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

111.
Consider the following statements regarding Competition Commission of India (CCI).
1. It is a constitutional body.
2. It has objective of eliminating practices having an adverse effect on competition.
Identify the correct statements.

A. Only 1

B. Only 2

C. Both 1 and 2

D. None of the above

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112.
'Small shareholder' means a shareholder holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed. According to section 151 of the Act every listed company may have:

A. one director elected by such small shareholders

B. two directors elected by such small shareholders

C. one director nominated by board of directors

D. no such directors are required

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113.
Following are the events which generally happen in the life of a public limited company
1. Public issue of shares (IPO)
2. Firm incorporation
3. Preliminary expenditures
4. Issue of equity shares to promoters of the company
Choose the correct sequence (chronological order) of the events from the options given below:

A. 1, 2, 3, 4

B. 2, 3, 4, 1

C. 3, 2, 1, 4

D. 3, 2, 4, 1

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114.
Which of the following is not included in the Memorandum of Association?

A. Name clause

B. Jurisdiction clause

C. Object clause

D. Liability clause

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115.
Which are the sections of 2000 Act applicable for Cyber pornography?

A. 66, 66A, 66B

B. 67, 67A, 67B

C. 67, 67C, 67D

D. None of the above

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116.
At sight' under section 21 of the Negotiable Instrument Act, 1881, means:

A. On presentation

B. On demand

C. On coming into vision

D. None of the above

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117.
Indicate the true statement:

A. Large industrial houses are outside the purview of the Competition Act, 2002

B. There is no provision for curbing frivolous complaints under the CPA

C. The Trade Marks Act, 1999 does not apply to services

D. All of the above are true

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118.
What is the effect of part delivery of goods made in the progress of delivery of the whole of the goods as per section 34 of the Sale of Goods Act, 1930?

A. Part delivery does not operate as a delivery of remainder

B. Part delivery of the goods cannot be made under the Act

C. Part delivery has the same effect as the delivery of the whole only in case of perishable goods

D. Part delivery has the same effect as the delivery of the whole irrespective of the type of goods unless part delivery is made with intention of severing it from whole

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119.
The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1^st April, 2017. Which of the following differences apply?
1. Shifting of Powers from Official Liquidator to Insolvency Professional.
2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal.
3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016.
4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.

A. 1 and 2

B. 1, 2 and 4

C. 1, 2, 3 and 4

D. 2, 3 and 4

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120.
Match the following in respect of IT Act, 2000.

List-I (Offeree) List-II (Penalty/Punishment)

a. Punishment for identity theft 1. Rs. 5,000 per day

b. Residuary penalty 2. Imprisonment of 3 years and fine of Rs. 1 lakh

c. Penalty for failure to furnish information 3. Imprisonment for life

d. Punishment for cyber terrorism 4. Rs. 25,000

A. a-2, b-4, c-1, d-3

B. a-1, b-2, c-3, d-4

C. a-4, b-2, c-3, d-1

D. a-3, b-4, c-2, d-1

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1 2 3 4 5 6 7 8 9 10

List-I (Offeree)	List-II (Penalty/Punishment)
a. Punishment for identity theft	1. Rs. 5,000 per day
b. Residuary penalty	2. Imprisonment of 3 years and fine of Rs. 1 lakh
c. Penalty for failure to furnish information	3. Imprisonment for life
d. Punishment for cyber terrorism	4. Rs. 25,000

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

111. Consider the following statements regarding Competition Commission of India (CCI). 1. It is a constitutional body. 2. It has objective of eliminating practices having an adverse effect on competition. Identify the correct statements.

Answer & Solution

112. 'Small shareholder' means a shareholder holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed. According to section 151 of the Act every listed company may have:

Answer & Solution

Answer & Solution

114. Which of the following is not included in the Memorandum of Association?

Answer & Solution

115. Which are the sections of 2000 Act applicable for Cyber pornography?

Answer & Solution

116. At sight' under section 21 of the Negotiable Instrument Act, 1881, means:

Answer & Solution

117. Indicate the true statement:

Answer & Solution

118. What is the effect of part delivery of goods made in the progress of delivery of the whole of the goods as per section 34 of the Sale of Goods Act, 1930?

Answer & Solution

Answer & Solution

Answer & Solution

Read More Section(Legal Aspects of Business)

111.
Consider the following statements regarding Competition Commission of India (CCI).
1. It is a constitutional body.
2. It has objective of eliminating practices having an adverse effect on competition.
Identify the correct statements.

112.
'Small shareholder' means a shareholder holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed. According to section 151 of the Act every listed company may have:

114.
Which of the following is not included in the Memorandum of Association?

115.
Which are the sections of 2000 Act applicable for Cyber pornography?

116.
At sight' under section 21 of the Negotiable Instrument Act, 1881, means:

117.
Indicate the true statement:

118.
What is the effect of part delivery of goods made in the progress of delivery of the whole of the goods as per section 34 of the Sale of Goods Act, 1930?