Legal Aspects of Finance - 14

LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question Board has power to receive of notice of ________.
Correct Answer Disclosure of interest
Your Answer Disclosure of interest
True/False
Question Wages includes the value of any house accommodation or
supply of light and water.
Correct Answer False
Your Answer True
Multiple Choice Single Answer
Question Maximum fine which can be levied for default in placing accounts
before AGM is :-
Correct Answer Rs. 50,000
Your Answer Rs. 50,000
Match The Following
Question Correct Answer Your Answer
allocable surplus 67% surplus in the
accounting year
67% surplus in the
accounting year
salary does not include travelling
concession
employee
public sector
establishment
establishment owned by
government
award
interim and final
determination of an
industrial dispute
award award
Select The Blank
Question As per section ________ it is obligatory on every person
responsible for payment.
Correct Answer 4
Your Answer 4
Multiple Choice Multiple Answer
Question Remuneration to the director may be paid :-
Correct Answer Monthly , Quarterly , Annually
Your Answer Monthly , Quarterly , Annually
Multiple Choice Single Answer
Question What is computed by the competent authority at concessional
rates?
Correct Answer Cost of living allowance and cash value
Your Answer Cost of living allowance and cash value
Select The Blank
Question The auditor has to give his report that the accounts of the
company gives ________.
Correct Answer True & Fair view
Your Answer True & Fair view
Select The Blank
Question Articles of Association are rules for ________.
Correct Answer Internal management
Your Answer Voting on resolutions
Multiple Choice Multiple Answer
Question The auditor shall inquire :-
Correct Answer Whether transactions of the company which are represented
merely by book entries are not prejudicial to the interest of the
company or members , Whether loans & advances made by the
company have been shown as deposits , Whether personal
expenses have been charged to revenue account
Your Answer Whether transactions of the company which are represented
merely by book entries are not prejudicial to the interest of the
company or members , Whether loans & advances made by the
company have been shown as deposits , Whether personal
expenses have been charged to revenue account , Whether
directors have taken loan from company
True/False
Question Financial year and calendar year are one and the same thing.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Minimum gap required between date of dispatch of notice and
date of AGM is :-
Correct Answer 25 days
Your Answer 25 days
Select The Blank
Question First AGM should be held within ________ from closure of
financial year.
Correct Answer 9 months
Your Answer 9 months
Select The Blank
Question Every ________ Company has to hold Statutory Meeting of the
members.
Correct Answer Public
Your Answer Limited
Select The Blank
Question A member shall have right to apply for operations and
mismanagement of the company provided application is made
by members not less than ________ or by the members holding
not less than one tenth of total number of shares in the share
capital of the company.
Correct Answer 100
Your Answer 100
True/False
Question Any gratuity payable on termination of employment is included in
wages.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Director can be appointed without counting the number in :-
Correct Answer Private limited company , Unlimited company , Charitable
association
Your Answer Private limited company , Unlimited company , Charitable
association
Multiple Choice Multiple Answer
Question Borrowings for Indian companies are for :-
Correct Answer In Rupees , On repatriation , Non-repatriation
Your Answer In Rupees , On repatriation , Non-repatriation
Multiple Choice Single Answer
Question Deductions are authorized under which section?
Correct Answer Section 7(2)
Your Answer Section 7(2)
Multiple Choice Single Answer
Question For which activity FDI is not prohibited?
Correct Answer Insurance
Your Answer Insurance
Multiple Choice Single Answer
Question Settlement of gift or lawful obligation shall be surrendered within
:-
Correct Answer Seven days
Your Answer Eight days
Select The Blank
Question The shares with differential voting rights shall not exceed
________ of the total share capital issued.
Correct Answer 0.25
Your Answer 0.2
Multiple Choice Single Answer
Question How much percentage of block of voting shares does the
independent director not own ?
Correct Answer 0.02
Your Answer 0.02
Select The Blank
Question It is the primary ________ of the company to file the documets of
creation of charge.
Correct Answer Responsibility
Your Answer Responsibility
Multiple Choice Multiple Answer
Question What are the general provisions for punishment of other
offences?
Correct Answer Section 22 provides for the provision , Punishable with fine , Rs
500 fine
Your Answer Section 22 provides for the provision , Punishable with fine
Select The Blank
Question To avoid conflicts of interest, ________ committee would
determine the remuneration packages of the executive directors.
Correct Answer Remuneration
Your Answer Remuneration
Multiple Choice Single Answer
Question Cap on investment by person resident outside India, for Housing
& Real Estate Sector is :-
Correct Answer 1
Your Answer 1
Multiple Choice Multiple Answer
Question Board may by resolution passed at the meeting delegate the
powers to :-
Correct Answer Committee of directors , Managing director , Manager
Your Answer Committee of directors , Managing director , Manager
Multiple Choice Multiple Answer
Question Sole selling agent may be :-
Correct Answer An Individual , A firm , A Body corporate
Your Answer An Individual , A firm , A Body corporate
Match The Following
Question Correct Answer Your Answer
Regisrtered Morthgage Means paying stamp duty
on assets
Payment of prescribed fee
with R.O.C
Charge Payment of prescribed fee
with R.O.C
Attaching rights on assets
Mortgage It is done in respect of
immovable property
It is done in respect of
immovable property
Hypothecation It is done in respect of It is done in respect of
movable property movable property
Multiple Choice Multiple Answer
Question Remittance completely prohibited on :-
Correct Answer Dividend balancing , Telephone expanses , Interest on funds
Your Answer Dividend balancing , Interest on funds
Multiple Choice Multiple Answer
Question Preference shares can be :-
Correct Answer Cumulative redeemable , Non- cumulative redeemable ,
Participatory
Your Answer Cumulative redeemable , Non- cumulative redeemable ,
Participatory
Multiple Choice Multiple Answer
Question Person permanently resident in India can return foreign
exchange by :-
Correct Answer From AD , Travelling abroad , As a gift
Your Answer From AD , Travelling abroad , As a gift
Select The Blank
Question Under section ________ period in respect of which wages would
be paid would be determined.
Correct Answer 3
Your Answer 5
True/False
Question It is not obligatory for the board of directors to lay down the code
of conduct for all the board members.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Following have the right to inspect books of account :-
Correct Answer Any Director of the company , Officer of SEBI (if authorised) ,
Authorised officer of Government
Your Answer Any Director of the company , Officer of SEBI (if authorised) ,
Authorised officer of Government
Multiple Choice Single Answer
Question The earlier "Fast Track" investments route has been replaced
by?
Correct Answer Automatic
Your Answer Automatic
Multiple Choice Single Answer
Question The maximum number of Directors that every company shall
have is :-
Correct Answer Twelve
Your Answer Twelve
True/False
Question The act is undoubtedly a welfare legislation in favour of workers
and more than an essential measure for economic upliftment of
the workers in the sweated industries.
Correct Answer True
Your Answer True
True/False
Question Foreign technical collaborations are permitted.
Correct Answer False
Your Answer True
Multiple Choice Multiple Answer
Question Under which circumstances will the worker not receive wages for
full normal working days ?
Correct Answer If failure to work is caused by unwillingness to work , Not by
omission of the employer to provide him with work
Your Answer If failure to work is caused by unwillingness to work , Not by
omission of the employer to provide him with work
True/False
Question A proxy can appoint another proxy.
Correct Answer False
Your Answer False
True/False
Question A non executive director is not a substantial shareholder of the
company.
Correct Answer True
Your Answer True
True/False
Question Proposal for project exports has been delegated to the approving
authority.
Correct Answer False
Your Answer True
Multiple Choice Single Answer
Question Company can increase its maximum number of directors, for
which application is required to be made in :-
Correct Answer Form no 24
Your Answer Form no 8
True/False
Question Authorized dealer is required to avail license under the exim
policy in force.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question FEMA allows free selling of foreign exchange to/from whom from
current transaction?
Correct Answer Authorised Dealer
Your Answer Authorised Dealer