation.
• By focusing solely on wholesaling, pure wholesalers contribute to cost efficiencies and help streamline the distribution process.

• Among the provided options, "Pure wholesaler" correctly identifies a merchant who operates entirely by buying and selling goods in large lots, without engaging in manufacturing or retailing.

The correct answer is- Allegation in writing.

Key Points   Complaint under consumer protection act:

• Compliant is defined as any allegation in writing, made by a compliant for obtaining the relief provided under the act in case of unfair trade practices, defects in goods, deficiency in service, express price of goods and services, selling of hazardous goods.
• Product responsibility against the manufacturer or service provider can also be claimed through a complaint.

Important Points

The following individuals or organizations have the authority to register a complaint with the appropriate authorities:

• Any customer to whom products or services have been provided
• Consumer Associations are a group of consumers who share a common interest in the subject.
• Government of the state or government of the nation
• In the event of a minor, a legal guardian must be appointed.

• Central Authority

Hence, the correct answer is- Under the Consumer Protection Act, a complaint means allegation in writing.

The correct answer is D2D (Distributor-to-Distributor).Key Points

• B2C (Business-to-Consumer):
  • Business-to-consumer marketing describes the practice of companies selling goods and services directly to customers without the use of a middleman.
  • B2C mainly refers to online merchants who use the internet to sell goods and services to customers.
• C2C (Consumer-to-Consumer):
  • A business model known as "consumer to consumer" (C2C) allows for private customers to deal for goods or services without the involvement of a business on either end of the transaction.
  • Today, online businesses handle the majority of C2C transactions.
• B2B (Business-to-Business):
  • Business-to-business (B2B) refers to a deal or transaction made between two companies, like a wholesaler and a retailer.
  • B2B transactions typically take place in the supply chain, where one business buys raw materials from another in order to utilise them in the production process.
  • Companies in the auto business, as well as those in property management, housekeeping, and industrial cleanup, frequently engage in B2B transactions.

Additional Information

• E-commerce is the electronic purchase or sale of goods through online stores or the Internet.
• E-commerce makes use of technology like supply chain management, mobile commerce, electronic payments transfer, Internet marketing, etc.
• Online retail, electronic markets, and online auctions are the three subfields of e-commerce.
• Electronic business provides a foundation for e-commerce.
• There are five essential categories of E-commerce:
  • Business to Business
  • Business to Consumer
  • Business to Government
  • Consumer to Business
  • Consumer to Consumer

The correct answer is Wholesaler.

Key Points

• Wholesalers 
  • They buy goods in large quantities from the manufacturers and sell them in smaller units to industrial units and/or retail traders. Hence, Option 2 is correct.
  • The wholesaler buys goods on a large scale to sell them at a profit in smaller quantities.
  • He buys from the producers that are the extractor or manufacturer and sell to the retailers and are, therefore, the connecting link between these two.

Additional Information 

The logic is the process of the production of an item.

2. Manufacturer

4. Wholesaler

3. Retailer

5. Customer

1. Consumption

Hence, "2, 4, 3, 5, 1" is the correct answer.

The correct option is 3 i.e., Philanthropic responsibility.

• In CSR, this dimension is known as Philanthropic responsibility.

What is Corporate Social Responsibility(CSR)?

• Corporate Social responsibility to act in ways that benefit society and/or the environment.
• Corporate Social Responsibility helps a company be socially accountable to itself, its stakeholders, and the public.

What is Philanthropic responsibility?

• The philanthropic responsibilities are the voluntary responsibilities of the enterprise.
• The philanthropic responsibilities are not imposed or requested by law.
• The philanthropic responsibilities became a part of the social agreement between the enterprise and society.
• Donations of goods and services, volunteering activity, building recreational facilities for employees and their families are examples of philanthropic responsibilities.

Key Points

Retail Store:

Any establishment, whether for profit or not, that sells goods to customers directly includes "retail stores," as do "restaurants," "pharmacies," "convenience and grocery stores," "liquor stores," and "seasonal and temporary companies."

Important Points

The most significant category of retailers is:

• A convenience shop is located near a residential area. It is fairly compact. Long hours are spent keeping it open. Convenience items are available for purchase in a few different lines. The costs are marginally greater.
• A department store is a sizable retail establishment that carries many different product lines. For the goals of purchasing, promoting, providing services, and maintaining control, it is divided into distinct divisions and offers a large selection in each line. It is sometimes referred to as a department store for mass merchandise, such as military canteens.
• Superstores are large-scale retail establishments with a wide range of product categories. These satisfy all of a customer's regular food and non-food demands. Malls do not contain these retail establishments. Instead, they stand alone as malls.

Thus, the correct answers are A, C and E only.

Additional InformationOther major types of store retailers are:

• Specialty Store
• Drug Store
• Discount Store
• Extreme Value or Hard-discount Store
• Off-Price Retailer
• Catalog showroom

The correct option is 3 i.e., Lifestyle.

• Lifestyle does not fall under ethical code.

What is the code of ethics?

• A code of ethics is a guide of principles.
• A code of ethics also referred to as an "ethical code"
• "Ethical code" assists members in understanding the difference between right and wrong.

What are the different types of codes of ethics?

• Integrity.
• Objectivity.
• Professional competence.
• Confidentiality.
• Professional behavior
• Legality
• Respect for colleagues
• Competence.

Calculation:

A retailer buys 20 pens for Rs. 40.

So, the cost price of 1 pen = 40/20 = Rs. 2

A retailer sells the pens at the rate of Rs. 40 for 15 pens.

So, the selling price of 1 pen = 40/15 = Rs. 8/3

Profit percent = [(Selling Price - Cost Price)/Cost Price] × 100

Profit percent = [(8/3 - 2)/2] × 100

Profit percent = (2/6) × 100

Profit percent = 100/3 = 33%

So, the profit margin is 33%.

Hence, option 3 is correct.

The correct answer is Manufacturer.

Key Points

• The manufacturer's job is to produce goods that would be consumed by the consumers.
  • They can sell their products directly to customers or to middlemen.
  • Since they are the ones who are making the products, they cannot be a 'reseller' since there is nothing to "re"-sell.

Important Points

• A supply chain typically features various middlemen between the manufacturer and the consumer.
  • The most common in the supply chain are distributors, wholesalers, and retailers. 
• A middleman plays the role of an intermediary in a distribution or transaction chain that facilitates interaction between the involved parties.
  • They enable manufacturers to concentrate on the primary function of production by handling the ancillary functions of warehousing, distribution, advertising, insurance, etc.
• A distributor works closely with a manufacturer in order to sell more goods and gain better visibility on these goods. They sell the products to wholesalers and sometimes directly to retailers when requested.
• Wholesalers: They are the people who buy in bulk from the producers or distributors and sell in small quantities to the retailers.
• Retailers: They are the people who buy in small quantities from the wholesalers and sell to the ultimate consumers.

The incorrect answer is the Right to replace

Key Points

• The Consumer Protection Act, 1986, was enacted to provide a simpler and quicker redressal to consumer grievances. The act seeks to promote and protect the interest of consumers against deficiencies and defects in goods or services.

Important Points

• The Consumer Protection act describes the rights of the consumer which a consumer can exercise.
• Six Basic rights of consumers include:
  • Right to be Informed
  • Right to Safety
  • Right to Choose
  • Right to be Heard
  • Right to Seek Redressal
  • Right to Consumer Education

Given :

Cost price to the retailer is 1000 rupees 

He first increased price by 30% and then gives discount of 15% 

Calculations :

Price after 30% increment = 1000 + 30% of 1000 

⇒ 1000 + 300 = 1300 rupees 

Now price he provides discount at this price so,

Price after 15% discount on increased price = 1300 - 15% of 1300 

⇒ 1300 - 195 

⇒ 1105 rupees 

∴ final selling price will be 1105 rupees