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 an economic policy? Fiscal policy Monetary policy Population policy Trade policy None 2. Which of the following is a characteristic of a developing economy? High per capita income Low level of industrialization Strong social welfare system Low unemployment rate None 3. What does 'Make in India' aim to promote? Import substitution Domestic manufacturing Export restrictions Rural employment None 4. What is the main objective of fiscal policy? Control inflation Manage public debt Regulate the money supply Achieve economic stability None 5. Which of the following is not a type of environment in business? Micro environment Macro environment Political environment Functional environment None 6. In which year was the Foreign Exchange Management Act (FEMA) enacted? 1999 2001 1991 1997 None 7. Which sector is not part of the primary sector? Agriculture Mining Manufacturing Fishing None 8. The main aim of privatization is to: Increase government control Reduce government expenditure Improve efficiency and profitability Strengthen public sector enterprises None 9. Which of the following is not a feature of globalization? Cultural exchange Reduced trade barriers Restricted movement of capital Worldwide communication None 10. Which index measures industrial growth in India? Consumer Price Index (CPI) Index of Industrial Production (IIP) Wholesale Price Index (WPI) Sensex None 11. The Indian Contract Act, 1872, governs: Criminal liabilities Civil liabilities Contracts and agreements Corporate management None 12. An offer that can be accepted only by performing the stipulated act is called a: Bilateral offer Unilateral offer Cross offer Counteroffer None 13. Which of the following contracts is void? Contracts with a minor Contracts with lawful consideration Contracts formed by mutual consent Contracts with free consent None 14. Under the Sale of Goods Act, 1930, the term 'goods' does not include: Existing goods Stocks and shares Growing crops Unascertained goods None 15. The term 'quasi-contract' refers to: Void contracts Agreements that resemble contracts Contracts enforceable by law Contracts with minors None 16. The right to information is guaranteed under which act? Right to Information Act, 2005 Consumer Protection Act, 2019 Companies Act, 2013 Negotiable Instruments Act, 1881 None 17. Which of the following does not amount to a breach of contract? Performance Anticipatory breach Actual breach Repudiation None 18. What does 'goods in deliverable state' mean? Goods that need additional processing Goods ready for delivery Goods in possession of the seller Goods in possession of the buyer None 19. The limitation period to file a case under a simple contract is: 1 year 2 year 3 year 6 year None 20. Which of the following is not a type of partnership? General partnership Limited partnership Joint partnership Partnership at will None 21. The Consumer Protection Act, 2019, is applicable to: Goods only Services only Both goods and services Government services only None 22. Who cannot become a partner in a firm? An adult A minor A solvent individual A corporate entity None 23. Which of the following is an exception to the rule of 'no consideration, no contract'? Contracts under coercion Natural love and affection Fraudulent contracts Illegal agreements None 24. Which one of the following is a coercion? Threat to commit suicide Persuasion to enter into a contract Threat to file a lawsuit Request for specific performance None 25. What is the age of majority under the Indian Majority Act, 1875? 16 years 18 years 21 years 25 years None 26. Under the Companies Act, 2013, the minimum number of directors in a public company is: 2 3 5 7 None 27. What is 'novation' in a contract? Renewal of an old contract Substitution of a new contract in place of the old one Termination of a contract Breach of contract None 28. A cheque is valid for how many months from the date of issue? 3 months 6 months 9 months 12 months None 29. Which of the following is not a mode of termination of agency? By agreement By performance By incapacity of the agent By fraud None 30. What is the minimum paid-up capital required for a public company? ₹1 lakh ₹5 lakh ₹10 lakh No minimum limit None 31. Under the Competition Act, 2002, which authority ensures fair competition? Competition Commission of India (CCI) Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) Ministry of Corporate Affairs None 32. Who is called the 'principal' in a contract of agency? The person who appoints the agent The person who performs the act The person who signs the contract The person who breaches the contract None 33. What does 'misrepresentation' mean? False representation made innocently Deliberate misstatement of facts Threats to gain consent Mistake of fact None 34. Incorporation of a company means: Formation of the company Winding up of the company Partnership registration Conversion into a firm None 35. The primary objective of the Environment Protection Act, 1986, is to: Promote industrialization Protect and improve the environment Encourage mining activities Boost agricultural production None 36. Which of the following is not a valid consideration? Past consideration Future consideration Illegal consideration Present consideration None 37. A minor is incompetent to contract because: He is illiterate He lacks maturity He is not of legal age He is dependent on others None 38. Which of the following is a public document of a company? Articles of Association Books of account Internal audit report Employee records None 39. What does 'contingent contract' mean? Contract dependent on mutual consent Contract dependent on the occurrence of an event Void contract Illegal contract None 40. Which law governs cybercrimes in India? IT Act, 2000 Contract Act, 1872 Companies Act, 2013 Competition Act, 2002 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!
