Test CS 2008

Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

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 a characteristic of a capitalist economy?

Government controls all industries

Private ownership of production

All goods are provided by the state

Centralized planning of resources

None

The main objective of the 'Atmanirbhar Bharat' initiative is to:

Encourage foreign trade

Promote self-reliance in key sectors

Increase foreign investments

Focus on export-driven growth

None

Which of the following is not a key objective of 'Financial Inclusion'?

Access to financial services

Reducing income inequality

Promoting self-reliance

Achieving sustainable economic growth

None

The National Stock Exchange (NSE) is located in:

Mumbai

Delhi

Bangalore

Chennai

None

Which of the following is a monetary policy tool used by the Reserve Bank of India?

Subsidies

Open Market Operations

Income tax reduction

Export duties

None

Which of the following is a consequence of economic liberalization?

Increased government control

Expansion of the private sector

Introduction of price controls

Reduction in market competition

None

Which of the following organizations promotes financial stability at the global level?

International Monetary Fund (IMF)

World Trade Organization (WTO)

Organization for Economic Co-operation and Development (OECD)

World Bank

None

Which of the following is an example of a secondary industry?

Steel production

Agriculture

Transport services

Insurance

None

Which of the following is not a type of unemployment?

Frictional unemployment

Cyclical unemployment

Structural unemployment

Operational unemployment

None

10.

In case of a contract made under coercion, the contract is:

Valid

Voidable at the option of the coerced party

Void

Voidable only with court intervention

None

11.

Which of the following is an example of an express contract?

A contract made orally

A contract made by signing a written agreement

A contract made by conduct

A contract made by promises

None

12.

The Indian Contract Act, 1872, applies to contracts relating to:

Personal services

Sale of goods

Partnership agreements

All of the above

None

13.

Which of the following is the result of a void contract?

It is enforceable by law

It is legally invalid and unenforceable

It can be ratified by the parties involved

It is enforceable unless one party objects

None

14.

Under the Sale of Goods Act, 1930, if goods are delivered but payment is not made, the contract is considered:

Voidable

Discharged

Breached

Enforceable

None

15.

The transfer of property in goods can be made only by the seller:

After payment of full price

During the delivery of goods

Through a valid contract

When the buyer accepts the goods

None

16.

Under the Indian Partnership Act, 1932, a partnership can be dissolved by:

Agreement of the partners

Court order

Death or insolvency of a partner

All of the above

None

17.

An offer made with the intention of receiving acceptance in return is called a:

Counter offer

Conditional offer

Unilateral contract

Bilateral contract

None

18.

Under the Indian Contract Act, a person who makes a promise without consideration is:

Bound by the promise

Not bound by the promise

Bound by the promise with agreement

Bound only if it is made in writing

None

19.

In case of a breach of contract, the non-breaching party may seek:

Specific performance

Liquidated damages

Rescission of contract

All of the above

None

20.

Which of the following is not a method of dispute resolution under the Arbitration and Conciliation Act, 1996?

Arbitration

Mediation

Conciliation

Adjudication

None

21.

The term 'nominal value' of a share refers to:

The price at which it is issued

The par value of the share

The market value of the share

The dividend rate of the share

None

22.

The 'right to vote' is a feature of:

Limited Liability Partnerships

Private limited companies

Public limited companies

Proprietorship firms

None

23.

The Companies Act, 2013, provides for the appointment of independent directors in:

Private limited companies

Public limited companies

All companies

Government companies

None

24.

Which of the following is a feature of a limited liability partnership (LLP)?

Limited liability of partners

Unlimited liability of partners

Unlimited number of partners

No separate legal entity

None

25.

A company’s memorandum of association includes provisions for:

Company’s objectives

Company’s share capital

Powers of the directors

All of the above

None

26.

The Securities and Exchange Board of India (SEBI) Act, 1992, was enacted to:

Regulate the stock exchanges

Promote trade in securities

Protect investor interests

All of the above

None

27.

A director who does not attend board meetings for 12 consecutive months may be deemed to have:

Resigned from the board

Been dismissed from the board

Violated the company’s rules

Received approval for absence

None

28.

The Companies Act, 2013, specifies the maximum number of directors in a private company to be:

None

29.

Under the Consumer Protection Act, 2019, the term 'consumer' refers to:

Only individuals who purchase goods

Any person who avails goods and services for personal use

Persons who use goods for business purposes

All of the above

None

30.

The term 'GST' stands for:

General Sales Tax

Goods and Services Tax

Government Services Tax

General Services Tax

None

31.

Which of the following is the primary function of the Ministry of Corporate Affairs (MCA)?

Manage public sector enterprises

Regulate corporate governance

Conduct industrial disputes

None

32.

In which type of company are members not personally liable for the debts of the company?

Private limited company

Public limited company

Sole proprietorship

Both A and B

None

33.

The right to freedom of speech and expression is granted under which article of the Indian Constitution?

Article 14

Article 19

Article 21

Article 15

None

34.

The Insolvency and Bankruptcy Code (IBC) applies to:

Public sector enterprises only

Private sector companies and individuals

Government departments

Only public limited companies

None

35.

Which of the following is an advantage of a limited liability company?

The company is not taxed

Owners have limited liability for company debts

Profits are shared equally among partners

Shareholders have no voting rights

None

36.

**Under the Companies Act, 2013, a public company must have a minimum of:**

1 shareholder

2 directors

7 shareholder

10 directors

None

37.

In which of the following circumstances can the directors of a company be personally liable for the company’s debts?

Fraud or misrepresentation

During liquidation

If the company is insolvent

All of the above

None

38.

The 'right to privacy' is considered a fundamental right under which article of the Indian Constitution?

Article 12

Article 14

Article 21

Article 19

None

39.

The primary objective of the 'Ease of Doing Business' initiative in India is to:

Increase foreign investments

Simplify and streamline business regulations

Promote corporate tax reduction

Facilitate export promotions

None

40.

What is the main objective of fiscal policy?

Control inflation

Manage public debt

Regulate the money supply

Achieve economic stability

None

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