Business and Commerce MCQs

Question 1

'Letter of Credit' is opened in case of:

Accepted Answer

Foreign Trade

Answer

Internal Trade

Answer

Both A and B above

Answer

Obtaining loan from a financial institution

Question 2

Which of the following is not regulated by The Competition Act, 2002?

Accepted Answer

Medical negligence

Answer

Abuse of dominant position

Answer

Anti-competitive agreements

Answer

Predatory pricing

Question 3

According to Talcott Parson, organizations can be classified primarily into four categories, based on functions. Which of the following is not an organization in Parson's scheme?

Accepted Answer

Commercial organisations

Answer

Political organisations

Answer

Integrative organisations

Answer

Pattern maintenance organisations

Question 4

If a minor partner on attaining majority chooses to continue as a partner of the firm, he shall be liable to the category of the firm, in this

Accepted Answer

From the date on which he chooses to becomes a partner

Answer

From the date of attainment of majority

Answer

From the date of receipt of profit of the firm

Answer

From the date of option being exercised by the guardian

Question 5

Which of the following statements is not correct:

Accepted Answer

Minimum number of members in private company is 7

Answer

A private company is not required to prepare a statutory report

Answer

Sharing of profit is a prima facie but not conclusive evidence of partnership

Answer

Maximum number of members in a private company can be 50

Question 6

Diesel Locomotive Works (DLW) is an example of:

Accepted Answer

a Departmental undertaking

Answer

a Statutory Corporation

Answer

a Government Company

Answer

None of the above

Question 7

Ghazipur Affim Factory is:

Accepted Answer

Departmental undertaking

Answer

Public corporation

Answer

Public company

Answer

Joint venture

Question 8

Bill of Lading is issued by

Accepted Answer

Shipping company

Answer

Agent of the importer

Answer

Captain of the ship

Answer

Custom officer

Question 9

Essentials of a satisfactory wage system do not include:

Accepted Answer

Equality of all workers

Answer

Simplicity

Answer

Fairness

Answer

Economy