Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business Environment and Law 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. What does 'globalization' mean in the context of business? Isolation of economies Free flow of goods, services, andcapital across borders Nationalization of industries Restricting foreign trade None 2. Who can initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016? Financial creditor Operational creditor Corporate debtor Operational creditor None 3. A 'fiduciary relationship' refers to: A relationship of trust A contractual relationship A commercial relationship A hostile relationship None 4. Which of the following is not a characteristic of a mixed economy? Coexistence of public and private sectors Dominance of the private sector Economic planning by the government Income inequality None 5. In which year was the GST (Goods and Services Tax) implemented in India? 2016 2017 2018 2019 None 6. Which authority oversees banking regulation in India? SEBI RBI IRDAI NITI Aayog None 7. What is the quorum for a meeting of the Board of Directors in a company? 1/3 of total directors or 2, whichever is higher 2 directors 50% of total directors None of the above None 8. What is 'consideration' in a contract? Mutual understanding Something of value exchanged between parties Negotiation terms Performance obligation None 9. A person who is authorized to act on behalf of another in business dealings is called: Manager Principal Agent Trustee None 10. Which of the following is not a part of the economic environment? Taxation policy Interest rates Social values Inflation rate None 11. What does 'FDI' stand for? Financial Domestic Investment Foreign Direct Investment Fixed Deposit Interest Foreign Domestic Industry None 12. The term 'business cycle' refers to: Fluctuations in business activities over time A company’s growth strategy Product lifecycle stages Consumer buying behavior None 13. Which organization is associated with international trade disputes? IMF WTO World Bank UNCTAD None 14. Which of the following is a regulatory body for the securities market in India? SEBI IRDAI RBI SIDBI None 15. Which act governs electronic contracts in India? IT Act, 2000 Contract Act, 1872 Companies Act, 2013 Consumer Protection Act, 2019 None 16. Which of the following is not a negotiable instrument under the Negotiable Instruments Act, 1881? Bill of exchange Promissory note Cheque Bank guarantee None 17. A partnership firm can have a maximum of how many partners? 10 20 50 60 None 18. The term 'inclusive growth' refers to: Development focusing on only urban areas Economic growth that benefits all sections of society Privatization of industries Growth of specific sectors None 19. What does the term 'bailment' mean? Transfer of goods ownership Delivery of goods for a specific purpose Sale of goods Lease of property None 20. Which of the following is an example of a monopolistic market structure? Railways Smartphones Vegetables Textbooks None 21. A minor’s agreement is: Valid Voidable Void ab initio Illegal None 22. What is the punishment for insider trading under the SEBI Act, 1992? Fine Imprisonment Both fine and imprisonment Suspension of trading license None 23. Which act governs the registration of trademarks in India? Copyright Act, 1957 Patent Act, 1970 Trade Marks Act, 1999 Companies Act, 2013 None 24. Which act governs environmental protection in India? Environmental Protection Act, 1986 Forest Conservation Act, 1980 Water (Prevention and Control of Pollution) Act, 1974 Air (Prevention and Control of Pollution) Act,1981 None 25. Who is referred to as a 'promoter' under the Companies Act, 2013? Shareholder Person who initiates the company formation Director Partner None 26. The main objective of the Competition Act, 2002 is to: Promote monopolies Prevent anti-competitive practices Regulate foreign trade Impose higher taxes None 27. Which of the following is not a feature of a public company? Free transferability of shares Minimum 7 members Restriction on inviting public deposits Unlimited liability None 28. Which of the following constitutes 'free consent'? Consent obtained under coercion Consent given without any mistake Consent obtained under undue influence Consent obtained under fraud None 29. Under the Companies Act, 2013, a private company must have a minimum of how many members? 1 2 7 10 None 30. An agreement not enforceable by law is called: Contract Voidable agreement Void agreement Unlawful agreement None 31. What is the limitation period for filing a case under the Consumer Protection Act, 2019? 6 months 1 year 2 year 3 year None 32. 'Rescission' of a contract means: Formation of a contract Cancellation of a contract Renewal of a contract None of the above None 33. Doctrine of 'Caveat Emptor' means: Buyer beware Seller beware Let the buyer rely on seller Seller guarantees quality None 34. Which of the following is an unfair trade practice under the Consumer Protection Act? Misleading advertisements Selling defective goods Charging unfair prices All of the above None 35. Which type of company is formed for charitable purposes? Public company Private company Section 8 company Holding company None 36. In case of partnership, partners share profits: Equally unless agreed otherwise According to contribution Based on seniority Randomly None 37. What is the minimum paid-up capital required for a private company? ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 38. Which is not an intellectual property right? Patent Trademark Copyright Mortgage None 39. A contract of guarantee involves how many parties? 3 2 4 5 None 40. Which of the following is not a mode of discharge of contract? Performance Breach Novation Coercion 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!
