Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Setting up of Business Entities and Closure 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 a type of business entity in India? Sole Proprietorship Corporation Hindu Undivided Family (HUF) Political Party None 2. Which type of company can issue shares to the public? Private Company Public Company Partnership Firm One Person Company (OPC) None 3. What is the minimum number of members required to form a private company? 1 2 5 7 None 4. What is the maximum number of partners allowed in a Limited Liability Partnership (LLP)? 10 20 50 No limit None 5. A One Person Company (OPC) is required to convert into a private or public company if its turnover exceeds: ₹50 lakh ₹1 crore ₹2 crore ₹10 crore None 6. Which document is required for registering a private company? Partnership Deed Memorandum of Association Franchise Agreement None of the above None 7. Who is responsible for registering companies in India? SEBI RBI Registrar of Companies (ROC) NCLT None 8. Which license is required for a business dealing in food products? GST Registration MSME Registration FSSAI License IEC Code None 9. Which of the following is NOT a mandatory compliance for a private company? Annual Filing with ROC Appointment of Auditor Holding Annual General Meeting Listing on Stock Exchange None 10. The Shops and Establishments Act applies to: IT Companies only All commercial establishments Manufacturing industries only Foreign companies only None 11. Under the MSME classification, a medium enterprise is one with turnover up to: ₹10 crore ₹50 crore ₹100 crore ₹250 crore None 12. Which government initiative supports startups in India? Make in India Digital India Start-up India Atmanirbhar Bharat None 13. A business registered under the MSME Act gets benefits such as: Lower interest rates on loans Tax exemptions Government subsidies All of the above None 14. What is the validity of a Startup India recognition certificate? 2 years 5 years 10 years Lifetime None 15. Udyam Registration is required for: Private Companies MSMEs Public Sector Units Foreign Companies None 16. Which of the following taxes is NOT applicable to a partnership firm? Income Tax GST Corporate Tax TDS None 17. A company with a turnover of more than ₹40 lakh must register for: TDS EPF GST Import-Export Code None 18. Which regulatory body governs foreign investment in India? RBI SEBI IRDA NITI Aayog None 19. Which of the following is NOT a benefit of GST? Eliminates multiple taxes Increases transparency Reduces tax evasion Applicable only to large businesses None 20. Which tax is applicable on e-commerce businesses in India? Service Tax Excise Duty GST VAT None 21. Which of the following methods is NOT used to close a business? Voluntary Liquidation Merger Strike Off Revival None 22. Under which section can an LLP be struck off? Section 248 Section 75 Section 63 Section 36 None 23. Who appoints the liquidator in a voluntary winding-up process? Government ROC Company’s Shareholders SEBI None 24. The Insolvency and Bankruptcy Code (IBC) was introduced in: 2012 2014 2016 2018 None 25. What is the first step in voluntary liquidation? Filing for insolvency Conducting board resolution Selling assets Paying off employees None 26. Which of the following is NOT a mode of entry for a foreign company in India? Liaison Office Wholly Owned Subsidiary Franchise Model Private Trust None 27. A Liaison Office in India is permitted to: Undertake commercial business activities Earn income in India Act as a communication channel for the parent company Engage in manufacturing activities None 28. Which regulatory body approves Foreign Direct Investment (FDI) in India? RBI SEBI Department for Promotion of Industry and Internal Trade (DPIIT) Ministry of Finance None 29. Which sector in India is NOT allowed to receive 100% FDI under the automatic route? Manufacturing Single Brand Retail Multi Brand Retail d) IT & Software Services None 30. Which of the following is NOT an advantage of foreign companies setting up in India? Access to a large consumer market Lower labor costs No compliance with Indian laws Availability of skilled workforce None 31. Which of the following is a method of corporate restructuring? Mergers Demergers Takeovers All of the above None 32. Which regulatory body oversees mergers and acquisitions in India? SEBI RBI Competition Commission of India (CCI) IRDA None 33. The process of combining two or more companies to form a single entity is called: Demerger Amalgamation Liquidation Winding up None 34. What is the minimum paid-up capital required for a private limited company in India? ₹1 lakh ₹5 lakh ₹10 lakh No minimum capital requirement None 35. The Board of Directors of a company must have a minimum of: 1 director 2 director 3 director 5 director None 36. Which act governs the insolvency process in India? Companies Act, 2013 Insolvency and Bankruptcy Code, 2016 SEBI Act, 1992 FEMA Act, 1999 None 37. Which tribunal handles insolvency cases for companies? District Court High Court National Company Law Tribunal (NCLT) Supreme Court None 38. A business under voluntary liquidation must appoint: Company Secretary Liquidator Statutory Auditor Shareholder Representative None 39. Which section of the Companies Act, 2013 deals with the winding-up of companies? Section 396 Section 270 Section 248 Section 280 None 40. Which of the following is NOT a ground for compulsory winding-up of a company? Inability to pay debts Reduction in market share Conducting illegal business activities Special resolution passed by the company 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!
