Test CS 2007

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Subject: Business Environment and Law

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

Which of the following is an example of a secondary sector activity?

Education

Construction

Banking

Agriculture

None

Which of the following is not a characteristic of a mixed economy?

Public and private sector coexist

Government controls all economic activities

Private enterprises operate freely

Market forces and government regulations work together

None

The 'World Economic Forum' is based in:

Geneva

Paris

New York

Davos

None

The New Industrial Policy of India was announced in the year:

1947

1977

1991

2000

None

Which of the following is not an objective of monetary policy?

Control inflation

Encourage economic growth

Maintain price stability

Collect taxes

None

The Indian government’s ‘Make in India’ initiative focuses on:

Promoting exports

Encouraging foreign investments in manufacturing

Privatizing government enterprises

Increasing agricultural productivity

None

What does the acronym 'BOP' stand for in the context of international trade?

Balance of Payments

Balance of Profits

Bureau of Prices

Bureau of Operations

None

Which of the following is not a function of the Reserve Bank of India (RBI)?

Issuing currency notes

Managing inflation

Regulating government spending

Controlling interest rates

None

Which of the following is an objective of economic liberalization in India?

Increasing government control over industries

Reducing barriers to trade and investment

Privatizing government-owned sectors

Increasing import duties

None

10.

What is the primary purpose of the Foreign Exchange Management Act (FEMA)?

To regulate foreign investment

To facilitate foreign exchange transactions

To prevent money laundering

To regulate the flow of foreign goods

None

11.

In the case of a contract to sell goods, the property in goods passes to the buyer when:

The buyer pays the price

The goods are delivered

Both parties agree

The seller hands over the title to the goods

None

12.

The essential feature of a contract of agency is:

Payment of consideration

Performance of the act by the agent

Relationship of principal and agent

Specific terms for dispute resolution

None

13.

Which of the following is not a type of contract under the Indian Contract Act?

Contract of sale

Contract of partnership

Contract of insurance

Contract of marriage

None

14.

Which section of the Indian Contract Act, 1872, defines the term "contract"?

Section 2(a)

Section 10

Section 11

Section 7

None

15.

Which of the following is an example of 'discharge of contract by performance'?

Performance of an act by the promisee

Failure to perform the contract

Agreement to end a contract without performance

Non-performance due to unforeseen events

None

16.

Which act regulates the sale of goods in India?

Indian Contract Act, 1872

Sale of Goods Act, 1930

Negotiable Instruments Act, 1881

Indian Partnership Act, 1932

None

17.

A contract that is legally unenforceable is known as:

Void

Voidable

Valid

Quasi-contract

None

18.

Under the Sale of Goods Act, 1930, the transfer of property in goods occurs when:

The buyer pays the purchase price

The goods are physically transferred

The buyer receives the delivery of goods

The seller’s consent is obtained

None

19.

A contract entered into by a minor is:

Voidable

Void

Valid

Enforceable with parental consent

None

20.

The Consumer Protection Act, 2019, provides protection to:

Sellers

Traders

Consumers

Public officials

None

21.

Which of the following is a valid negotiable instrument?

Letter of credit

Cheque

Insurance policy

Partnership deed

None

22.

Which of the following is not a type of bankruptcy proceeding under the Insolvency and Bankruptcy Code, 2016?

Corporate insolvency

Personal insolvency

Individual insolvency

Bankruptcy for government employees

None

23.

Which section of the Indian Companies Act deals with the appointment of auditors?

Section 139

Section 141

Section 149

Section 178

None

24.

Under the Companies Act, 2013, the minimum number of directors required for a private company is:

None

25.

The Competition Act, 2002, aims to prevent:

Monopolistic practices

Price fixing

Unfair trade practices

All of the above

None

26.

The Companies Act, 2013, requires companies to hold an Annual General Meeting (AGM) within how many months from the end of the first financial year?

6 months

9 months

12 months

15 months

None

27.

Which of the following is a fundamental right in India?

Right to own property

Right to freedom of speech

Right to freedom of movement

Right to vote

None

28.

Which of the following laws regulates competition in India?

Companies Act, 2013

Competition Act, 2002

Consumer Protection Act, 2019

Foreign Trade Act, 1992

None

29.

The primary function of the SEBI (Securities and Exchange Board of India) is to:

Regulate foreign investments

Regulate stock exchanges

Encourage savings

Promote corporate governance

None

30.

Which of the following can constitute an 'unfair trade practice' under the Consumer Protection Act, 2019?

Deceptive advertisements

Sale of counterfeit goods

Overpricing of products

All of the above

None

31.

The minimum number of shareholders required to form a public company is:

None

32.

The term 'Nominal Value' of a share refers to:

The market value of the share

The face value of the share

The issue price of the share

The dividend rate of the share

None

33.

The primary objective of the Goods and Services Tax (GST) is to:

Regulate the manufacturing sector

Simplify indirect taxation

Increase import duties

Encourage foreign direct investment

None

34.

Which of the following is not a function of the Ministry of Corporate Affairs (MCA)?

Regulating company law

Implementing the Insolvency and Bankruptcy Code

Promoting consumer protection

Monitoring market activities

None

35.

What is the maximum number of partners allowed in a partnership firm under the Partnership Act, 1932?

100

None

36.

The doctrine of 'lift the corporate veil' is used to:

Determine the corporate structure

Expose the identity of shareholders

Hold shareholders liable for company debts

Regulate business practices

None

37.

The minimum age for becoming a director in a company is:

18 years

21 years

25 years

30 years

None

38.

In case of a default under the Consumer Protection Act, the District Forum may impose a penalty of up to:

₹1 lakh

₹10 lakh

₹25 lakh

₹52 lakh

None

39.

What is the primary objective of the International Monetary Fund (IMF)?

To regulate international trade

To monitor inflation rates

To provide financial stability and assistance

To promote sustainable development

None

40.

Which of the following is not a feature of a limited liability company?

Separate legal entity

Limited liability of members

Freedom to issue shares to the public

Governed by a Board of Directors

None

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