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. The balance of trade refers to: The difference between exports and imports of goods The difference between revenue and expenditure Total trade volume Trade restrictions imposed by a country None 2. Which of the following organizations publishes the 'Ease of Doing Business' report? IMF World Bank WTO UNDP None 3. The main objective of the SEZ policy in India is to: Encourage exports Regulate trade Attract foreign investors Boost domestic employment None 4. Which economic system is based on the principle of free-market forces? Capitalism Socialism Mixed economy Command economy None 5. GDP stands for? Gross Development Product Gross Domestic Product General Domestic Product Gross Domestic Profit None 6. Which sector contributes the most to India's GDP? Agriculture Industry Services Manufacturing None 7. Liberalization in India began in the year: 1985 1991 2000 1975 None 8. Which ministry is responsible for FDI policies in India? Ministry of Finance Ministry of Commerce and Industry Ministry of External Affairs Ministry of Home Affairs None 9. What is the primary focus of the 'Startup India' initiative? Promote large-scale industries Support new entrepreneurs Boost agricultural development Encourage imports None 10. What is the role of the WTO? Promote world peace Regulate international trade Offer development aid Set exchange rates None 11. Under the Indian Contract Act, an agreement without consideration is void unless it is: In writing Made on a promissory note Out of love and affection Signed by a witness None 12. Which of the following is not an essential element of a valid contract? Lawful consideration Competency of parties Reasonable terms Free consent None 13. A contract entered into by fraud is: Valid Void Voidable Illegal None 14. Which act regulates consumer rights in India? Consumer Rights Act, 2018 . Consumer Protection Act, 2019 Competition Act, 2002 Companies Act, 2013 None 15. Which of the following contracts is enforceable by law Social agreements Agreements without consideration Contracts entered into by a minor. Business agreements None 16. What is the term for a contract where both parties promise to perform? Executory contract . Executed contract Voidable contract Quasi-contract None 17. Under the Negotiable Instruments Act, 1881, a cheque becomes stale after: 1 month 2 months 3 months 6 months None 18. Which of the following is not a negotiable instrument? Cheque Promissory note Fixed deposit receipt Bill of exchange None 19. The doctrine of 'Caveat Emptor' means: Let the buyer beware Let the seller beware The seller is always right The buyer is always right None 20. In a partnership, the liability of partners is usually: Unlimited Limited Proportional to their capital Equal for all partners None 21. A minor can become a partner in a firm: Without any restrictions With the consent of the other partners Only for profits Cannot become a partner None 22. Which act governs the issue of shares by companies in India? SEBI Act, 1992 Companies Act, 2013 Contract Act, 1872 FEMA, 1999 None 23. A condition essential to the main purpose of a contract is called a: Warranty Guarantee Condition Assurance None 24. Which law is concerned with environmental protection? Wildlife Protection Act, 1972 Air (Prevention and Control of Pollution) Act, 1981 Environment Protection Act, 1986 All of the above None 25. The term 'public company' is defined under: Section 2(20) of the Companies Act, 2013 Section 2(70) of the Companies Act, 2013 Section 2(10) of the Companies Act, 2013 Section 2(40) of the Companies Act, 2013 None 26. Which of the following is an agreement not enforceable by law? Void agreement Voidable contract Quasi-contract Enforceable contract None 27. The maximum number of members in a private company is: 50 250 200 NO LIMIT None 28. The Indian Penal Code (IPC) was enacted in the year: 1857 1860 1872 1905 None 29. Which is not a type of negotiable instrument? Letter of credit Promissory note Cheque Bill of exchange None 30. The right of lien can be exercised by a: Seller Buyer Agent Partner None 31. Which of the following acts governs corporate social responsibility (CSR)? Consumer Protection Act Companies Act, 2013 Contract Act, 1872 Environment Protection Act None 32. In contract law, ‘breach of contract’ leads to: Penal actions Damages Quasi-contracts Termination only None 33. Which principle governs the law of agency? Caveat emptor Vicarious liability Doctrine of estoppel Principal-agent relationship None 34. A partnership firm is dissolved by: Death of a partner Insolvency of a partner Mutual agreement All of the above None 35. Which of the following is not an external environment factor for business? Political conditions Economic conditions Competitors Employee morale None 36. What does 'arbitration' aim to resolve? Civil disputes Criminal cases Tax disputes Family disputes None 37. Which of the following is not a function of RBI? Monetary policy formulation Issuance of currency Tax collection Regulation of banks None 38. Which law deals with insider trading? Companies Act, 2013 SEBI Act, 1992 Contract Act, 1872 Competition Act, 2002 None 39. Who is known as the father of modern economics? Adam Smith John Keynes David Ricardo Alfred Marshall None 40. Under FEMA, who regulates foreign exchange in India? RBI SEBI Ministry of Finance WTO 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 !! 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