Test 605Neha SharmaFebruary 1, 2025 CMA Final Test 605 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate and Economic Laws Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email State 1. Which of the following is NOT a characteristic of a company? Perpetual succession Limited liability Unlimited liability of members Separate legal entity None 2. Under the Companies Act, 2013, the minimum number of members required for a public company is: 1 2 3 7 None 3. Which document defines the scope and activities of a company? Articles of Association Memorandum of Association Prospectus Board Resolution None 4. Which of the following is NOT a type of share capital? Authorized capital Subscribed capital Overdraft capital Issued capital None 5. The time limit for filing annual returns by a company is: 30 days 45 days 60 days 90 days None 6. The maximum number of directors in a private company is: 7 10 15 20 None 7. Which of the following companies must appoint a Company Secretary? Private company with paid-up capital of ₹5 crore Listed company Partnership firm Sole proprietorship None 8. Which of the following meetings is mandatory for every listed company? Board Meeting Annual General Meeting Extraordinary General Meeting Class Meeting None 9. The penalty for non-maintenance of proper books of accounts is prescribed under: Section 128 of the Companies Act, 2013 Section 177 of the Companies Act, 2013 Section 180 of the Companies Act, 2013 Section 92 of the Companies Act, 2013 None 10. Which regulatory body governs companies in India? SEBI RBI MCA IRDAI None 11. SEBI was established in which year? 1991 1996 1997 1988 None 12. Which of the following is NOT a function of SEBI? Regulating the stock market Approving company mergers Protecting investor interests Promoting fair practices in securities trading None 13. The primary function of a depository is to: Issue shares Hold securities electronically Regulate the banking sector Provide insurance None 14. Which of the following is NOT a type of corporate governance principle? Transparency Accountability Insider Trading Ethical Conduct None 15. SEBI regulates which market in India? Commodities market Stock market Banking sector Mutual funds only None 16. The Competition Act, 2002 aims to prevent: Unfair business practices Foreign trade Monopoly in the stock market Industrial licensing None 17. Who is the regulatory body under the Competition Act, 2002? SEBI IRDAI CCI RBI None 18. Which of the following is NOT an objective of FEMA, 1999? Regulating external trade Controlling domestic banking Facilitating foreign payments Promoting foreign investment None 19. Which act governs consumer protection in India? The Companies Act, 2013 The SEBI Act, 1992 The Consumer Protection Act, 2019 The Contract Act, 1872 None 20. What is the maximum penalty under the Competition Act, 2002? ₹10 lakh ₹50 lakh 10% of turnover ₹1 crore None 21. The Insolvency and Bankruptcy Code, 2016 applies to: Individuals only Companies only Both individuals and companies Banks only None 22. The time limit for corporate insolvency resolution process (CIRP) is: 180 days 270 days 330 days 1 year None 23. Who initiates the insolvency process in IBC? Shareholders Creditors Government SEBI None 24. NCLT stands for: National Company Law Tribunal National Capital Law Tribunal National Competition Law Tribunal None of the above None 25. Which of the following is NOT a stakeholder in IBC? Corporate debtor Financial creditors Shareholders Stock exchanges None 26. A private company must have a minimum of how many directors? 1 2 3 5 None 27. Which of the following is NOT a mode of winding up a company? Voluntary winding up Winding up by Tribunal Winding up by SEBI Summary winding up None 28. Who appoints the auditor of a company in the first Annual General Meeting? Board of Directors Shareholders SEBI RBI None 29. Which section of the Companies Act, 2013 deals with related party transactions? Section 188 Section 92 Section 135 Section 210 None 30. The Corporate Social Responsibility (CSR) provisions under the Companies Act, 2013 apply to companies with: Net profit of ₹5 crore or more Turnover of ₹100 crore or more Net worth of ₹500 crore or more All of the above None 31. Which law governs the regulation of foreign exchange in India? FEMA, 1999 FERA, 1973 RBI Act, 1934 SEBI Act, 1992 None 32. What is the full form of NBFC? National Banking and Finance Corporation Non-Banking Financial Company Non-Banking Fund Corporation National Bank for Financing Credit None 33. The Foreign Exchange Management Act (FEMA), 1999 is administered by: SEBI RBI MCA CCI None 34. Under the Consumer Protection Act, 2019, complaints can be filed in the National Commission if the claim amount exceeds: ₹10 crore ₹2 crore ₹5 crore ₹20 crore None 35. Which organization regulates the insurance sector in India? SEBI IRDAI RBI CCI None 36. Who appoints the Resolution Professional under IBC? NCLT Committee of Creditors (CoC) MCA RBI None 37. The moratorium period under IBC starts from: The date of application filing The date of CIRP initiation The date of admission of insolvency petition by NCLT The date of liquidation order None 38. Who can file an application for Corporate Insolvency Resolution Process (CIRP)? Financial creditors Operational creditors Corporate debtor All of the above None 39. SEBI regulates mutual funds under which set of regulations? SEBI (Listing Obligations and Disclosure Requirements) Regulations SEBI (Prohibition of Insider Trading) Regulations SEBI (Mutual Fund) Regulations SEBI (Substantial Acquisition of Shares) Regulations None 40. Which type of financial instrument represents ownership in a company? Bond Debenture Equity Share Commercial Paper None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
