Legal Aspects of Business MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11

1.
Which of the following is NOT a usual feature of a Company?

A. Separate Legal Entity

B. Common Seal

C. Unlimited Liability

D. Artificial Judicial Person

E. Perpetual Succession

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2.
X owes Rs. 10,000 to Y under a contract. It is agreed between X, Y, and Z that Y shall hence forth accept Z as his debtor instead of X for the same amount. Old debt of X is discharged and a new debt from Z to Y is contracted. This is:

A. Alteration of contract

B. Rescission of contract

C. Novation of contract

D. Change in contract

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3.
What are the limits of number of members in a Private Company?

A. Fifty

B. Seven

C. Twenty

D. Two hundred

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4.
ABC is a government company and B company is a subsidiary of ABC. Then X company will be a:

A. public company

B. private company

C. government company

D. one person company

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5.
When a party makes material alternations in an instrument, then instrument is

A. discharged

B. altered

C. not discharged

D. completed

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6.
Outsiders dealing with the company in good faith have a right to presume that the company has duly completed all the formalities. This is known as principle of:

A. Ultra Vires

B. Indoor Management

C. Constructive Notice

D. Good Faith

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7.
Which is not true about Input Tax Credit in GST?

A. ITC can be claimed on input, input services & capital goods

B. Dealer should be in possession of tax invoice

C. Goods need not be actually received

D. Goods & services to be used only for business purposes

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8.
How could a Public Information Officer receive applications?
1. Those submitted by a requesters in hand.
2. Those sent by an applicant by email.
3. Transferred by another public authority.
4. Forwarded by an Assistant Public Information Officer.
Choose the correct answer

A. 1, 2 and 3

B. 1, 3 and 4

C. 1, 2 and 4

D. All of the above

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9.
Prior art includes:

A. Prior publication

B. Prior Use

C. Prior Knowledge

D. All the above

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10.
Limited liability partnership is the combination of
1. partnership
2. joint Stock company
3. public and Company
4. private Company
5. conventional partnership
Select the correct answer

A. Only 1

B. 1, 2 and 4

C. Both 4 and 5

D. All of the above

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

1. Which of the following is NOT a usual feature of a Company?

Answer & Solution

2. X owes Rs. 10,000 to Y under a contract. It is agreed between X, Y, and Z that Y shall hence forth accept Z as his debtor instead of X for the same amount. Old debt of X is discharged and a new debt from Z to Y is contracted. This is:

Answer & Solution

3. What are the limits of number of members in a Private Company?

Answer & Solution

4. ABC is a government company and B company is a subsidiary of ABC. Then X company will be a:

Answer & Solution

5. When a party makes material alternations in an instrument, then instrument is

Answer & Solution

6. Outsiders dealing with the company in good faith have a right to presume that the company has duly completed all the formalities. This is known as principle of:

Answer & Solution

7. Which is not true about Input Tax Credit in GST?

Answer & Solution

8. How could a Public Information Officer receive applications? 1. Those submitted by a requesters in hand. 2. Those sent by an applicant by email. 3. Transferred by another public authority. 4. Forwarded by an Assistant Public Information Officer. Choose the correct answer

Answer & Solution

9. Prior art includes:

Answer & Solution

10. Limited liability partnership is the combination of 1. partnership 2. joint Stock company 3. public and Company 4. private Company 5. conventional partnership Select the correct answer

Answer & Solution

Read More Section(Legal Aspects of Business)

1.
Which of the following is NOT a usual feature of a Company?

2.
X owes Rs. 10,000 to Y under a contract. It is agreed between X, Y, and Z that Y shall hence forth accept Z as his debtor instead of X for the same amount. Old debt of X is discharged and a new debt from Z to Y is contracted. This is:

3.
What are the limits of number of members in a Private Company?

4.
ABC is a government company and B company is a subsidiary of ABC. Then X company will be a:

5.
When a party makes material alternations in an instrument, then instrument is

6.
Outsiders dealing with the company in good faith have a right to presume that the company has duly completed all the formalities. This is known as principle of:

7.
Which is not true about Input Tax Credit in GST?

8.
How could a Public Information Officer receive applications?
1. Those submitted by a requesters in hand.
2. Those sent by an applicant by email.
3. Transferred by another public authority.
4. Forwarded by an Assistant Public Information Officer.
Choose the correct answer

9.
Prior art includes:

10.
Limited liability partnership is the combination of
1. partnership
2. joint Stock company
3. public and Company
4. private Company
5. conventional partnership
Select the correct answer