Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business Environment and LawTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. What is a business environment? A set of social, legal, economic, physical, and political factors Only the legal framework within which a business operates Internal policies of a company The organizational structure of a company None 2. Which of the following is not a component of the microenvironment? Customers Suppliers Technological factors Competitors None 3. Which act governs the competition law in India? MRTP Act, 1969 Competition Act, 2002 Companies Act, 2013 Consumer Protection Act, 1986 None 4. Which type of environment includes factors like inflation and GDP? Political environment Economic environment Socio-cultural environment Technological environment None 5. Which is not a feature of the business environment? Dynamic nature Static Complex Uncertainty None 6. What does SWOT analysis stand for? Strengths, Weaknesses, Opportunities, Threats Strengths, Weaknesses, Objectives, Targets Strategies, Weaknesses, Opportunities, Threats Strengths, Wealth, Opportunities, Trends None 7. The New Economic Policy of 1991 emphasized the concept of: Liberalization, Privatization, Globalization Industrialization and Urbanization Digitalization and Automation Regionalization and Localization None 8. What is the main objective of corporate governance? Maximizing shareholder value Reducing competition Ensuring government control Protecting supplier interests None 9. Which organization prepares the national budget in India? Reserve Bank of India Ministry of Finance NITI Aayog SEBI None 10. FDI stands for: Foreign Domestic Investment Foreign Direct Investment Financial Direct Integration Fiscal Domestic Investment None 11. The Indian Contract Act, 1872, governs: Criminal offenses Agreements and contracts Administrative laws Fundamental rights None 12. An offer becomes a valid contract when: It is communicated It is accepted It is accepted and consideration is provided None of the above None 13. Which of the following is an essential element of a valid contract? Coercion Fraud Lawful object Misrepresentation None 14. Which act deals with the formation of a company in India? Companies Act, 2013 Partnership Act, 1932 Indian Contract Act, 1872 Consumer Protection Act, 2019 None 15. What is the minimum age to enter into a contract in India? 16 years 18 years 21 years 26 years None 16. Which of the following is not a type of company? Private Limited Company Public Limited Company Sole Proprietorship One Person Company None 17. What is the maximum number of members in a private limited company? 50 100 200 Unlimited None 18. The Consumer Protection Act, 2019, replaced which earlier act? Consumer Protection Act, 1986 Companies Act, 2013 Competition Act, 2002 Contract Act, 1872 None 19. What is the primary function of SEBI? Regulating banks Regulating the securities market Formulating industrial policy Auditing financial institutions None 20. Which of the following is not a type of intellectual property? Patents Trademarks Inventory Copyrights None 21. Which article of the Indian Constitution ensures freedom of trade and commerce? Article 19 Article 21 Article 301 Article 14 None 22. Which court hears appeals from the National Company Law Tribunal (NCLT)? High Court Supreme Court National Company Law Appellate Tribunal (NCLAT) District Court None 23. What is the minimum paid-up capital for a private company in India? ₹1,00,000 ₹5,00,000 ₹10,000 No minimum limit None 24. Which of the following is not an alternate dispute resolution method? Arbitration Litigation Mediation Conciliation None 25. The maximum tenure for an independent director under the Companies Act, 2013, is: 3 years 5 years 10 years 15 years None 26. The principle of 'Caveat Emptor' means: Let the buyer beware Let the seller beware Buyer and seller are equal None of the above None 27. Who appoints the Chief Justice of India? President Prime Minister Parliament Supreme Court judges None 28. Which of the following is an example of an external environment? Organizational culture Employee behavior Government policies Management structure None 29. What is the penalty for non-compliance with the Companies Act, 2013? Fine or imprisonment Fine only Suspension of business None of the above None 30. The Indian Partnership Act was enacted in: 1932 1942 1952 1962 None 31. The Reserve Bank of India was established in: 1947 1935 1950 1965 None 32. The term 'Balance of Payments' refers to: A summary of all economic transactions Government expenditure Foreign exchange reserves Domestic market transactions None 33. In corporate law, a debenture represents: Ownership Debt Equity Dividend None 34. Which of the following is not a public sector undertaking in India? BHEL Infosys ONGC SAIL None 35. Which law governs e-commerce transactions in India? IT Act, 2000 Consumer Protection Act, 1986 Arbitration Act, 1996 Copyright Act, 1957 None 36. What is the main objective of FEMA, 1999? Control the foreign trade Facilitate external trade and payments Regulate partnerships Protect consumers None 37. Who is called the father of modern economics? Adam Smith Karl Marx David Ricardo Alfred Marshall None 38. Which of the following is not a characteristic of business ethics? Universal application Subjectivity Dynamic nature Exclusivity None 39. What is 'Corporate Social Responsibility' (CSR)? A mandatory tax Voluntary social initiatives by businesses Government regulations for companies Social audit None 40. The legal document that defines the internal management of a company is called: Memorandum of Association Articles of Association Certificate of Incorporation Share Certificate 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. 1 2 3 4 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!
