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. Which section of the Indian Contract Act, 1872, defines “void agreement”? Section 2(g) Section 10 Section 20 Section 25 None 2. In which of the following cases is a contract discharged by operation of law? Breach of contract Lapse of time Merger of rights Performance of contract None 3. Which section of the Companies Act, 2013 specifies the procedure for the removal of a director? Section 149 Section 169 Section 173 Section 186 None 4. What is the limitation period for dishonor of a cheque under the Negotiable Instruments Act, 1881? 3 months 6 months 1 year 2 years None 5. Under the Indian Partnership Act, 1932, the property of the firm is: Owned by individual partners Jointly owned by partners for business purposes Owned by the senior partner only Owned by creditors None 6. Which section of the Companies Act, 2013 deals with the appointment of an independent director? Section 135 Section 149 Section 152 Section 161 None 7. What is the minimum notice period required for a general meeting of a company? 7 days 14 days 21 days 30 days None 8. Which of the following does NOT constitute a breach of contract? Anticipatory breach Actual breach Performance of contract Non-performance of contract None 9. What is the maximum number of partners allowed for a banking business under the Indian Partnership Act, 1932? 10 20 50 Unlimited None 10. Under the Companies Act, 2013, which meeting is mandatory for a public company within six months of its incorporation? Annual General Meeting Extraordinary General Meeting Statutory Meeting Board Meeting None 11. Which of the following is NOT a principle of professional ethics? Integrity Objectivity Advocacy Confidentiality None 12. What is the ethical responsibility of businesses towards customers? Maximize profits at any cost Provide safe and quality products Ignore consumer rights Focus only on market competition None 13. Which ethical theory emphasizes that actions are right if they benefit the majority? Deontology Utilitarianism Virtue Ethics Social Contract Theory None 14. Which of the following is an example of ethical behavior in accounting? Inflating profits Accurate financial reporting Manipulating records Tax evasion None 15. What does "Social Responsibility" in ethics primarily refer to? Legal compliance Voluntary efforts to contribute to society Employee performance Profit-making strategies None 16. Which of the following is NOT an ethical issue in marketing? False advertising Price fixing Sustainable packaging Misleading labels None 17. What does the principle of "Justice" in ethics imply? Equal treatment for all Maximizing profits Favoritism in decision-making Ignoring employee welfare None 18. What is "Ethical Dilemma"? A situation with no ethical issues A choice between two ethical options A situation where ethical and unethical options conflict None of the above None 19. What is the primary purpose of a "Code of Ethics"? To reduce competition To provide a framework for ethical decision-making To increase profits To avoid legal consequences None 20. Which of the following is a benefit of ethical business practices? Increased legal disputes Improved stakeholder trust Reduced employee retention Decreased market reputation None 21. Under the Companies Act, 2013, "Memorandum of Association" is a document that: Defines the company’s internal regulations Specifies the company’s objectives and scope Outlines the responsibilities of directors Lists the company’s financial details None 22. Which of the following is NOT a valid discharge of a contract? Performance Breach Novation Coercion None 23. The term "Natural Person" in law refers to: A company A partnership firm An individual human being A corporate entity None 24. What is the ethical responsibility of a business towards its employees? Exploiting their labor Providing a safe working environment Ignoring employee welfare Increasing working hours arbitrarily None 25. Which of the following contracts cannot be specifically enforced? Contracts to build a house Contracts to deliver rare goods Contracts to perform personal services Contracts to sell immovable property None 26. Under the Companies Act, 2013, which document is required to register a company? Memorandum of Association Prospectus Certificate of Deposit Tax Invoice None 27. What is the primary feature of a negotiable instrument? It must be registered with a bank It is freely transferable It is issued by the government It cannot be endorsed None 28. Under the Indian Contract Act, "Quantum Meruit" means: A promise made without intention to fulfill As much as is earned A fraudulent transaction A gratuitous promise None 29. Which section of the Indian Contract Act, 1872 defines “Consent”? Section 10 Section 13 Section 14 Section 15 None 30. Which of the following is NOT an objective of business ethics? Ensuring profitability Promoting fairness Building trust Encouraging transparency None 31. Under the Indian Contract Act, 1872, an agreement made without consideration is: Voidable Valid Void Illegal None 32. Which of the following is NOT a type of resolution under the Companies Act, 2013? Ordinary resolution Special resolution Mandatory resolution Unanimous resolution None 33. Under the Negotiable Instruments Act, 1881, dishonor by non-acceptance applies to: Promissory Notes Cheques Bills of Exchange None of the above None 34. Which section of the Companies Act, 2013 deals with the Doctrine of Indoor Management? Section 187 Section 290 Section 122 Not specified under the Act None 35. What is the time limit for acceptance of a bill under the Negotiable Instruments Act, 1881? 24 hours 48 hours 3 days 7 days None 36. Which of the following is NOT an essential element of a partnership? Sharing of profits A lawful business Mutual agency Separate legal entity None 37. The doctrine of “Caveat Emptor” means: Buyer Beware Seller Beware Mutual Agreement Let the Seller Decide None 38. The object clause of the Memorandum of Association states: The internal rules of the company The scope of the company’s activities The duties of directors The share capital structure None 39. Which of the following contracts is NOT voidable under the Indian Contract Act? Coercion Fraud Misrepresentation Mistake of fact by both parties None 40. The penalty for contravention of CSR provisions under Section 135 of the Companies Act, 2013 is: ₹10,000 ₹50,000 to ₹25,00,000 ₹1,00,000 to ₹10,00,000 ₹50,000 to ₹10,00,000 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!
