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ICFAI Business Environment & Law for Semester-I
Typology: Exams
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Business Environment & Law: Practice Paper
a. Surrounding external objects b. Plants, trees, and animals around us c. Includes business and society d. Includes risk, external and internal factors. e. Organization, operation, marketing and legal factors.
a. Social, cultural, legal and technological factors b. Price and income c. Technical capabilities of the organization d. Skill and dexterity of employee e. Effective decision making capacity of the manager
a. Opportunity, threat, strength and weakness b. Opportunity, social, trade and weakness c. Technology, strategy, organisation and weakness d. Operation, structure, tax and weakness e. Socio-cultural, organization, weakness and tax
a. Family size, education levels and economic stratification of the population b. Density of the population in an given area c. Size of the area d. Size and knowledge of the people in a given area e. Demand and supply of goods in a given area
a. Micro and macro level b. Policy and regulatory level c. Ethical and competition level d. Tax and profit level e. Incentives and disincentives offered by the government
a. The art and science of directing military forces b. Planning for better profit making c. Planning for better manufacturing d. Planning for the fighting challenges in the business environment e. Determining the human resources in the organization.
Multiple Choice Questions
a. Consumer behaviour b. Consumption behaviour of the goods and services c. Develop marketing strategies and d. Segment markets appropriately e. All the above
a. Multidimensional b. Restrictive c. Homogeneous d. Dynamic e. All the above
a. Person, firm and product‟s attractiveness b. Feeling of belongingness c. Degree of personal involvement d. Organization e. Influence of a person
a. Learned behaviour b. Part played by person in a drama c. Achieved position d. Recognized position e. Behaviour of an individual in an organization
a. Social unit living together b. Two or more persons related by blood, marriage or adoption who reside together c. Group with an extension of parent – child relationship d. Individuals unilaterally descended from a single common ancestor e. Husband, wife and children.
a. Total pattern of behaviour b. Learned behaviour c. Not transmitted by biology d. Distinctive way of life of people e. All the above
a. Language b. Aesthetics c. Religion d. Education e. All the above
a. Economic well being b. Emotional support c. Suitable family life style d. Socialization of children and other family members e. All the above
Multiple Choice Questions
a. Has at least 51% of the paid-up share capital by Central or State Government b. Has at least 49 % of the paid-up share capital by Central or State Government c. Has 50 % of the paid-up share capital by Central or State Government d. Has 75 % of the paid-up share capital by Central or State government e. Has 80 % of the paid-up share capital by Central or State government
a. Equity share capital b. Preferential share capital c. Deferred share capital d. Participating preference share capital e. All the above
a. Competition Act b. Consumer Protection Act c. Foreign Trade (Development and Regulation) Act d. Indian Contract Act e. Liberalisation Policy of the Government.
a. Cash b. Kind c. Share d. Interest e. All of the above
a. Salomon Vs. Salomon & Co. Ltd. b. Lee Vs. Lee Air Farming Ltd. c. Jones Vs. Lipman d. PNB Finanace Vs. Shital Pd. Jain e. Gilford Motor Company Vs. Horne.
Business Environment & Law: Practice Paper
a. The certificate of incorporation is obtained b. The certificate of the commencement of business is obtained c. The certificate of registration is obtained d. The certificate of registration and commencement of business is obtained e. Any of the above.
a. Memo issued to the company b. Document of the Association c. Document required to incorporate a company d. Type of the company e. List of documents for forming the company
a. Rules that govern the management b. Rules for the conduct of the business c. Byelaws d. Powers of the officers e. All of the above
a. Name clause b. Registered office clause c. Object clause d. Liability clause e. All of the above
a. Cannot be ratified even by all the shareholders of the company b. Can be ratified if approved by all the shareholders of the company c. Results into Compulsory winding up of the company d. Results in to Voluntary winding up of the company e. Amounts to Oppression/mismanagement of the company
a. Royal British Bank Vs. Turquand b. Pramatha Nath Sanyal Vs. Kali Kumar Dutt c. New Brunswick and Canada Rly. Land & Co. Vs. Muggeridge d. Free Wheel (India) Limited Vs. Dr. Veda Mitra e. None of the above
a. Invitation for subscription of securities b. Advertisement for subscription of debentures c. Notice of issue of securities d. Document inviting deposits e. All of the above
Business Environment & Law: Practice Paper
a. Capitalist, Socialist and Mixed b. Developed c. Under developed d. Developing e. All of the above
a. 70% of the total workforce b. 30% of the total workforce c. 25 % of the total workforce d. 50% of the total workforce e. 18% of the total workforce
a. Communication b. Bank c. Financial institution d. Real estate e. All of the above
a. Life insurance b. General insurance
e. All of the above
a. June 1991 b. December 1992 c. July 1996 d. May 1997 e. November 1992
a. One Person Company b. One Person Corporation c. Another person company d. Open Platform Company e. Open Platform Communication
a. Subsidiary company b. Holding company c. Foreign company d. Joint stock company e. None of the above
a. Redeemable b. Irredeemable c. Perpetual d. Cumulative e. Any of the above
Multiple Choice Questions
a. National Company Law Tribunal b. National Company Law Tribune c. National Corporation Law Tribunal d. National Corporation Tribune e. National Company Law Treaty
a. Patents b. Copyrights c. Trade mark d. Property of an intellectual e. Geographical Indication
a. Valid b. Void c. Illegal d. Not enforceable by law e. None of the above
a. Nihal Chand Vs. Jan Khan b. Sreekrishnan Vs. Kurukshethra University c. Mohari Beevi Vs. Dharmodas Ghosh d. Nanjappa vs. Muthuswamy e. Raman Bhai Vs. Ghasi Ram
a. Self actualization b. Esteem c. Social needs d. Financial needs e. Physiological needs
a. Business decision making appropriate to the cultural traits of a society b. Changing the culture c. Accepting new culture d. Adopting the native custom e. None of the above
a. Parliamentary and absolutist forms of government b. Multi party system c. Single party system d. Dominant party system e. All of the above
a. Communism b. Socialism c. Capitalism d. All of the above e. None of the above
Multiple Choice Questions
a. 2014 b. 1950 c. 1974 d. 2011 e. 1920
a. No status b. No existence c. No income d. All of the above e. None of the above
a. Nationality b. Domicile c. Residence d. All of the above e. b and c only
a. By passing a special resolution b. With the approval of central government c. With the approval of the company law board d. With the approval of the registrar e. Either a or, a and b
a. Registrar of companies b. Its subscribers to the memorandum c. Its shareholders by a special resolution d. The central government e. Either of the above
a. Sweat Equity Shares b. Initial Public Offering c. Bonus Issue d. Rights Issue e. Global Depository Receipts
a. Unit of share capital b. Unit of profit c. Unit of a preference share capital d. Unit of a debenture e. All of the above
a. Chief Executive Officer b. Chief Financial Officer c. Managing Director d. Whole time Director e. All of the above
Business Environment & Law: Practice Paper
a. Property held under trust b. Coparcenary interest in Hindu Undivided family c. Residential building of a former ruler d. Jewellery of a former ruler e. All of the above
a. Building and land b. Motor cars c. Jewellery d. Furniture and e. Dividend
a. Knowledge of irregularity b. Suspicion of irregularity c. Forgery d. Representation through articles e. All of the above
a. Property draft b. Prospectus c. Statement in lieu of prospectus d. Balance sheet e. All of the above Prospectus is an invitation but not an appeal. It is in relation to securities where debenture is not a security but a secured debt.
a. Prospectus b. Memorandum c. Articles d. Statement in lieu of prospectus e. None of the above
a. Sec 2 (70) b. Sec 2 (45) c. Sec 2 (22) d. Sec 2 (32) e. Sec 2 ( 28)
a. Subscriber b. Director c. Shareholder d. Promoter e. Debenture holder
a. Absolute b. Flexible c. Conditional d. Need not be absolute e. a and b
Business Environment & Law: Practice Paper
a. Two b. Three c. Four d. Five e. Six
a. Kandoli Tea Co.Ltd., Re b. Dinshaw Maneckjee Petit, Re c. Bacha F. Guzdar Vs CIT, Bombay d. CIR Vs. Meenakshi Mills Pvt. Ltd. e. All the above
a. Company law board b. Registrar c. Central government d. State government e. Shareholders
a. Unlimited Companies b. Companies limited by guarantee c. Private companies limited by shares d. All the above e. a and c only
a. Objects b. Capital c. Liability d. Subscription e. Registered office
a. 58 – A b. 61 – C c. 34 d. 62 e. 60
Multiple Choice – Answers and Explanations
1. (a) : Surrounding external objects Environment is read in relation to the surrounding external objects related to the business. 2. (a) : Social, cultural, legal and technological factors Non-economic environment include other environment in which the business is undertaken. 3. (a) : Opportunity, threat, strength and weakness SWOT analysis is done to understand opportunity, threat, strength and weakness of the company. 4. (a) : Family size, education levels and economic stratification of the population Demographic environment is taken into consideration before doing the business. 5. (a) : Micro and macro level To understand the economic environment it has to be studied at two levels. 6. (a) : The art and science of directing military forces Initially the word strategy meant the art and science of directing military forces. 7. (e) : All the above Stratification is the study of various levels of hierarchy. The stratification helps in understanding the various aspects of business and the risk involved. 8. (e) : All the above Social classes contains the features such as it is multidimensional, restrictive, homogeneous and dynamic. 9. (a) : Person, firm and product’s attractiveness Referrent powers are used to promote the product and encourage consumers, which in turn flows the feelings of belongingness. 10. (a) : Learned behaviour Role actually means the part played by the person in an given situation hence it is considered as a learned behaviour. 11. (a) : Social unit living together Family is considered as the social unit and an institution where people live together due to birth or marriage. 12. (e) : All the above Culture is the learned behaviour, it is also considered as a socialisation process into any group by following a particular pattern of that group. 13. (e) : All the above Culture includes all the learned behaviour in a given situation. It is considered to begin from birth and end only by death of a person. 14. (e) : All the above Family contains many functions and few have been listed in this question. 15. (a) : Three Cultural analysis includes three approaches and they are: ethnocentrism, assimilation and primacy of host country approach.
Multiple Choice – Answers and Explanations
30. (b) : The certificate of the commencement of business is obtained A public company can commence its business after it has obtained the certificate of commencement of business. 31. (c) : Document required to incorporate a company Memorandum of Association is one of the documents necessary for incorporation of a company, it is a public document. 32. (e) : All of the above Articles of Association contains bye-laws, means rules and regulation for the smooth functioning of the company. 33. (e) : All of the above The memorandum of association is a charter of the company. It contains five clauses, the fifth clause is the capital clause. These clauses are contained before registration to help the registrar to have details and after the incorporation it will help the shareholders and any investors. **(for deletion)
Business Environment & Law: Practice Paper
44. (b) : 2 members personally present in the meeting Section 103 of the Companies Act, 2013 specifies that quorum for a general meeting of a private limited company shall be two members personally present at the meeting. 45. (e) : All of the above These are the various types of economies that are explained by different economists in the world. 46. (a) : 70% of the total workforce As agriculture is the main occupation of our country men, they provide employment to 70% of our total work force. 47. (e) : All of the above The Chapter V of the Finance Act, 1994 is the dealing section for this. 48. (e) : All of the above The given are the various products of the insurance companies that are meant for sale on the basis of buyer requisites. 49. (a) : June 1991 Introduced by the then Finance Minister of India, Dr.Manmohan Singh, to bring trade liberalization thereby economic growth in the country. 50. (a) : One Person Company This type of company is newly introduced in the Companies Act, 2013. 51. (a) : Subsidiary company Subsidiary company is one which is under the control of its holding company. 52. (d) : Cumulative In terms of section 2(71) of the Companies Act, 2013, the minimum paid up capital for the company is five lakhs or such higher paid up capital as prescribed. 53. (a) : National Company Law Tribunal NCLT got replaced to CLB (Company Law Board). As these are the requirements according to the Companies Act, 1956 **(For deletion)