Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business Laws and Ethics 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 Area Pin Code 1. What is the maximum number of members in a private company as per the Companies Act, 2013? 50 100 200 500 None 2. Which of the following is NOT a valid consideration under the Indian Contract Act, 1872? Past consideration Present consideration Future consideration Illegal consideration None 3. Which section of the Indian Contract Act defines a "Contract"? Section 1 Section 2(b) Section 2(h) Section 4 None 4. Which of the following is NOT an essential element of a valid contract? Free consent Lawful object Consideration Written agreement None 5. Under the Companies Act, 2013, who appoints the first directors of a company? Shareholders Promoters Board of Directors Registrar of Companies None 6. What is the limitation period for filing a suit under the Limitation Act, 1963? 1 year 2 year 3 year 5 year None 7. Which of the following agreements is void under the Indian Contract Act, 1872? Agreement with free consent Agreement in restraint of marriage Agreement with lawful consideration Agreement to sell goods None 8. What is the minimum paid-up capital required for a public company under the Companies Act, 2013? ₹1,00,000 ₹5,00,000 ₹10,00,000 No minimum limit None 9. Which section of the Companies Act, 2013 deals with "Board Meetings"? Section 96 Section 173 Section 123 Section 134 None 10. Which Act governs the issue of negotiable instruments in India? The Companies Act, 2013 The Indian Contract Act, 1872 The Negotiable Instruments Act, 1881 The Banking Regulation Act, 1949 None 11. Which of the following is NOT a principle of business ethics? Honesty Profit Maximization Fairness Respect for Others None 12. Which of the following is NOT an ethical issue in business? Environmental Responsibility Employee Relations Maximizing Revenue Consumer Protection None 13. What is the meaning of 'Whistleblowing'? Encouraging unethical behavior Reporting unethical practices within an organization Violating confidentiality agreements Disregarding company policies None 14. Which of the following is an unethical business practice? Transparency in reporting Exploiting child labor Compliance with regulations Fair wages to employees None 15. Which principle is emphasized by corporate social responsibility (CSR)? Profit above all Duty towards society and environment Exclusivity in decision-making Avoidance of competition None 16. What is the meaning of "Conflict of Interest" in ethics? Cooperation between stakeholders A situation where personal interests clash with professional duties Encouraging partnerships Avoiding personal gains None 17. Which of the following is an ethical responsibility of a business? Avoiding customer satisfaction Overpricing products Ensuring product safety Ignoring social issues None 18. What does the term "Integrity" mean in ethics? Loyalty to superiors Adhering to moral and ethical principles Seeking personal gains Following orders blindly None 19. Which of the following is a benefit of business ethics? Increased legal issues Improved brand reputation Higher employee turnover Lower customer loyalty None 20. What does "Transparency" in business ethics refer to? Hiding financial details Open and honest communication with stakeholders Avoiding responsibility Ignoring customer complaints None 21. What is the minimum number of directors required for a public company? 1 2 3 4 None 22. A contract becomes voidable when consent is obtained through: Mistake Free consent Fraud None of the above None 23. The Indian Partnership Act was enacted in: 1930 193 1956 1961 None 24. Which ethical theory emphasizes "the greatest good for the greatest number"? Utilitarianism Deontology Virtue Ethics Egoism None 25. Under which section can a company hold an Extraordinary General Meeting (EGM)? Section 96 Section 100 Section 173 Section 134 None 26. The duty of a business to act in an environmentally responsible manner is part of: Economic ethics Social ethics Environmental ethics Legal ethics None 27. Under the Indian Contract Act, "Coercion" is defined in Section: 13 15 19 22 None 28. The primary objective of corporate governance is: Profit Maximization Shareholder Wealth Maximization Ethical Conduct and Transparency Cost Reduction None 29. Which of the following is NOT a negotiable instrument? Cheque Bill of Exchange Promissory Note Fixed Deposit Receipt None 30. The concept of "Stakeholder Theory" emphasizes: Maximizing shareholder profits Addressing the interests of all stakeholders Avoiding social responsibility Ignoring ethical principles None 31. Under the Indian Contract Act, 1872, a minor’s agreement Void Voidable Valid Illegal None 32. In which case is an agreement considered void due to uncertainty? Agreement to sell all the grain in a granary Agreement to sell 100 tons of wheat at a reasonable price Agreement to sell 10 tons of wheat for ₹50,000 Agreement to sell something when both parties are uncertain about the object None 33. Which section of the Companies Act, 2013 specifies the duties of directors? Section 166 Section 173 Section 92 Section 96 None 34. What is the maximum number of partners allowed in a partnership firm, as per the Companies Act, 2013? 20 50 100 Unlimited None 35. Which of the following is NOT a type of crossing on a cheque? General crossing Special crossing Account crossing Restrictive crossing None 36. What is the time limit for filing an appeal under the Consumer Protection Act, 2019? 15 days 30 days 60 days None 37. Under which Act is "Digital Signature" recognized in India? Indian Contract Act, 1872 Information Technology Act, 2000 Companies Act, 2013 Consumer Protection Act, 2019 None 38. Who is responsible for the registration of a partnership firm under the Indian Partnership Act, 1932? District Court Registrar of Firms Registrar of Companies Ministry of Corporate Affairs None 39. Which of the following contracts is NOT specifically enforceable? Contract to sell immovable property Contract to marry Contract to perform personal services Contract to build a house None 40. What does the term “ultra vires” refer to in company law? Actions within the company's power Actions outside the company’s power Fraudulent transactions Resignation of a director 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. 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