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Subject: Business Environment and Law

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

Which of the following is not a feature of the business environment?

Dynamic in nature

Interrelated elements

Predictable

Multi-faceted

None

Which sector contributes the most to India's GDP?

Agriculture

Industry

Services

Manufacturing

None

What does the term 'liberalization' imply?

Relaxing government restrictions

Increasing tariffs

Nationalization of industries

Promoting monopoly

None

Which organization is responsible for collecting and publishing economic data in India?

NITI Aayog

Reserve Bank of India

Ministry of Statistics and Programme Implementation

Ministry of Finance

None

What is the main focus of a socio-cultural environment?

Taxes and tariffs

Consumer preferences and values

Economic policies

Technology trends

None

The term 'disinvestment' is closely associated with:

Selling public sector enterprises to private companies

Increasing foreign investments

Lowering domestic investments

Closing down industries

None

Which of the following is an example of a macroeconomic factor?

Price of a product

Inflation rate

Competitor's marketing strategy

Customer feedback

None

India became a member of the World Trade Organization (WTO) in:

1995

2001

1985

1991

None

The term 'Make in India' focuses on:

Increasing imports

Boosting domestic manufacturing

Liberalizing foreign investments

Privatizing public companies

None

10.

Which policy aims to promote foreign trade in India?

Foreign Trade Policy (FTP)

Industrial Policy

Fiscal Policy

Monetary Policy

None

11.

What is a contract?

A promise to perform a duty

An agreement enforceable by law

A moral obligation

A court directive

None

12.

Which of the following is not an essential element of a valid contract?

Free consent

Lawful consideration

Written form

Competent parties

None

13.

Which section of the Indian Contract Act defines a contract?

Section 2(h)

Section 10

Section 5

Section 11

None

14.

An agreement without consideration is valid when:

Made on a stamp paper

Expressed in writing

Out of natural love and affection

Registered in court

None

15.

What is the term for revocation of an offer?

Counteroffer

Acceptance

Revocation

Termination

None

16.

What is the limitation period for filing a suit for breach of contract?

1 year

2 years

3 years

5 years

None

17.

Who can sue for breach of contract?

Any person

A party to the contract

A third party

None of the above

None

18.

Which act regulates negotiable instruments in India?

Negotiable Instruments Act, 1881

Companies Act, 2013

Partnership Act, 1932

Contract Act, 1872

None

19.

A bill of exchange must be accepted within:

24 hours

48 hours

A reasonable time

No specific period

None

20.

What does 'quasi-contract' mean?

Contract implied by law

Illegal agreement

Unwritten contract

Invalid agreement

None

21.

Who is the regulatory authority for the insurance sector in India?

RBI

IRDAI

SEBI

Ministry of Finance

None

22.

Which of the following is not a negotiable instrument?

Bill of Exchange

Cheque

Fixed Deposit Receipt

Promissory Note

None

23.

The principle of 'Uberrima Fides' means:

Buyer beware

Utmost good faith

Let the seller beware

Mutual benefit

None

24.

What is the primary objective of the Consumer Protection Act, 2019?

To promote trade

To protect consumer rights

To regulate businesses

To increase competition

None

25.

Which section of the Companies Act deals with Corporate Social Responsibility (CSR)?

Section 135

Section 101

Section 25

Section 77

None

26.

The term 'winding up' refers to:

Formation of a company

Termination of a company

Amalgamation of a company

Auditing a company

None

27.

Which type of company does not require a minimum paid-up capital?

Private company

Public company

One Person Company

All of the above

None

28.

Which of the following is not an intellectual property right?

Patent

Mortgage

Trademark

None

29.

What is the penalty for dishonor of a cheque under Section 138 of the Negotiable Instruments Act?

Fine

Imprisonment

Both fine and imprisonment

Suspension of account

None

30.

What is a 'voidable contract'?

Cannot be enforced by law

Valid until voided by one party

Not a contract at all

Invalid from the beginning

None

31.

Which of the following is not part of the external business environment?

Competitors

Suppliers

Employees

Technology

None

32.

What is the maximum tenure of a managing director under the Companies Act, 2013?

2 years

3 years

5 years

10 years

None

33.

Who is responsible for appointing the members of NCLT?

President of India

Chief Justice of India

Central Government

SEBI

None

34.

Which law governs cybercrimes in India?

IT Act, 2000

Contract Act, 1872

Consumer Protection Act, 1986

Companies Act, 2013

None

35.

The term 'fiscal policy' refers to:

Government's spending and taxation policies

Money supply regulation

Trade policy formulation

Bank interest rates

None

36.

Which article of the Indian Constitution provides for the right to constitutional remedies?

Article 14

Article 19

Article 32

Article 21

None

37.

In corporate law, the term 'bonus shares' refers to:

Shares issued at a premium

Shares issued for free to existing shareholders

Shares purchased at a discount

Convertible shares

None

38.

What is the meaning of 'Doctrine of Indoor Management'?

Outsiders are presumed to have read internal company

Internal decisions are binding on shareholders

Outsiders can assume compliance with internal formalities

Directors manage indoor meetings

None

39.

Who can file a case in consumer courts?

Any consumer

Only individuals

Only organizations

Only legal heirs

None

40.

The concept of 'Minimum Alternate Tax' (MAT) applies to:

Individuals

Companies

Partnership firms

Sole proprietorships

None

1 out of 4

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