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-4 section-9

Which of the following is not provided under the Factories Act, 1948?

A) The certificate of fitness is granted by a certifying surgeon on the application of any young person or a parent or a guardian B) An adolescent who has not been granted a certificate of fitness shall be deemed to be a child for the purpose of the act C) The certificate of fitness granted or renewed remains valid for a period of six months from the date of issue D) Any fee payable for the certificate of fitness shall be paid by occupier and not by the young person or his parent or guardian

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Answer & Solution

Answer: Option C

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When one or more existing companies go into liquidation and some existing company buys the business, it is known as:

A) external reconstruction B) liquidation C) absorption D) amalgamation

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Answer & Solution

Answer: Option C

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The official liquidator after receipt of statement of affairs of the company must submit a preliminary report to the tribunal not later than the following time period of order.

A) six months B) one year C) two weeks D) one month

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Answer & Solution

Answer: Option A

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A guarantee with extend to a series of transaction is called

A) special guarantee B) continuing guarantee C) specific guarantee D) None of the above

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Answer & Solution

Answer: Option C

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Articles of Association can be altered by:

A) A resolution of Board of Directors B) An ordinary resolution in Annual General Meeting of the Shareholders C) A special Resolution D) Obtaining permission of the Company Law Board

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Answer & Solution

Answer: Option C

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Which of the following discussions about different contract/s fall/s that fall under the category of 'enforce-ability' is wrong?

A) Valid contracts - contains all essential elements B) Void contracts - not legally enforceable since its beginning C) Voidable contracts - valid agreement D) All of the above contracts offer correct explanation

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Answer & Solution

Answer: Option D

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Which among the following is not a correct statement with regard to Corporate Governance in India?

A) Every company must appoint an individual or firm as auditor B) The independent directors must attend at least three meetings a year C) One or more women directors are recommended for certain classes of companies D) The maximum number of permissible directors can-not exceed 15 in a public limited company

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Answer & Solution

Answer: Option B

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Which of the following the act provides legal framework for e-governance in India?

A) Indian Penal Code B) E-governance Act, 2000 C) IT Act, 2000 D) IT Act, 2002

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Answer & Solution

Answer: Option C

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The position of a company secretary is akin to that of a:

A) Managing agent B) Administrative officer C) Formal servant of the Board of Directors D) Manager

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Answer & Solution

Answer: Option C

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Which kind of partnership one partner has unlimited liability and other partner have limited liability?

A) Partnership-at-will B) Limited partnership C) General partnership D) Particular partnership

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Answer & Solution

Answer: Option B

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