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 State 1. Which of the following is not essential for a valid contract? Offer and acceptance Lawful consideration Lawful object Verbal agreement None 2. Which of the following agreements is void? Agreements with a minor Agreements to sell property Agreements involving lawful consideration Agreements with legal obligations None 3. Consideration in a contract must be: Past only Future only Past, present, or future None of the above None 4. When the consent of a party is obtained by coercion, the contract is: Valid Void Voidable Illegal None 5. The doctrine of 'Privity of Contract' means: Only parties to the contract are bound by it Third parties are bound by the contract Contracts must be in writing Contracts must be enforceable in court None 6. In a sale, the ownership of goods is: Retained by the seller Transferred to the buyer Shared between seller and buyer None of the above None 7. Which of the following is not a condition? Goods should match the description Goods should be of merchantable quality Warranty on minor defects Goods should fit the purpose None 8. The term 'Caveat Emptor' means: Let the seller beware Let the buyer beware Beware of fraud Beware of liability None 9. Which of the following is not an implied warranty? Quiet possession Merchantable quality Freedom from encumbrance Suitability for a particular purpose None 10. Unpaid seller can exercise the right of lien only when: Ownership is transferred Ownership is retained Goods are not delivered None of the above None 11. A cheque is valid for: 3 months from the date of issue 6 months from the date of issue 12 months from the date of issue No specific time limit None 12. Which of the following is not a negotiable instrument? Promissory note Bill of exchange Fixed deposit receipt Cheque None 13. Endorsement means: Writing of a signature Transfer of ownership Payment of an instrument All of the above None 14. Holder in due course means: A person holding a negotiable instrument A person who acquires a negotiable instrument for consideration A person entitled to enforce payment None of the above None 15. The minimum number of directors for a public company is: 1 2 3 5 None 16. The act of crossing a cheque ensures: It is non-transferable It can be encashed by the payee only through a bank It is invalid None of the above None 17. A private company can have a maximum of: 200 members 50 members 100 members Unlimited members None 18. A company is considered a legal person because it: Can sue and be sued Has a separate legal entity Can own property All of the above None 19. The term 'prospectus' refers to: An advertisement issued by a company A document inviting public subscriptions to shares A memorandum of association None of the above None 20. The liability of members in a company limited by shares is: Unlimited Limited to the amount unpaid on shares Limited to the company’s total debt None of the above None 21. Ethics are: Legally binding rules Guidelines for acceptable behavior Only applicable in personal life Irrelevant in business None 22. Corporate Social Responsibility (CSR) means: Maximizing profits Following ethical practices and contributing to society Reducing costs None of the above None 23. An ethical business practice includes: False advertising Transparent operations Exploiting workers All of the above None 24. The purpose of a code of ethics is to: Impose legal requirements Provide guidelines for ethical behavior Replace company policies None of the above None 25. Whistleblowing refers to: Reporting unethical practices within an organization Violating company policies Engaging in illegal activities Disclosing trade secrets None 26. A partnership firm must have at least: 2 partners 3 partners 5 partners 7 partners None 27. The liability of partners in a partnership firm is: Limited Unlimited Based on the partnership deed Equal for all partners None 28. Which of the following dissolves a partnership firm? Death of a partner Retirement of a partner Agreement among partners All of the above None 29. A partner who only contributes capital is called a: Active partner Sleeping partner Nominal partner Minor partner None 30. Which of the following is not true about partnership? It is created by agreement It has a separate legal entity Profits are shared among partners Liability is unlimited None 31. The liability of partners in an LLP is: Unlimited Limited to the extent of their contribution Limited to 50% of the debt Determined by the government None 32. In an LLP, a designated partner must: Be a minor Be an individual Be a company Be an HUF None 33. An LLP must have at least: 2 partners 3 partners 7 partners 10 partners None 34. The governing body for LLPs in India is: SEBI MCA (Ministry of Corporate Affairs) RBI NCLT None 35. LLP is a hybrid of: Partnership and sole proprietorship Partnership and company Company and trust Trust and HUF None 36. The Consumer Protection Act provides rights to: Sellers Consumers Both sellers and consumers None of the above None 37. Which of the following is a consumer's right under the Act? Right to safety Right to choose Right to be heard All of the above None 38. Who is not considered a consumer under the Consumer Protection Act? A person buying goods for personal use A person availing services for consideration A person buying goods for resale None of the above None 39. The three-tier redressal system includes: District Commission, State Commission, and National Commission District Court, High Court, and Supreme Court Police Station, Consumer Forum, and High Court None of the above None 40. A complaint can be filed under the Consumer Protection Act for: Unfair trade practices Deficiency in services Defective goods All of the above 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! 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