Legal Aspects of Finance SCDL Solved Paper - 44

This solved paper of SCDL Legal Aspects of Finance of SCDL Pune has been contributed by XYZ

 

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	Admit any liability in a suit or proceedings against the firm , Withdraw a suit or proceeding filed on behalf of the firm
True/False
Question	Persons who have entered into partnership with one another are called individually partners and they are collectively "a firm".
Correct Answer	TRUE
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
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 Multiple Answer
Question	According to Rule 3 of the Consumer protection rules, the Central Council consists of the following members :-
Correct Answer	Minister in-charge of the department of home , Minister in-charge of department of Commerce and Industry , Minister in-charge consumer affairs in states
Multiple Choice Multiple Answer
Question	Goods may be classified as :-
Correct Answer	Existing goods , Future goods , Contingent goods
True/False
Question	A Promissory Note contains conditional undertaking to pay a certain sum of money.
Correct Answer	FALSE
Multiple Choice Single Answer
Question	When the partners select to adopt certain firm name which is identical with the firm name already in existence, then such name is :-
Correct Answer	Legal
True/False
Question	Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker, his agent, for collection.
Correct Answer	TRUE
Select The Blank
Question	Partnership is based on ________.
Correct Answer	Faith
Multiple Choice Single Answer
Question	A price list hanging outside the shop is an :-
Correct Answer	Invitation to the customers to offer to buy something
Multiple Choice Multiple Answer
Question	There are certain limitations to the principle of ratification which are :-
Correct Answer	Where the principal does not have full knowledge at the fact , Where the act to be ratified is illegal or void , Where the ratification is not done within a reasonable time
Multiple Choice Single Answer
Question	After the period of time is lapsed, the right to bring an action is barred under the :-
Correct Answer	Limitation Act
Multiple Choice Single Answer
Question	Every member of the District Forum shall hold the office for a term of :-
Correct Answer	Five years
Multiple Choice Multiple Answer
Question	A company is registered as an artificial person. It has no :-
Correct Answer	Body , Soul , Conscience
Multiple Choice Multiple Answer
Question	Remuneration to the director may be paid :-
Correct Answer	Monthly , Quarterly , Annually
Multiple Choice Multiple Answer
Question	Sole selling agent may be :-
Correct Answer	An Individual , A firm , A Body corporate
True/False
Question	Bonus is an ex gratia payment.
Correct Answer	FALSE
Multiple Choice Single Answer
Question	Compliance Report is signed by :-
Correct Answer	Company Secretary in practice
Multiple Choice Single Answer
Question	The responsibility of placing the annual accounts before the AGM is on
Correct Answer	Board of Directors
True/False
Question	An independent Director is not an executive director of a Company.
Correct Answer	FALSE
True/False
Question	Owned foreign exchange is not permitted.
Correct Answer	FALSE
Select The Blank
Question	Copies of annual accounts are to be filed within ________ days from AGM with ROC.
Correct Answer	30 days
True/False
Question	A non executive director is not a substantial shareholder of the company.
Correct Answer	TRUE
Select The Blank
Question	________ shall lay before the AGM, the statement of Income & Expenditure in place of Profit & Loss a/c.
Correct Answer	Charitable Trust
Multiple Choice Multiple Answer
Question	What are the powers of the audit committee?
Correct Answer	To investigate any activity within its terms of reference , To seek information from any employee , To obtain outside legal or professional advice

Note: Please tally the answers and verify them from SCDL textbooks as all answers might not be correct.