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. Which of the following is not a feature of the business environment? Dynamic in nature Interrelated elements Predictable Multi-faceted None 2. Which sector contributes the most to India's GDP? Agriculture Industry Services Manufacturing None 3. What does the term 'liberalization' imply? Relaxing government restrictions Increasing tariffs Nationalization of industries Promoting monopoly None 4. Which organization is responsible for collecting and publishing economic data in India? NITI Aayog Reserve Bank of India Ministry of Statistics and Programme Implementation Ministry of Finance None 5. What is the main focus of a socio-cultural environment? Taxes and tariffs Consumer preferences and values Economic policies Technology trends None 6. The term 'disinvestment' is closely associated with: Selling public sector enterprises to private companies Increasing foreign investments Lowering domestic investments Closing down industries None 7. Which of the following is an example of a macroeconomic factor? Price of a product Inflation rate Competitor's marketing strategy Customer feedback None 8. India became a member of the World Trade Organization (WTO) in: 1995 2001 1985 1991 None 9. The term 'Make in India' focuses on: Increasing imports Boosting domestic manufacturing Liberalizing foreign investments Privatizing public companies None 10. Which policy aims to promote foreign trade in India? Foreign Trade Policy (FTP) Industrial Policy Fiscal Policy Monetary Policy None 11. What is a contract? A promise to perform a duty An agreement enforceable by law A moral obligation A court directive None 12. Which of the following is not an essential element of a valid contract? Free consent Lawful consideration Written form Competent parties None 13. Which section of the Indian Contract Act defines a contract? Section 2(h) Section 10 Section 5 Section 11 None 14. An agreement without consideration is valid when: Made on a stamp paper Expressed in writing Out of natural love and affection Registered in court None 15. What is the term for revocation of an offer? Counteroffer Acceptance Revocation Termination None 16. What is the limitation period for filing a suit for breach of contract? 1 year 2 years 3 years 5 years None 17. Who can sue for breach of contract? Any person A party to the contract A third party None of the above None 18. Which act regulates negotiable instruments in India? Negotiable Instruments Act, 1881 Companies Act, 2013 Partnership Act, 1932 Contract Act, 1872 None 19. A bill of exchange must be accepted within: 24 hours 48 hours A reasonable time No specific period None 20. What does 'quasi-contract' mean? Contract implied by law Illegal agreement Unwritten contract Invalid agreement None 21. Who is the regulatory authority for the insurance sector in India? RBI IRDAI SEBI Ministry of Finance None 22. Which of the following is not a negotiable instrument? Bill of Exchange Cheque Fixed Deposit Receipt Promissory Note None 23. The principle of 'Uberrima Fides' means: Buyer beware Utmost good faith Let the seller beware Mutual benefit None 24. What is the primary objective of the Consumer Protection Act, 2019? To promote trade To protect consumer rights To regulate businesses To increase competition None 25. Which section of the Companies Act deals with Corporate Social Responsibility (CSR)? Section 135 Section 101 Section 25 Section 77 None 26. The term 'winding up' refers to: Formation of a company Termination of a company Amalgamation of a company Auditing a company None 27. Which type of company does not require a minimum paid-up capital? Private company Public company One Person Company All of the above None 28. Which of the following is not an intellectual property right? Patent Copyright Mortgage Trademark None 29. What is the penalty for dishonor of a cheque under Section 138 of the Negotiable Instruments Act? Fine Imprisonment Both fine and imprisonment Suspension of account None 30. What is a 'voidable contract'? Cannot be enforced by law Valid until voided by one party Not a contract at all Invalid from the beginning None 31. Which of the following is not part of the external business environment? Competitors Suppliers Employees Technology None 32. What is the maximum tenure of a managing director under the Companies Act, 2013? 2 years 3 years 5 years 10 years None 33. Who is responsible for appointing the members of NCLT? President of India Chief Justice of India Central Government SEBI None 34. Which law governs cybercrimes in India? IT Act, 2000 Contract Act, 1872 Consumer Protection Act, 1986 Companies Act, 2013 None 35. The term 'fiscal policy' refers to: Government's spending and taxation policies Money supply regulation Trade policy formulation Bank interest rates None 36. Which article of the Indian Constitution provides for the right to constitutional remedies? Article 14 Article 19 Article 32 Article 21 None 37. In corporate law, the term 'bonus shares' refers to: Shares issued at a premium Shares issued for free to existing shareholders Shares purchased at a discount Convertible shares None 38. What is the meaning of 'Doctrine of Indoor Management'? Outsiders are presumed to have read internal company Internal decisions are binding on shareholders Outsiders can assume compliance with internal formalities Directors manage indoor meetings None 39. Who can file a case in consumer courts? Any consumer Only individuals Only organizations Only legal heirs None 40. The concept of 'Minimum Alternate Tax' (MAT) applies to: Individuals Companies Partnership firms Sole proprietorships 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!
