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-8

Right of resale can be exercised by unpaid seller when right to resale is expressly reserved by

A) agreement B) seller C) buyer D) None of these

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Answer & Solution

Answer: Option A

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Secretary cannot reveal trade secrets which he comes to know during his course of employment is:

A) Statutory liabilities B) Contractual liabilities C) Legal liabilities D) Liabilities under agency contract E) Liabilities under trade secret amendment act

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Answer & Solution

Answer: Option B

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Which of the following statements are true in context of a cheque?
1. Cheque is a special kind of Bill of Exchange.
2. Cheque is always payable on demand.
3. Validity of Cheque is 6 months.
4. Cheque doesn't require any stamping.

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

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Answer & Solution

Answer: Option B

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According to Sale of Goods Act, 1930, 'seller' means a person:

A) who only agrees to sell the goods B) who only sells the goods C) who sells or agrees to sell D) who transfers the possession of the goods to the other party

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Answer & Solution

Answer: Option C

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Which of the following is not the specific powers of the director?

A) To make calls on shares B) To borrow money C) To issue debentures D) To sell part of the undertaking

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Answer & Solution

Answer: Option D

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Assistant Public Information Officer (APIO) has to forward first appeals to

A) Public Information Officer (PIO) B) The head of the authority C) First Appellate Authority D) None of the above

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Answer & Solution

Answer: Option C

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Which of the following confers powers to Government of India to collect tax on intra-state supply of goods or services or both?

A) UTGST Act B) IGST Act C) CGST Act D) SGST Act

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Answer & Solution

Answer: Option C

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Under GST law, an agriculturist means:

A) individual or Hindu Undivided Family only B) individual only C) any entity engaged in agricultural operations D) anyone who sells agricultural produces

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Answer & Solution

Answer: Option A

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How long do patents usually last for?

A) 10 years B) 20 years C) 40 years D) 60 years

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Answer & Solution

Answer: Option B

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Consider the following statements regarding Limited Liability Partnership (LLP).
1. It provides an alternative to the traditional partnership with unlimited personal liability on the one hand and the statue based company on the other.
2. Unlike company, it does not allow individual partners to be protected from the joint and several liabilities of partners in a partnership firm.
Identify the correct statement.

A) Only 1 B) Only 2 C) Both 1 and 2 D) None of the above

Discuss

Answer & Solution

Answer: Option A

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