Legal Aspect of Business
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QUESTION 1. Which of the following is not competent to draw a valid negotiable instrument?
Agent
Company
Partner (Non- Trading)
Minor
QUESTION 2. The payment of a crossed cheque can be obtained
At the counter
By payee only
By depositing in account
None of these
QUESTION 3. The ultra vires loans granted by the company are
Void
Voidable
Valid
Partly void
QUESTION 4. Signature on memorandum of association should be done by how many persons in case of private company?
Two
Three
Five
Ten
QUESTION 5. Trade bill is
Made by a seller to a buyer
need for accommodating the need for money
both a& b
none of the above
QUESTION 6. Minimum paid up capital (Companies Amendment Act 2015) in case of public company is
1 lakh
5 lakhs
10 lakhs
15 lakhs
QUESTION 7. The appointment of additional directors shall be made by
Any other director
Board of directors
Shareholders
Government
QUESTION 8. Which of the following is not a material alteration?
Alteration of date
Alteration of amount
Alteration correcting clerical mistake
Alteration of place of payment
QUESTION 9. An essential of bill of exchange is
acceptance
Rejection
Both a&b
None of the above
QUESTION 10. The internal bye-laws of the company are called
Memorandum of association
Articles of association
Prospectus
Shelf prospectus
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QUESTION 11. Part of the issued capital taken by public is called
Subscribed capital
Called-up capital
Paid-up capital
Issued capital
QUESTION 12. Which of these can be ground for compulsory winding up of a company?
Default in holding statutory meeting
Failure to commence business within one year of incorporation
Membership below minimum
All of these
QUESTION 13. When is a prospectus required to be issued
At the time of Initial Public Offer
At the time of Follow-up Public Offer
At the time of Rights Issue
In all these cases
QUESTION 14. Which of these is not a feature of a company form of business?
unlimited liability
separate property
perpetual succession
common seal
QUESTION 15. Negotiable instrument act can be
Classified by sataus
Recognized by usage
Both a&b
None of the above.
QUESTION 16. Generally bill of exchange has how many parties?
Two
Three
Four
Five
QUESTION 17. The time gap between two Annual General Meetings shall not exceed
15 months
16 months
18 months
24 months
QUESTION 18. A person who receives a negotiable instrument in good faith and for valuable consideration is known as
Holder for value
Holder for consideration
Holder in due course
Holder
QUESTION 19. Material altercation includes
Altercation in time of payment
Altercation of date of instrument
Altercation in place of payment
all of the above.
QUESTION 20. What is the maximum period of redemption in case of preference shares issued by the company?
5 years
10 years
15 years
20 years
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