Multiple Choice Question on Law and Ethics
- In the absence of Partnership agreement, the Partner has
- right to avail interest on advances paid to partnership firm.
- right to avail interest on advances paid to partnership firm provided there is profit.
- no right to avail interest on advances.
- right to avail interest on advances even after dissolution of the firm.
- A person who is employed by the seller to raise the price by fictitious bids. Such person is known as
- Puffer
- By bidder
- Decoy Ducks
- All of the above
- In case of banker’s refusal to honour the cheque inspite of sufficient funds in customer’s account, the banker is
- liable to compensate the drawer.
- not liable to compensate the drawer .
- criminally liable under section 138.
- liable to be delisted.
- Dependants benefit is paid at the rate of
- 60% of wages in the form of monthly payment.
- 75% of wages in the form of monthly payment.
- 80% of wages in the form of monthly payment.
- 90% of wages in the form of monthly payment.
- Board of Directors of every listed Company shall constitute an Audit Committee which shall consists of a minimum of
- 2 Directors
- 3 Directors
- 4 Directors
- 5 Directors
- The maximum limit of bonus payable to an employee is fixed by way of percentage of salary or wages earned by the employee during the accounting year, the percentage is:
- 10%
- 15%
- 20%
- 25%
- Business Ethics also called as Corporate Ethics is a form of
- Positive Ethics
- Applied Ethics
- Physical Ethics
- Practical Ethics
- An agreement which is enforceable at the option of one or more parties thereto but not at the option of other or others is called
- Void contract.
- Voidable contract.
- Void agreement.
- Unenforceable contract.
- Which of the following agency is irrevocable under The Indian Contract Act, 1872?
- Agency for fixed period
- Agency for single transaction
- Agency coupled with interest
- Continuing agency
- A sort of tacit understanding/agreement among the intending bidders to stifle competition by not bidding against each other in an auction sale is called as
- Damping
- Knock-out agreement
- Puffers
- By-bidders
- When an instrument is drawn conditionally or for a special purpose as a collateral security and not for the purpose of transferring property therein, it is called
- Ambiguous
- Inchoate
- Escrow
- Inland
- Which Committee is constituted by the occupier to promote cooperation between the workers and management in maintaining proper safety and health at workplace?
- Safety Committee
- Health Committee
- Management Workers Consultative Committee
- Maintenance Committee
- Under Payment of Bonus Act, 1965, in disputed cases, bonus must be paid
- Within 8 months from the close of the accounting year.
- Within 1 month from the date on which the award becomes enforceable.
- Within 2 months from the date on which the award becomes enforceable.
- Within 6 months from the date of closing of the accounting year.
- Businessmen or industrialists take initiative to form new companies. Their main function is to manage the company after its promotion, they are known as
- Particular Promoters
- Occasional Promoters
- Professional Promoters
- General Promoters
- The study of ethics can be divided into four operational areas namely meta ethics, normative ethics, descriptive ethics and
- Positive ethics
- Physical ethics
- Applied ethics
- Natural ethics
- In social agreements usual presumption is
- that parties do not intend to create social relations.
- that parties intend to perform them.
- that parties do not intend to make legal and social relations.
- that the parties do not intend to create legal relations between them.
- In a sale of goods, the doctrine of caveat emptor will not apply when there is
- usage of trade
- consent by fraud
- buyers’ error of judgment
- Merchantable Quality
- A bill of exchange, that is drawn accepted or endorsed without consideration is called
- Accommodation bill
- Promissory note
- Trade bill
- Bearer instrument
- Under Industrial Disputes Act, Appropriate Government may require to constitute a workman committee on any day in the preceding 12 months, where an industrial establishment employs
- 250 or more workers
- 100 or more workers
- 500 or more workers
- 200 or more workers
- Employee’s State Insurance Act, 1948 is applicable to all
- factories including factories belonging to Government and seasonal factories.
- factories excluding seasonal factories.
- factories including factories belonging to Government and seasonal but excluding Silk factory.
- factories including factories belonging to Government but excluding seasonal factories.
- A partner must give a public notice of his retirement from the firm in order absolve himself from the liability for the acts of the other partners done after his retirement is known as
- Dormant partner
- Ostensible partner
- Nominal partner
- Partner by estoppel
- A prospectus which does not have complete particulars on the price of securities offered and the quantum of securities offered by the company is known as
- Statement in lieu of prospectus
- Red-herring prospectus
- Deemed prospectus
- Shelf prospectus
- The crucial step in understanding business ethics is
- Establishing codes of ethics
- Learning to recognize ethical issues
- Having efficient operations
- Implementing strategic plan
- Which of the following reason is applicable for unethical business practices?
- Workplace Surveillance
- Profit making by some of the big companies
- Success of the company
- Administrative corruption
- A party who does not suffer any loss in case of breach of contract is entitled to
- Statutory damages
- Liquidated damages
- Exemplary damages
- Nominal damages
- If part of contract is illegal, then the whole contract will be
- Voidable
- Void
- Legal
- Illegal
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