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Friday, June 6, 2014

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.

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