Law and Ethics MCQ June 2021

Find below Law and Ethics MCQ June 2021

  • The gratuity is payable to an employee shall not exceed-
    (a) 12 months pay
    (b) 16 months pay
    (c) 20 months pay
    (d) 24 months pay
  • Withdrawal from PF may be allowed for –
    (a) Marriage of the employer;
    (b) Post matriculation education of children;
    (c) For the purchase of a dwelling place;
    (d) For illness in certain cases.
  • ESI Corporation is a-
    (a) Partnership firm;
    (b) Limited Liability Partnership;
    (c) Body Corporate;
    (d) Hindu Undivided Family.
  • Who is not eligible to get bonus?
    (a) A temporary workman;
    (b) A dismissed employee;
    (c) A piece rated employee;
    (d) A retrenched employee.
  • The appropriate government may fix minimum rate of wages for-
    (a) Time work;
    (b) Piece work;
    (c) Guarantee time rate;
    (d) All the above.
  • The payment of wages Act applies to wages payable to an employed person in respect of wage period if such wages for that wage period do not exceed _ per month.
    (a) 6500/-
    (b) 10000/-
    (c) 18,000/-
    (d) 25,000/-
  • The quorum for a public company having the number of members more than 5000 is-
    (a) 2
    (b) 5
    (c) 15
    (d) 30
  • In the case of an adjourned meeting the company shall give not less than _ notice to the members.
    (a) 1 day
    (b) 3 days
    (c) 7 days
    (d) None of the above.
  • Ethics is a set of _ of human conduct that govern the behavior of individuals or organizations.
    (a) Principles
    (b) Standards
    (c) Principles or standards
    (d) None of the above
  • The society for Business Ethics was started in
    (a) 1950
    (b) 1960
    (c) 1970
    (d) 1980

Law and Ethics MCQ June 2021 Test Series – Coming Soon

  • The Payment of Bonus Act 1965 extends to:
    (a) The whole of India
    (b) The whole of India except Jammu & Kashmir
    (c) The whole of India except Kerala
    (d) The whole of India except Jammu & Kashmir and Kerala
  • The minimum ceiling on gratuity as per the Payment of Gratuity Act, 1972 is:
    (a) 5 lakhs
    (b) 10 lakhs
    (c) 15 lakhs
    (d) 20 lakhs
  • The ESI Act, 1948 provides certain benefits to the employees in case of __
    (a) Sickness
    (b) Maternity
    (c) Employment injury
    (d) All the three
  • __ is not a negotiable instrument as per customs and usage.
    (a) Delivery note
    (b) Railway Receipt
    (c) Cheque
    (d) Government promissory note
  • The minimum paid-up capital for a Public company is:
    (a) 3lakhs
    (b) 4lakhs
    (c) ` 5lakhs
    (d) None of the above
  • If the agreement is made by obtaining consent by doing an act forbidden by the Indian Penal Code, the agreement would be caused by:
    (a) Coercion
    (b) Fraud
    (c) Misrepresentation
    (d) Undue influence
  • Hundi’s are Indigenous instrument written in __ language
    (a) Vernacular
    (b) Hindi
    (c) English
    (d) Sanskrit
  • “If you contract to sell peas, you cannot oblige a party to have beans” – This statement applies to:
    (a) an implied condition as to be description of goods
    (b) the implied condition as to fitness of goods for a particular purpose
    (c) implied condition as to sample
    (d) implied condition as to title
  • Who is an Adolescent as per Factories Act, 1948?
    (a) Who has completed 17 years of age
    (b) Who is less than 18 years
    (c) Who has completed 15 years but less than 18 years
    (d) None of these
  • Which of these is not a negotiable instrument as per the Negotiable Instrument Act, 1881?
    (a) Bill of exchange
    (b) Delivery note
    (c) Bearer Cheque
    (d) Share Certificate
  • Public Notice under the Indian Partnership Act, 1932 is given in the following manner:
    (a) Serving a copy of the Notice to the Registrar of firms
    (b) Publishing the Notice in the Official Gazette
    (c) Publishing the Notice in one vernacular newspaper circulating in the district where the firm’s principal place of business is situated
    (d) All of the above
  • A person may not become an agent if __
    (a) He is of the age maturity
    (b) He is of unsound mind
    (c) Either of the above
    (d) None of the above
  • In absence of a contract to the contrary, an agent is entitled to retain ______ of the principal until amount due for commission is not received by him.
    (a) Goods
    (b) Papers
    (c) Property (whether moveable or immovable)
    (d) All of the above
  • Section 122 of Companies Act, 2013 provides that which of the following provisions are not applicable to an OPC
    (a) Section 100: Calling of EGM
    (b) Section 101: Notice of Meeting
    (c) Section 105: Proxies
    (d) All of the above
  • A company in which either of the Government has no paid-up share capital is called as a _____ company
    (a) Non-Government
    (b) Government
    (c) Listed
    (d) Non-listed
  • Section 7(4) of Companies Act, 2013 provides that the company shall maintain and preserve copies of all documents and information as originally filed with the registrar till it’s __ under this Act.
    (a) Incorporation
    (b) Commencement
    (c) Dissolution
    (d) None of the above
  • __ are the principles of Business Ethics.
    (a) Avoid exploitation of consumers
    (b) Avoid unfair trade practices
    (c) Unfair treatment to employees
    (d) All of the above
  • In case of contractual obligations where the promisor dies before performance:
    (a) The legal representatives of the promisor must perform the promise
    (b) The legal representatives of the promisor must perform the promise provided it is not one dependent on the personal qualifications of the promisor
    (c) The legal representatives may not perform the promise
    (d) The legal representatives are not liable to pay damages for nonperformance of the promise.
  • An anticipatory repudiation has the effect of:
    (a) An automatic putting an end to the contract
    (b) Putting an end to the contract only on acceptance of the repudiation by the other party
    (c) Putting an end to the contract only on failure to perform when performance is due.
    (d) No putting an end to the contract.
  • In pretended bidding, sale is ___.
    (a) Sale is voidable at the option of the seller
    (b) Sale is voidable at the option of the buyer
    (c) Valid
    (d) Illegal
  • According to Minimum Wages Act, 1948 wage slip shall be issued by every employer to his employees
    (a) One day prior to disbursement of wages
    (b) On the date of disbursement of wages
    (c) One day later to the disbursement of wages
    (d) Anytime during the month
  • All monies received on application shall be kept in a separate bank account in a __ bank.
    (a) Nationalised
    (b) Scheduled
    (c) Government
    (d) Any of the above
  • Where a company issues shares with differential right, the _ should be maintained under Section 88 of Companies Act, 2013.
    (a) List of share-holders
    (b) Register of shares
    (c) Register of Members
    (d) List of shares
  • Rule 34 provides that where the Tribunal has made winding up order of a LLP, the liquidator shall submit a report containing which of the following particulars:
    (a) Debts due to the LLP
    (b) Guarantees given by the LLP
    (c) Existing and contingent liabilities of the LLP
    (d) All of the above
  • Every member of a company listed by shares and holding equity share capital shall have the right to _ on every _ placed before the company.
    (a) vote; resolution
    (b) Speak; agenda
    (c) Speak; resolution
    (d) Any of the above.
  • When a professional promotes a position or opinion to such extent that some objectivity may have to be compromised, this threat is known as
    (a) Familiarity threat
    (b) Objectivity threat
    (c) Advocacy threat
    (d) Intimidation threat
  • The __ of the company shall contain the regulations for management of the company.
    (a) Articles
    (b) Memorandum
    (c) Both
    (d) None of the above
  • The supervisory board under the German Model is known as
    (a) Aufsichtsrat
    (b) Kiertsu
    (c) Vorstand
    (d) Kyosei
  • An audit committee has four fold relationship and therefore has to interact with management, internal auditor, public and
    (a) Cost auditor
    (b) Statutory auditor
    (c) Tax auditor
    (d) Management auditor
  • Which of the following is a method of discharge from liability?
    (a) By endorsement
    (b) By promising
    (c) By cancellation
    (d) By registration
  • A partner may contribute to the LLP
    (a) tangible or intangible property.
    (b) moveable or immoveable property.
    (c) money, promissory note etc.
    (d) Any of the above
  • Gratuity is payable to an employee after he has rendered continuous service for not less than five years on his
    (a) transfer
    (b) daughter’s marriage
    (c) re-employment
    (d) resignation
  • Who will not be considered as an employee?
    (a) Canteen workers
    (b) Casual workers
    (c) Partners
    (d) Part time employee
  • “Individual pension account” means an account of subscriber, executed by a contract setting out the terms and conditions under the
    (a) Provident fund scheme
    (b) National pension system
    (c) Citizen welfare system
    (d) Minimum wage payment scheme
  • Which of the following is not a category of company?
    (a) Inactive company
    (b) Assistant company
    (c) Dormant company
    (d) Producer company

Must read – Financial Accounting MCQ

  • Section 92 of the Companies Act, 2013 requires a company to prepare and file annual return in form no.
    (a) MGT-12
    (b) INC-23
    (c) MGT-7
    (d) SH-10
  • The main feature of e-contract is
    (a) Cost and acceptability
    (b) Purity and clarity
    (c) Speed, accurate and reliable
    (d) Perfection and attractive
  • Which of the following is not an unpaid seller’s right against the goods?
    (a) The right of retention
    (b) The right of stoppage in transit
    (c) The right of seeking claim for damage
    (d) The right of resale
  • Where the endorser does not want that the endorsee or any other holder to incur any expense on his account is called
    (a) Restrictive endorsement
    (b) Sans frais endorsement
    (c) Conditional endorsement
    (d) Unwanted endorsement

Official Website for CMA – ICMAI

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