Legal Aspects of Business MCQ Questions and Solutions with Explanations

Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce

Legal Aspects of Business MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Legal Aspects of Business MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-11

First appeal to the first Appellate authority can be preferred by the applicant within . . . . . . . . days from the expiry of the prescribed time limit or from the receipt of the decision from the PIO.

A) 30 B) 45 C) 60 D) 90

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Answer & Solution

Answer: Option A

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A company may be wound up by the Tribunal, if

A) the company passes an ordinary resolution to this effect B) the company does not commence its business within 6 months of its incorporation C) number of members reduced below 7 in the case of a private company D) company is unable to pay its debts

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Answer & Solution

Answer: Option D

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As per Section 52 of the companies Act, 2013, the balance in the Security Premium Account cannot be utilized for:

A) payment of dividend B) writing off discount on issue of shares C) issue of fully paid-up bonus share D) capital losses

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Answer & Solution

Answer: Option A

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Which of the following is not a right of buyer against seller?

A) Suit for price B) Suit for non-acceptance of delivery C) Suit for breach of warranty D) Both A and B

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Answer & Solution

Answer: Option D

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Mr. X, a tradesman, left certain goods at Mr. Y's house by mistake, in this case, Mr. Y

A) is bound to return the goods under quasi-contratual obligations B) is not bound to return the goods as there is no agreement between the two C) can use the goods as his own and can also claim compensation from Mr. X D) is under obligation to make a fresh contract with Mr. X for the use of these goods

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Answer & Solution

Answer: Option A

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GST was introduced in India with effect from:

A) 1^st July 2017 B) 1^st January 2017 C) 1^st April 2017 D) 8^st July 2017

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Answer & Solution

Answer: Option A

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Which among the following statements is/are incorrect with respect to Competition Commission of India?
1. It is a constitutional body.
2. It is responsible for enforcing The Competition Act, 2002.
Select the correct answer from the following:

A) 1 only B) 2 only C) Both 1 and 2 D) Neither 1 nor 2

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Answer & Solution

Answer: Option A

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Sale under Sales of Goods Act, 1930 is the following type of contract?

A) Executory Contract B) Executable Contract C) Executed Contract D) Any of the above contracts

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Answer & Solution

Answer: Option C

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According to the Companies Act, 1956 who can by appointed as Company Secretary

A) An individual B) A partnership firm C) A corporate body D) All the above

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Answer & Solution

Answer: Option A

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A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of Rs. 500.

A) This is contract of indemnity B) This is not a valid contract of indemnity C) This is contract of stipulation D) None of the above

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Answer & Solution

Answer: Option A

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