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. What is the primary purpose of the Indian Contract Act, 1872? To govern criminal activities To regulate trade practices To enforce agreements and obligations To define tax laws None 2. Which of the following is NOT an essential element of a partnership? Mutual agency Sharing of profits Unlimited liability Separate legal entity None 3. A contract is void if: It is made with free consent It involves unlawful consideration It is made by competent parties It is enforceable by law None 4. Under the Companies Act, 2013, what is the minimum paid-up capital for a private company? ₹1 lakh ₹5 lakh ₹10 lakh No minimum limit None 5. Which section of the Companies Act, 2013 deals with the Director Identification Number (DIN)? Section 152 Section 153 Section 162 Section 169 None 6. Under the Negotiable Instruments Act, 1881, which of the following is NOT a negotiable instrument? Cheque Promissory note Fixed deposit receipt Bill of exchange None 7. Which of the following is NOT required for a valid consideration under the Indian Contract Act? It must be lawful It must have monetary value It can be past, present, or future It must move at the desire of the promisor None 8. The term “novation” under the Indian Contract Act refers to: Substitution of a new contract in place of an old one Termination of a contract Revocation of an offer Breach of contract None 9. Which section of the Companies Act, 2013 deals with the removal of a director? Section 169 Section 149 Section 152 Section 159 None 10. The minimum number of members required to incorporate a Limited Liability Partnership (LLP) is: 1 2 3 7 None 11. Which ethical principle is violated when misleading advertisements are published? Justice Integrity Transparency Beneficence None 12. Which of the following is an example of ethical behavior in business? Creating a competitive, inclusive workplace Price manipulation in the market Ignoring environmental policies Bribing suppliers for better rates None 13. Which of the following ethical issues involves the treatment of employees in an organization? Offering fair wages and good working conditions Discrimination based on gender Offering regular promotions Treating employees with respect None 14. What is the primary focus of corporate governance? Maximizing profits at any cost Protecting shareholder interests while ensuring ethical management Avoiding taxes Ignoring customer satisfaction None 15. Which section of the Companies Act, 2013 governs the powers of the board of directors? Section 173 Section 173A Section 128 Section 186 None 16. Which of the following ethical principles ensures fairness in the workplace? Autonomy Justice Beneficence Fidelity None 17. Which of the following practices is considered unethical in business? Fair competition Transparency in pricing Price gouging during emergencies Employee welfare programs None 18. Which principle of business ethics is violated when a business deceives customers about the safety of its product? Integrity Accountability Transparency Non-maleficence None 19. Which of the following is a significant issue in corporate ethics regarding employee treatment? Providing employee benefits Equal pay for equal work Child labor Fair promotions None 20. What does the term "Corporate Social Responsibility (CSR)" refer to? Social obligations fulfilled only when profits are high Voluntary commitment by companies to contribute to society A mandatory legal obligation for all companies A process for filing tax returns None 21. Which of the following is an unethical workplace practice? Encouraging diversity Providing a safe working environment Discrimination based on race Offering competitive salaries None 22. Which ethical principle emphasizes "doing no harm"? Autonomy Non-maleficence Justice Fidelity None 23. What is the primary focus of ethics in business? Profit maximization Ensuring fair and responsible practices Reducing competition Avoiding legal obligations None 24. Which of the following is an ethical issue in e-commerce? Transparent billing Data privacy breaches Faster delivery Competitive pricing None 25. Which of the following is an ethical responsibility of a company towards its employees? Ignoring employee grievances Offering fair wages and working conditions Maximizing profits without regard for employees Enforcing strict unpaid overtime policies None 26. What is an ethical dilemma? A situation where there is a conflict between ethical principles A situation with only one right answer A situation where ethics can be ignored A situation with no wrong answers None 27. Which of the following is NOT an ethical principle in business? Integrity Respect Greed Accountability None 28. Ethics training programs in organizations are aimed at: Increasing profits Promoting ethical decision-making and behavior Eliminating competition Reducing employee training costs None 29. Which section of the Companies Act, 2013 requires a company to maintain proper books of accounts? Section 128 Section 129 Section 130 Section 131 None 30. What is the primary role of the Registrar of Companies (RoC)? Approving company budgets Supervising board meetings Registering and regulating companies Managing shareholder disputes None 31. Under the Indian Contract Act, 1872, when does an offer become a promise? On revocation of the offer On rejection of the offer On acceptance of the offer On breach of contract None 32. Which of the following is NOT a feature of a valid contract? Free consent Lawful consideration Written form only Competent parties None 33. What does the term “Doctrine of Constructive Notice” mean? Assumption that public documents of a company are known to outsiders A company is liable for all acts of its directors Shareholders are exempt from liability Only directors are aware of company rules None 34. Under the Consumer Protection Act, 2019, a complaint can be filed by: A consumer A registered consumer association A legal heir of a consumer All of the above None 35. What is the limitation period for filing a consumer complaint under the Consumer Protection Act, 2019? 1 year 2 years 3 years 5 years None 36. Which of the following does NOT constitute a breach of contract? Non-performance of an agreed act Actual breach Anticipatory breach Performance of an agreed act None 37. Which section of the Companies Act, 2013 deals with financial statements? Section 129 Section 128 Section 133 Section 134 None 38. What is the minimum subscription under the Companies Act, 2013? 50% of the shares offered 75% of the shares offered 90% of the shares offered 100% of the shares offered None 39. Which section of the Indian Contract Act, 1872 defines “consideration”? Section 2(a) Section 2(d) Section 3 Section 5 None 40. Which type of contract is formed when a person finds and returns a lost item? Express contract Implied contract Quasi-contract Contingent contract 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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