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-5 section-2

First Board of Directors is appointed by:

A) Shareholders B) Central Government C) Registrar of Companies D) Promoters

Discuss

Answer & Solution

Answer: Option D

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What does a trademark protect?

A) An invention B) A work of art C) Logos, names and brands D) The look, shape, and feel of a product

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Answer & Solution

Answer: Option C

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Which of the following are the functions of a promoter?

A) Decides name of a company B) Nomination of directors C) Settles the details of memorandum and articles D) All of these

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Answer & Solution

Answer: Option D

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Match the following.

List-I (Form)	List-II (Explanation)
a. Form 1	1. Clarification about incorporation document
b. Form 3	2. Application for reservation of name
c. Form 3	3. LLP agreement

A) a-1, b-3, c-2 B) a-2, b-3, c-1 C) a-2, b-1, c-3 D) a-1, b-2, c-3

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Answer & Solution

Answer: Option C

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Under GST law SAC refers to:

A) Systematic Accounting Code B) Service Accounting Code C) System Administration Code D) Scientific Accounting Code

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Answer & Solution

Answer: Option B

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According to Sale of Goods Act which two of the following are defined as 'goods'?
1. Moveable property
2. Growing crops
3. Actionable claims
4. Book debt
Choose the correct answer from the following options:

A) 1 and 4 B) 2 and 3 C) 1 and 2 D) 2 and 4

Discuss

Answer & Solution

Answer: Option C

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Under which section of IT Act, 2000, the following punishment is mentioned?
'3 years of imprisonment and/or 5 lakh rupees penalty for first conviction and 5 years of imprisonment and/or 10 lakh rupees penalty for second conviction'

A) Section 67 B) Section 65 C) Section 66 D) Section 64

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Answer & Solution

Answer: Option A

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In which of the following cases, a contract is discharged on the ground of frustration or subsequent impossibility?

A) Outbreak of war B) Change of law or government policy C) Both A and B D) None of the above

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Answer & Solution

Answer: Option C

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A season article marked "price Rs. 50" in Neha's shop, Sonal offers Neha Rs. 50 for the article. Neha refuses to sell saying the article is not for sale. Advice Sonal.

A) Sonal cannot force Neha to sell the article at Rs. 50 B) Sonal can force Neha to sell the article at Rs. 50 C) Sonal can claim damages D) Sonal can sue Neha in the court

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Answer & Solution

Answer: Option A

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Which of the following statements is not true:

A) The first auditors of a company must be appointed within one month after the registration of the company B) If no auditor is appointed at the Annual General Meeting of the company, the Central Government must be so informed within 15 days C) A corporate body cannot be appointed an auditor of the company D) The auditor is an agent of shareholders

Discuss

Answer & Solution

Answer: Option B

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