Managerial Economics Assignmment - 7

Multiple Choice Single Answer
Question Pure public goods are subject to the law of decreasing average cost, because of the
Correct Answer economies of scale
Your Answer economies of scale

Multiple Choice Single Answer
Question In the cost - benefit analysis, after formulating various alternative project capacity, each of them has to be examined in terms of its
Correct Answer feasibility
Your Answer feasibility

True/False
Question Bargaining is one of the remedies of corrective action.
Correct Answer False
Your Answer True

Match The Following
Question Correct Answer Your Answer

Defence service Indivisible Indivisible

Economic effects of public goods are Spill over effect Spill over effect

Selection or implementation Step of cost benefit analysis Step of cost benefit analysis

Production possibility frontier Maximization of output Maximization of output


Multiple Choice Multiple Answer
Question The advantage of cost-benefit analysis are
Correct Answer Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs
Your Answer Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs

Multiple Choice Multiple Answer
Question The term externalities may also be referred as:
Correct Answer Spill-over effects , Neighborhood effects , Third party effects
Your Answer Spill-over effects , Neighborhood effects , Third party effects

Select The Blank
Question Modern economists treat social cost and benefits as ________ of private investment and production decisions.
Correct Answer externalities
Your Answer disadvantages

Select The Blank
Question Economists like A.C.Harberger have shown that the cost benefit analysis can be applied to ________ analysis.
Correct Answer general equilibrium
Your Answer general equilibrium

Select The Blank
Question In the context of formulating an investment project, ________ feasibility means the availability of supervisors for implementing and running the project smoothly and professionally.
Correct Answer management
Your Answer management

Select The Blank
Question Prof. Sam Nelson calls risks from unsafe factories or nuclear power plants as ________ economies.
Correct Answer negative
Your Answer hazardous

Multiple Choice Single Answer
Question According to Lionel Robbins, "Economics is a science which studies
Correct Answer human behavior
Your Answer social behavior

Multiple Choice Single Answer
Question Question related to the efficient production and allocation belong to the branch of economic theory called
Correct Answer Welfare Economics
Your Answer Business Economics

Multiple Choice Multiple Answer
Question Managerial economics deals with
Correct Answer Integration of economic theory with business practice , Using logic of economics, mathematics & statistics , The use of economic modes of thought to analyze business solution
Your Answer Integration of economic theory with business practice , Using logic of economics, mathematics & statistics , The use of economic modes of thought to analyze business solution

Multiple Choice Single Answer
Question The public sector is owned & controlled by
Correct Answer state enterprises
Your Answer state enterprises

Select The Blank
Question Reasonable profit target as an alternative to the objective of profit maximization was suggested by ________.
Correct Answer Joel Dean
Your Answer Joel Dean

Select The Blank
Question “Homeostatic Approach” as an alternative objective of firms was suggested by ________.
Correct Answer Prof. Kenneth Boulding
Your Answer Prof. Kenneth Boulding

Select The Blank
Question The form of organization which is best for self employment is ________.
Correct Answer Sole trader
Your Answer Sole trader

True/False
Question Accounting profit takes in to account opportunity cost.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question Complementary goods are demanded
Correct Answer jointly
Your Answer jointly

Multiple Choice Single Answer
Question If the substitutes are relatively costly then the demand for the commodity in question will be
Correct Answer more
Your Answer same

True/False
Question There are no real exceptions to the law of demand
Correct Answer False
Your Answer False

True/False
Question Demand curve slopes downwards from left to right.
Correct Answer True
Your Answer True

Select The Blank
Question An upward sloping demand curve is called ________
Correct Answer exceptional demand curve
Your Answer exceptional demand curve

Select The Blank
Question Goods which are paradoxical to the law of demand are ________
Correct Answer Giffen goods, ,
Your Answer Giffen goods, ,

Match The Following
Question Correct Answer Your Answer

Normally the isoquant slopes upward from right to left. downward from right to left

Any straight line supply curve which cuts y axis will have zero elasticity of supply. perfectly elastic

The market period supply curve for perishable commodities is perfectly inelastic. perfectly inelastic.

A rightwards shift in supply schedule indicates an increase in supply. an increase in supply.


Multiple Choice Multiple Answer
Question Explicit costs are
Correct Answer Out of pocket costs , These are firms accounting expenses , Expenditure costs
Your Answer Out of pocket costs , These are firms accounting expenses , Expenditure costs

Select The Blank
Question Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer decreasing returns to scale
Your Answer decreasing returns to scale

Select The Blank
Question The cost which enter the accounts book of the firm are referred as ________.
Correct Answer Accounting cost
Your Answer Accounting cost

Multiple Choice Single Answer
Question Jevons' , the economists who defined the term 'market' different from that of the traditional sense is an
Correct Answer English economists
Your Answer English economists

Multiple Choice Single Answer
Question Economists have pointed out that the real world is full of
Correct Answer Imperfect competition
Your Answer Imperfect competition

True/False
Question A firm under perfect competition is a price maker.
Correct Answer False
Your Answer False

True/False
Question Under perfect competition single seller can influence the price.
Correct Answer False
Your Answer False

Multiple Choice Multiple Answer
Question Types of imperfect competition are
Correct Answer Monopoly , Duopoly , Oligopoly
Your Answer Monopoly , Duopoly , Oligopoly

Multiple Choice Multiple Answer
Question Features of Pure Competition are
Correct Answer Large number of buyers and sellers , Homogeneous products , Free entry and free exit of firms
Your Answer Large number of buyers and sellers , Homogeneous products , Free entry and free exit of firms

Multiple Choice Multiple Answer
Question Equilibrium is the stage of
Correct Answer maximum satisfaction , balance , stationary
Your Answer maximum satisfaction , balance

Multiple Choice Single Answer
Question Inflation is a phenomena in which prices
Correct Answer rise
Your Answer rise

Multiple Choice Single Answer
Question True inflation starts only after reaching the level of full
Correct Answer Employment
Your Answer Employment

True/False
Question During inflation, the pensioners whose income is permanently fixed, are substantially benefited.
Correct Answer False
Your Answer False

True/False
Question Saving is a private virtue
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question According to Keynes, Aggregate supply function refers to
Correct Answer the minimum price of revenue which the entrepreneurs must get , Associated with different levels of employment , Explains that the level of out put varies with the level of employment
Your Answer the minimum price of revenue which the entrepreneurs must get , Associated with different levels of employment , Explains that the level of out put varies with the level of employment

Multiple Choice Multiple Answer
Question Marginal Propensity to consume is characterized as follows
Correct Answer It is defined as the ratio of the change in consumption to the change in income , It is rate of change in the average propensity to consume as income changes , It is derived by the formula mpc= change in c/change in y
Your Answer It is rate of change in the average propensity to consume as income changes , It is derived by the formula mpc= change in c/change in y , It is derived by dividing the change in income by change in the consumption expenditure

Multiple Choice Single Answer
Question During the period of depression various factors of production are
Correct Answer exhausted
Your Answer unutilized

True/False
Question In general SBI uses its monetary policy to achieve a judicious balance between the growth of production and control of the general price level.
Correct Answer False
Your Answer False

True/False
Question Public enterprises have shown a very high rate of return of the capital invested
Correct Answer False
Your Answer False

Multiple Choice Multiple Answer
Question The meaning of monetary policy is
Correct Answer It is programmed of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability
Your Answer It is programmed of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability

Multiple Choice Multiple Answer
Question Main aims of the New Industrial Policy (1991) are
Correct Answer To unshackle the indian industrial economy from the cobwebs of unnecessary bureaucratic control , To introduce liberalization with a view to integrate the indian economy with the world economy , To remove restrictions on direct foreign investment as also to free the domestic entrepreneur from the restriction of MRTP act
Your Answer To unshackle the indian industrial economy from the cobwebs of unnecessary bureaucratic control , To introduce liberalization with a view to integrate the indian economy with the world economy , To remove restrictions on direct foreign investment as also to free the domestic entrepreneur from the restriction of MRTP act

Multiple Choice Multiple Answer
Question Objectives of economic policy are
Correct Answer To increase the efficiency and international competitiveness of industrial production , To improve the performance and rationalize the scope of the public sector , To reform and modernize the financial sector
Your Answer To increase the efficiency and international competitiveness of industrial production , To improve the performance and rationalize the scope of the public sector , To reform and modernize the financial sector

Business Law - 01

Multiple Choice Single Answer - Question

In the right of lien, the possession is retained by

Correct Answer

Unpaid seller

Multiple Choice Multiple Answer - Question

The very important stages in the connection of formation of a company are

Correct Answer  -

Promotion , Registration , Floatation

True/False - Question

Even if all the members of a company are citizens of India, the company does not become a citizen of India.

Correct Answer  - True

Select The Blank - Question

The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.

Correct Answer

Four weeks

Multiple Choice Multiple Answer - Question

Goods means

Correct Answer

growing crops , stocks & shares

Multiple Choice Single Answer - Question

According to the Consumer Protection Act of 1986, goods means as defined under

Correct Answer

Sale of Goods Act, 1930

Select The Blank - Question

The registration fo partnership firm is ________.

Correct Answer

not compulsory

Multiple Choice Single Answer - Question

The unpaid seller has a

Correct Answer

right against the goods

True/False - Question

Unenforceable agreements and illegal agreements mean one and the same thing.

Correct Answer  -  False

True/False - Question

The relation between a doctor and his patient is not fiduciary in nature.

Correct Answer - False

Select The Blank - Question

A club or a society is an ________ of persons

Correct Answer

association

Multiple Choice Multiple Answer - Question

In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the

Correct Answer

Official Assignee , Receiver

Multiple Choice Single Answer - Question

A legal representative being holder of Negotiable Instrument can sue

Correct Answer

after the death of the holder

Multiple Choice Multiple Answer - Question

A sale can be in case of

Correct Answer

specific goods , existing goods

Multiple Choice Multiple Answer - Question

Goods includes

Correct Answer

trade marks , good will

Multiple Choice Multiple Answer - Question

Under section 144, mode of service of summons are

Correct Answer

by speed post , by courier services , by concerned police station

Multiple Choice Multiple Answer - Question

Goods means

Correct Answer

birds , gas

Multiple Choice Multiple Answer - Question

A company is a legal personality and as such it can

Correct Answer

Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name

Multiple Choice Single Answer - Question

An agency is based upon consent and hence, it is a

Correct Answer

consensual relations

Match The Following

Question

Correct Answer

Your Answer

Minor's Agreement

Void ab initio

Threatning to commit

Coercion

Consideration

Past, Present and Future

Mistake

Fact and Law

Multiple Choice Single Answer - Question

When an offer is made to world-at-large, the contract is

Correct Answer

made with the person who signs or performs the terms and conditions of the offer

Select The Blank - Question

When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.

Correct Answer

Carrier

Multiple Choice Multiple Answer - Question

The acts or transactions made by the agent can be ratified if the acts or transaction are

Correct Answer

illegal , criminal , void ab initio

Multiple Choice Multiple Answer - Question

Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract

Correct Answer

the goods must have been perished before the risk is passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller

Select The Blank - Question

A ________ is an artificial person and has a legal entity.

Correct Answer

Company

Multiple Choice Multiple Answer - Question

In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the

Correct Answer

Official Assignee , Receiver

Multiple Choice Multiple Answer - Question

Negotiable instrument recognised by law are

Correct Answer

Bill of exchange , Cheque , Promissory Note

True/False - Question

A company can become a partner or can enter into a partnership agreement.

Correct Answer  - False

Multiple Choice Single Answer - Question

A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company

Correct Answer

Limited by shares

Multiple Choice Multiple Answer - Question

Liabilities of partners arises to third party

Correct Answer

for wrongful acts of a partners , for misappropriation by its partners , for acts of the firm

Multiple Choice Multiple Answer - Question

Following persons can not be called partners

Correct Answer

minors , insolvents , co-owners without the agreement to carry on the business

Multiple Choice Single Answer - Question

Consideration or object of an agreement is lawful unless it is

Correct Answer

forbidden by law

Multiple Choice Multiple Answer - Question

A company is registered as an artificial person. It has no

Correct Answer

Body , Soul , Conscience

Select The Blank - Question

Agents are ________ to act within the scope of the authority given.

Correct Answer

authorised

Select The Blank - Question

The essential point about an agent's position is his ________ of making his principal answerable to third parties.

Correct Answer

authority

True/False - Question

Special agent and Particular agent mean one and the same thing.

Correct Answer  - True

Select The Blank - Question

When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________.

Correct Answer

accepted

Multiple Choice Multiple Answer - Question

An unregistered firm can bring an action in any court of Law against

Correct Answer

a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm

Multiple Choice Single Answer - Question

In order to convert a proposal into a promise the acceptance must be

Correct Answer

absolute and unqualified

Match The Following -  Question

Correct Answer

Any person who for the consideration becomes the possessor of a promissory note

Holder in due course

Negotiating Negotiable Instruments so as to bind all, except himself

A minor

Non-acceptance express authority endorsement in full

A partner accepting Negotiable Instrument

Implied authority

A person who can't accept or indorse a bill

An insolvent

True/False - Question

The provisions of sale of goods were previously included in the Indian Contract Act, 1872.

Correct Answer  - True

True/False - Question

The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930.

Correct Answer  -  False

Multiple Choice Multiple Answer - Question

A company is a legal personality and as such it can

Correct Answer

Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name

Multiple Choice Single Answer - Question

Company based on ownership is

Correct Answer

Public company

Multiple Choice Single Answer - Question

The unpaid seller has a

Correct Answer

right against the buyer

True/False - Question

The Central Government may, by license direct the association to be registered which is formed as a limited company for promoting commerce, art etc.

Correct Answer  - True

Select The Blank - Question

The directors of a company have to file their consent with the ________ to act as director.

Correct Answer

registrar

Match The Following - Question

Correct Answer

Penalty for false particulars

Imprisonment for three months

Imprisonment for three months

Partnership deed

Name, Place, Date

A statement in prescribed form and accompanied by fees

Required for registration

The registrar of firms

To rectify any mistake

Select The Blank - Question

The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.

Correct Answer  -  Four weeks

True/False - Question

A banker is a mercantile agent.

Correct Answer  - False

Multiple Choice Multiple Answer - Question

Following are the elements which constitute a partnership

Correct Answer

there must be a contract regarding a partnership , there must be an association of two or more persons

Select The Blank - Question

Unfair trade practice includes a representation made to public in a form that purpots to be a ________ of a product.

Correct Answer

warranty

True/False - Question

All contracts are agreements and all agreements are contracts.

Correct Answer - False

True/False - Question

In case of Bill of Exchange, the notice of dishonour is essential.

Correct Answer - True

Select The Blank - Question

When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________.

Correct Answer

accepted

Multiple Choice Multiple Answer - Question

Following are the conditions needed to prove an act of a partner is an act of a partnership firm

Correct Answer

such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm

True/False - Question

Existing goods are those goods, which are owned and possessed by the seller at the time of sale.

Correct Answer  - True

Select The Blank - Question

A,B,C, and D are partners, A retires and B dies, the partnership between them comes to ________

Correct Answer

an end

Multiple Choice Multiple Answer - Question

In special agency,

Correct Answer

agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited authority

Multiple Choice Multiple Answer - Question

Liabilities of partners arises to third party

Correct Answer

for wrongful acts of a partners , for misappropriation by its partners , for acts of the firm

Multiple Choice Single Answer - Question

Goods identified at the time contract of sale are known as

Correct Answer

Ascertained goods

Match The Following - Question

Correct Answer

Minor Partner

Admitted for profits only

Admitted for profits only

Dissolution of a Partnership

Death or Insanity of the partners

Death or Insanity of the partners

Firm

Partners

Partners

Partner

Agents of the firm

Agents of the firm

Partnership

Can be formed at Will

Can be formed at Will

Multiple Choice Multiple Answer - Question

A company is registered as an artificial person. It has no

Correct Answer

Body , Soul , Conscience

Select The Blank - Question

An agreement of agency must make clear ________ of a person to act on behalf of another person.

Correct Answer

intention

Multiple Choice Multiple Answer - Question

The memorandum of every company shall state

Correct Answer

The name of the company , The registered office , The main objects

Select The Blank - Question

A ________ partner is like an undisclosed principal.

Correct Answer

sleeping

Multiple Choice Multiple Answer - Question

Following persons can not be called partners

Correct Answer

minors , insolvents , co-owners without the agreement to carry on the business

Multiple Choice Multiple Answer - Question

A minor admitted to the benefits of partnership is

Correct Answer

not personally liable for any act of firm , not entitled to sue partners for account , entitled for the profits of agreed upon

Multiple Choice Single Answer - Question

When an agent has the authority to do all acts connected with the business or trade of his principal, he is known as

Correct Answer

a general agent

Select The Blank - Question

Special resolution and confirmation by ________is required for alteration of Memorandum.

Correct Answer

Company Law Board

True/False - Question

Money order, Postal order, Share Certificates, Deposit receipts and such other documents are Negotiable Instruments.

Correct Answer - False

Multiple Choice Multiple Answer - Question

There can not be any partnership where a business is carried on

Correct Answer

with a benevolent purpose , where any one of the partners is entitled to total profit earned

Select The Blank - Question

Issued capital can be defined as the ________ of shares which are offered to the public for subscription.

Correct Answer

nominal value

True/False - Question

Specific goods are those which are identified and agreed upon at the time of a contract of sale is made.

Correct Answer  - True

True/False - Question

An agreement enforceable by law is a contract.

Correct Answer - True

Multiple Choice Multiple Answer - Question

The liability of companies on the basis of liability are

Correct Answer

Unlimited companies , Limited by guarantee , Limited by shares

Select The Blank - Question

Karta of Joint-Hindu family is ________ of his family.

Correct Answer

representative

Multiple Choice Single Answer - Question

The meaning of the term “Caveat Emptor” is

Correct Answer

let the buyer beware

Multiple Choice Single Answer - Question

The National Commission has the power to entertain appeals against the orders of any

Correct Answer

State Commission

Multiple Choice Multiple Answer - Question

Amendments made in the Consumer Protection Act in 2002 include

Correct Answer

Provision for substitution of legal heir or representative as a party to the complainant in the event of the death of the opposite party. , Provision for recovery of amounts ordered to be paid by consumer redressal agencies as arrears of land revenue. , Provision for recharging of fee in respect of complaints filed before the consumer redressal agencies

True/False - Question

No consideration is required in formal contracts.

Correct Answer - True

Multiple Choice Multiple Answer - Question

The following types of companies are required to have their own articles

Correct Answer

Unlimited companies , Companies limited by guarantee , Private companies limited by shares

Multiple Choice Multiple Answer - Question

The Prospectus is

Correct Answer

A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to shares

Select The Blank - Question

Agents are ________ to act within the scope of the authority given.

Correct Answer - authorised

Multiple Choice Multiple Answer - Question

Classification of companies based on the jurisdiction of functioning

Correct Answer

A National Company , Multinational Company , Foreign Company

True/False - Question

The subscriber of the memorandum of a company on its registration shall be entered in its register of members as member.

Correct Answer  - True

Multiple Choice Single Answer - Question

Under a contract of sale goods have to be exchanged for

Correct Answer  - Money

Multiple Choice Single Answer - Question

An agent was instructed by his principal to insure the goods, but he neglected to insure the goods. As a result, the principal had to suffer the loss. Who is responsible for the loss ?

Correct Answer

agent

True/False - Question

Even if all the members of a company are citizens of India, the company does not become a citizen of India.

Correct Answer  - True

Multiple Choice Single Answer - Question

One man company is generally a

Correct Answer - private company

Multiple Choice Single Answer - Question

Mr. Dang and Mr. Thomas work together. Mr. Dang receives all the profits earned and pays Mr. Thomas certain amount for his work as wages. whether Mr. Dang and Mr. Thomas are

Correct Answer

Master and Servant

Multiple Choice Single Answer - Question

An agreement can become a contract if it is

Correct Answer

enforceable by law

Select The Blank - Question

A proposal comes to an end by its ________.

Correct Answer

rejection

Multiple Choice Multiple Answer - Question

Following are the types of jurisdiction, which have been conferred on the State Commission

Correct Answer

Appellate , Supervisory , Revisional

Select The Blank - Question

Partnership is based on ________.

Correct Answer

Faith

Select The Blank - Question

A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________.

Correct Answer

Limited company

Multiple Choice Multiple Answer - Question

Complaint under the Consumer Protection Act, 1986 relates to :-

Correct Answer

Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices

Multiple Choice Single Answer - Question

The monetary jurisdiction is based upon the :-

Correct Answer

Amount of relief claimed by the complainant

Select The Blank - Question

Unpaid seller's Right to stop the goods in transit arises only when the buyer is ________

Correct Answer

Bankrupt

Select The Blank - Question

Special resolution and confirmation by ________ is required for alteration of Memorandum.

Correct Answer

Company Law Board

Multiple Choice Multiple Answer - Question

According to the Consumer Protection Act, 1986, a person includes :-

Correct Answer

Hindu undivided family , Co-operative society , Individual as well as juristic person

Multiple Choice Single Answer - Question

Company based on ownership is :-

Correct Answer

Public company

Multiple Choice Single Answer - Question

The National Commission has the power to entertain appeals against the orders of any :-

Correct Answer

State Commission

Multiple Choice Single Answer - Question

Non-registration of a partnership firm does not make the partnership agreement :-

Correct Answer

Void

Multiple Choice Multiple Answer - Question

Agent has duties towards principal in addition to :-

Correct Answer

Conducting principal's business , Rendering accounts to principal , Communicating with the principal

Multiple Choice Single Answer - Question

In the Bill of Exchange, the person to whom the bill is made payable is called as :-

Correct Answer

Payee

Multiple Choice Single Answer - Question

Where the partners agree to carry on the business for a definite period of time, the partnership is said to be :-

Correct Answer

For a fixed period

Multiple Choice Multiple Answer - Question

The Exception to the rule of "buyer beware" are

Correct Answer

quality of goods are not merchantable , presence of patent defect in goods

Multiple Choice Single Answer - Question

A company which has a control over a subsidiary company is a :-

Correct Answer

Holding company

Multiple Choice Multiple Answer - Question

Following are the conditions needed to prove an act of a partner is an act of a partnership firm

Correct Answer

such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm

True/False - Question

There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.

Correct Answer  - True

Multiple Choice Multiple Answer - Question

Classification of companies based on the jurisdiction of functioning is :-

Correct Answer

A National Company , Multinational Company , Foreign Company

Multiple Choice Multiple Answer - Question

A company is :-

Correct Answer

Voluntary Association of persons , An artificial legal person , A separate legal entity

Match The Following - Question

Correct Answer

Your Answer

Presentation of Negotiable Instrument

For payment

For payment

When an endorser signs the instrument and adds a direction to pay the amount mentioned therein

Endorsement in full

Endorsement in full

Default in payment of amount of cheque

Dishonour of cheque

Dishonour of cheque

Notice of dishonour of cheque

Mandatory provision

Mandatory provision

Multiple Choice Multiple Answer - Question

The object of the contract should be :-

Correct Answer

Legal one , Lawful

Select The Blank - Question

The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature.

Correct Answer

Contractual

Multiple Choice Multiple Answer - Question

Following persons can not be called partners

Correct Answer

minors , insolvents , co-owners without the agreement to carry on the business

Multiple Choice Multiple Answer - Question

There can not be any partnership where a business is carried on

Correct Answer

with a benevolent purpose , where any one of the partners is entitled to total profit earned

True/False - Question

Partnership is nothing but a psychological relationship existing between the partners.

Correct Answer  - False

True/False - Question

Loss of profits is an example of liquidated damages.

Correct Answer

False

Multiple Choice Multiple Answer - Question

An unregistered firm can bring an action in any court of Law against

Correct Answer

a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm

True/False - Question

The company law board confirms the change of registered office of the company within a state.

Correct Answer - False

Select The Blank - Question

Ratification is one of the ways of ________ agency.

Correct Answer

Creating

True/False - Question

A company can become a partner or can enter into a partnership agreement.

Correct Answer - False

Multiple Choice Multiple Answer - Question

Following are the characteristics of the partnership at will :-

Correct Answer

Partners are always free to break their relationship at their will , It is for indefinite period , No provision for determination or termination of the partnership

Multiple Choice Multiple Answer - Question

The liability of companies on the basis of liability are :-

Correct Answer

Unlimited companies , Limited by guarantee , Limited by shares

Select The Blank - Question

The person who buys the goods for trading purposes is not a ________ under the Consumer Protection Act, 1986.

Correct Answer

Consumer

Multiple Choice Single Answer - Question

An agreement with a minor is not voidable but :-

Correct Answer

Void ab initio

True/False - Question

An agreement to sell takes place in the case of existing goods or specific goods.

Correct Answer

False

True/False - Question

An insolvent person can accept or endorse a bill.

Correct Answer  - False

Multiple Choice Single Answer - Question

A stipulation in a contract of sale with reference to goods which are subject there of may be :-

Correct Answer

A condition or warranty

Multiple Choice Multiple Answer - Question

The State Council consists of the following members :-

Correct Answer

Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt.

True/False - Question

Subsidiary company can hold shares and can acquire membership of the holding company.

Correct Answer - False

Match The Following - Question

Correct Answer

Minor Partner

Admitted for profits only

Dissolution of a Partnership

Death or Insanity of the partners

Firm

Partners

Partner

Agents of the firm

Partnership

Can be formed at Will

Multiple Choice Multiple Answer - Question

Following are the elements which constitute a partnership

Correct Answer

there must be a contract regarding a partnership , there must be an association of two or more persons

Select The Blank - Question

There should be a ________ and real necessity for creating an agency.

Correct Answer

Definite

Multiple Choice Single Answer - Question

For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the :-

Correct Answer

Bureau of Indian Standard

Multiple Choice Single Answer - Question

The object of carrying on a business must be :-

Correct Answer

Sharing of profits

True/False - Question

Company is treated as a legal person distinct from its members.

Correct Answer  - True

Select The Blank - Question

An offer must create ________ relationship.

Correct Answer

Legal

Multiple Choice Multiple Answer - Question

A person is considered the holder of Negotiable Instruments if :-

Correct Answer

His name appear on an instrument , He is in possession of bearer instrument , He is the endorsee of a cheque

True/False - Question

Agreement is defined as a contract at its inception.

Correct Answer - True

Select The Blank - Question

________ is the ________ method of voting with the rule "one share one vote "

Correct Answer

poll

Correct Answer

capitalistic

Multiple Choice Single Answer - Question

Agency can be created by

Correct Answer

Operation of law

Multiple Choice Single Answer - Question

Where the property in goods sold has been passed, the unpaid seller has the

Correct Answer

right to stop goods in transit

True/False - Question

A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself

Correct Answer  - True

Multiple Choice Single Answer - Question

Dissolution by the order of the Court at the suit of a partner on certain grounds, which include

Correct Answer

Willful or persistent breach of agreement by a partner

Select The Blank - Question

The agency can be ________ At any time by ________ agreement between the principal and his agent.

Correct Answer

terminated

Correct Answer

mutual

Multiple Choice Multiple Answer - Question

The requirement of valid Memorandum of Association are that it

Correct Answer

is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company

Match The Following - Question

Correct Answer

Your Answer

An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm

partner by estoppel

A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business

Ostensible partner

A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm

Nominal Partner

When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as

Sub-Partner

A partner whose existence in the firm is kept secret from the outside world

Dormant Partner

Multiple Choice Multiple Answer - Question

Following are the conditions needed to prove an act of a partner is an act of a partnership firm

Correct Answer

such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm

Multiple Choice Multiple Answer - Question

A consumer is

Correct Answer

Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme

Multiple Choice Multiple Answer - Question

Following are the elements which constitute a partnership

Correct Answer

there must be a contract regarding a partnership , there must be an association of two or more persons

Select The Blank - Question

A meeting is ________ of a number of persons for ________ a lawful business having certain purpose or purposes

Correct Answer

an assembly

Correct Answer

transacting

Multiple Choice Multiple Answer - Question

Following are the conditions to be fulfilled before a seller can be deemed to be an unpaid seller

Correct Answer

he must have an immediate right of action for the price , he must have sold goods against cash and the price must be due

Multiple Choice Multiple Answer - Question

Following are the examples of statutory companies

Correct Answer

Reserve Bank Of India , Unit Trust Of India

Multiple Choice Multiple Answer - Question

Following persons can not be called partners

Correct Answer

minors , insolvents , co-owners without the agreement to carry on the business

Match The Following - Question

Correct Answer

Your Answer

Sale

Exchange of goods for price

Barter Exchange

Exchange of goods for goods

Sale of Goods Act, 1930

Movable goods

Caveat Emptor

Let the buyer beware

Quiet possession

Implied Warranty

Multiple Choice Single Answer - Question

A consumer has right to be assured, wherever possible, access to services at

Correct Answer

competitive prices

Multiple Choice Multiple Answer - Question

Following are the characteristics of partnership at will

Correct Answer

partners are always free to break their relationship at their whim , it is for indefinite period

True/False - Question

A commission agent is generally appointed for selling and buying goods on behalf of his principal

Correct Answer  - True

Multiple Choice Multiple Answer - Question

Transmission of shares takes place due to

Correct Answer

death of a member , insolvency of a member , lunacy of a member

Multiple Choice Multiple Answer - Question

In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to

Correct Answer

acquire movable property on behalf of the firm , transfer movable property belonging to the firm

Multiple Choice Multiple Answer - Question

Following are the persons who cannot enter into partnership firm

Correct Answer

A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business

Multiple Choice Multiple Answer - Question

The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by

Correct Answer - release , payment , non cancellation

Multiple Choice Single Answer - Question

The National Commission shall decide the complaint as far as possible within a period of

Correct Answer

three months from the date of notice received by the opposite party

Select The Blank - Question

When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________

Correct Answer

Endorsement

Correct Answer

holder

Select The Blank - Question

Un-called capital is the part of ________ and ________ capital which has not been called up.

Correct Answer

issued

Correct Answer

subscribed

True/False - Question

Special Notice and Special Resolution mean one and the same.

Correct Answer  - False

Select The Blank - Question

________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.

Correct Answer

unfair

Correct Answer

deceptive

True/False - Question

Consumer is a person who procures service under a contract of personal service

Correct Answer  - False

Multiple Choice Multiple Answer - Question

Property of the company is the property of

Correct Answer

Promoters before the existence of the company , the company itself after its incorporation

True/False - Question

English Law does not recognize Formal Contract

Correct Answer  - False

Select The Blank - Question

Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company

Correct Answer

uncalled

Correct Answer

winding up

True/False - Question

The partners need not sign the partnership deed.

Correct Answer  - False

Select The Blank - Question

When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________

Correct Answer

Signifies

Correct Answer

Accepted

Multiple Choice Multiple Answer - Question

Goods includes

Correct Answer

trade marks , good will

Multiple Choice Multiple Answer - Question

Characteristics Articles of Association are

Correct Answer

it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association

Select The Blank - Question

________ implies committing or threatening to commit any act ________ by the Indian Penal Code.

Correct Answer

Coercion

Correct Answer

forbidden

Select The Blank - Question

________ is an invitation made to the ________

Correct Answer

Prospectus

Correct Answer

public

Multiple Choice Single Answer - Question

A factor is a type of

Correct Answer

Mercantile Agent

True/False - Question

Agents acting jointly and severally are known as co-agents

Correct Answer  - True

Multiple Choice Single Answer - Question

Enforcement of contingent contract depends on

Correct Answer

Happening or Non-happening of the event

Multiple Choice Single Answer - Question

In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a

Correct Answer

official assignee or receiver

Select The Blank - Question

When the ________ of contract becomes ________ , such contract need not be performed

Correct Answer

performance

Correct Answer

impossible

True/False - Question

A Cheque can be bearer, Order or crossed

Correct Answer  - True

Multiple Choice Single Answer - Question
Following is an implied condition.
Correct Answer
Condition as to sale by sample

Multiple Choice Single Answer - Question
Dissolution by voluntary act of the partners, which includes
Correct Answer
dissolution by agreement

True/False - Question

Agreement is defined as a contract at its inception.

Correct Answer  - True

Select The Blank - Question

________ is the ________ method of voting with the rule "one share one vote "

Correct Answer

poll

Correct Answer

capitalistic

Multiple Choice Single Answer - Question

Agency can be created by

Correct Answer

Operation of law

Multiple Choice Single Answer - Question

Where the property in goods sold has been passed, the unpaid seller has the

Correct Answer

right to stop goods in transit

True/False - Question

A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself

Correct Answer  - True

Multiple Choice Single Answer - Question

Dissolution by the order of the Court at the suit of a partner on certain grounds, which include

Correct Answer

Willful or persistent breach of agreement by a partner

Select The Blank - Question

The agency can be ________ At any time by ________ agreement between the principal and his agent.

Correct Answer

terminated

Correct Answer

mutual

Multiple Choice Multiple Answer - Question

The requirement of valid Memorandum of Association are that it

Correct Answer

is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company

Match The Following - Question

Correct Answer

An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm

partner by estoppel

A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business

Ostensible partner

A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm

Nominal Partner

When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as

Sub-Partner

A partner whose existence in the firm is kept secret from the outside world

Dormant Partner

Multiple Choice Multiple Answer - Question

Following are the conditions needed to prove an act of a partner is an act of a partnership firm

Correct Answer

such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm

Multiple Choice Multiple Answer - Question

A consumer is

Correct Answer

Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme

Multiple Choice Multiple Answer - Question

Following are the elements which constitute a partnership

Correct Answer

there must be a contract regarding a partnership , there must be an association of two or more persons

Select The Blank - Question

A meeting is ________ of a number of persons for ________ a lawful business having certain purpose or purposes

Correct Answer

an assembly

Correct Answer

transacting

Multiple Choice Multiple Answer - Question

Following are the conditions to be fulfilled before a seller can be deemed to be an unpaid seller

Correct Answer

he must have an immediate right of action for the price , he must have sold goods against cash and the price must be due

Multiple Choice Multiple Answer - Question

Following are the examples of statutory companies

Correct Answer

Reserve Bank Of India , Unit Trust Of India

Multiple Choice Multiple Answer - Question

Following persons can not be called partners

Correct Answer

minors , insolvents , co-owners without the agreement to carry on the business

Match The Following - Question

Correct Answer

Sale

Exchange of goods for price

Barter Exchange

Exchange of goods for goods

Sale of Goods Act, 1930

Movable goods

Caveat Emptor

Let the buyer beware

Quiet possession

Implied Warranty

Multiple Choice Single Answer - Question

A consumer has right to be assured, wherever possible, access to services at

Correct Answer

competitive prices

Multiple Choice Multiple Answer - Question

Following are the characteristics of partnership at will

Correct Answer

partners are always free to break their relationship at their whim , it is for indefinite period

True/False - Question

A commission agent is generally appointed for selling and buying goods on behalf of his principal

Correct Answer  - True

Multiple Choice Multiple Answer - Question

Transmission of shares takes place due to

Correct Answer

death of a member , insolvency of a member , lunacy of a member

Multiple Choice Multiple Answer - Question

In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to

Correct Answer

acquire movable property on behalf of the firm , transfer movable property belonging to the firm

Multiple Choice Multiple Answer - Question

Following are the persons who cannot enter into partnership firm

Correct Answer

A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business

Multiple Choice Multiple Answer - Question

The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by

Correct Answer

release , payment , non cancellation

Multiple Choice Single Answer - Question

The National Commission shall decide the complaint as far as possible within a period of

Correct Answer

three months from the date of notice received by the opposite party

Select The Blank - Question

When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________

Correct Answer

Endorsement

Correct Answer

holder

Select The Blank - Question

Un-called capital is the part of ________ and ________ capital which has not been called up.

Correct Answer

issued

Correct Answer

subscribed

True/False - Question

Special Notice and Special Resolution mean one and the same.

Correct Answer  - False

Select The Blank - Question

________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.

Correct Answer

unfair

Correct Answer

deceptive

True/False - Question

Consumer is a person who procures service under a contract of personal service

Correct Answer  - False

Multiple Choice Multiple Answer - Question

Property of the company is the property of

Correct Answer

Promoters before the existence of the company , the company itself after its incorporation

True/False - Question

English Law does not recognize Formal Contract  -  Correct Answer  - False

Select The Blank - Question

Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company

Correct Answer

uncalled

Correct Answer

winding up

True/False - Question

The partners need not sign the partnership deed.

Correct Answer  - False

Select The Blank - Question

When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________

Correct Answer

Signifies

Correct Answer

Accepted

Multiple Choice Multiple Answer - Question

Goods includes

Correct Answer

trade marks , good will

Multiple Choice Multiple Answer - Question

Characteristics Articles of Association are

Correct Answer

it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association

Select The Blank - Question

________ implies committing or threatening to commit any act ________ by the Indian Penal Code.

Correct Answer

Coercion

Correct Answer

forbidden

Select The Blank - Question

________ is an invitation made to the ________

Correct Answer

Prospectus

Correct Answer

public

Multiple Choice Single Answer - Question

A factor is a type of

Correct Answer

Mercantile Agent

True/False - Question

Agents acting jointly and severally are known as co-agents

Correct Answer - True

Multiple Choice Single Answer - Question

Enforcement of contingent contract depends on

Correct Answer

Happening or Non-happening of the event

Multiple Choice Single Answer - Question

In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a

Correct Answer

official assignee or receiver

Select The Blank - Question

When the ________ of contract becomes ________ , such contract need not be performed

Correct Answer

performance

Correct Answer

impossible

True/False - Question

A Cheque can be bearer, Order or crossed

Correct Answer - True

Multiple Choice Single Answer - Question

Following is an implied condition.

Correct Answer

Condition as to sale by sample

Multiple Choice Single Answer - Question

Dissolution by voluntary act of the partners, which includes

Correct Answer

dissolution by agreement