Transcript
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LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question Copies of annual accounts are to be filed within ________ days from
AGM with ROC.
Correct Answer 30 days
Your Answer 90 days
True/False
Question Sectoral cap on investment by person resident outside India on Mass rapid
Transport is 50%.
Correct Answer False
Your Answer True
Select The Blank
Question If an employer derives profit in any of the first ________ years he has to
pay bonus for that year.
Correct Answer 5Your Answer 5
Multiple Choice Single Answer
Question A director has to vacate his office, if he is adjudged as :-
Correct Answer Insolvent
Your Answer Insolvent
Multiple Choice Single Answer
Question Define an employee under section 2 (13) :-
Correct Answer Person employed with salary exceeding Rs 3500
Your Answer Person employed with salary exceeding Rs 2500
True/FalseQuestion Authorized dealer is required to avail license under the exim policy in
force.
Correct Answer True
Your Answer True
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Question The earlier "Fast Track" investments route has been replaced by?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 quorum for the board meeting is one third of the total strength of the
board or two whichever is :-
Correct Answer More
Your Answer More
Multiple Choice Single Answer
Question Payment ofwages act came into existence :-
Correct Answer To ensure regular and timely payment of wages to employed
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persons
Your Answer To pay wages after a years time
Select The Blank
Question The recommendations of audit committee relating to financial
management shall be ________.
Correct Answer Binding
Your Answer Binding
Select The Blank
Question The minimum wages to the obligations created by the convention no 26 of
________.
Correct Answer International labour organisation
Your Answer International labour organisation
Multiple Choice Multiple Answer
Question Borrowings for Indian companies are for :-
Correct Answer On repatriation , Non-repatriation , In RupeesYour Answer In Rupees , On repatriation , On Payments made
Multiple Choice Multiple Answer
Question What do you mean by wages?
Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms
of money
Your Answer Remuneration by way of salaries , Allowances , Expressed in terms
of money
Multiple Choice Single Answer
Question To whom does the payment of wages act apply to ?
Correct Answer Persons employed in any factoryYour Answer Persons employed in any factory
Multiple Choice Single Answer
Question What is the minimum salary under which the persons are covered in this
act?
Correct Answer Less than Rs 1600
Your Answer Less than Rs 1600
Multiple Choice Single Answer
Question Define an employed person under section 2 ofthe act.
Correct Answer Includes legal representative of a deceased employed person
Your Answer Includes legal representative of a deceased employed person
Multiple Choice Multiple Answer
Question Following are the points related to Qualification share that every director
has to take :-
Correct Answer Minimum Share value Rs.5000/- , Within two months of date of
appointment , If fails to obtain then he has to resign from the post
Your Answer Minimum Share value Rs.5000/- , Within two months of date of
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appointment , If fails to obtain then he has to resign from the post
Match The Following
Question Correct Answer Your Answer
Interim Dividend Board of Directors Ordinary Resolution
Reduction of capital Special Resolution National Advisory Committee
Appointment of Managing Director Ordinary Resolution Board of Directors
Accounting StandardsNational Advisory Committee Special Resolution
True/False
Question A General Meeting may also be called by giving shorter notice than 21
days.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Board's Report shall include :-
Correct Answer Dividend recommended , Financial position of the company ,Amounts transferred to Reserves
Your Answer Dividend recommended , Taxes paid , Financial position of the
company
Select The Blank
Question As per section 5 in case of railways if the persons employed is less than
________ the wages shall be paid before the expiry of 7th day.
Correct Answer 1000
Your Answer 1000
Multiple Choice Single Answer
Question The Balance Sheet should be in the form set out in Part I of :-Correct Answer Schedule VI
Your Answer Schedule VI
True/False
Question Wages includes any remuneration payable under any award or settlement
between the parties or order of court.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948
True/False
Question Foreign technical collaborations are permitted.
Correct Answer False
Your Answer True
True/False
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Question Wages includes any travelling allowance for travel concession.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Companies Act presently implemented and adhered by companies is :-
Correct Answer Companies Act, 1956
Your Answer Companies Act, 1956
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
Select The Blank
Question To avoid conflicts of interest, ________ committee would determine the
remuneration packages of the executive directors.
Correct Answer RemunerationYour Answer Board members
Multiple Choice Single Answer
Question A director of a company can be removed by :-
Correct Answer Ordinary resolution
Your Answer Ordinary resolution
True/False
Question The loan to any body corporate shall be made at the rate of interest not
less than that prevailing bank rate as may be prescribed by Reserve Bank of India.
Correct Answer True
Your Answer TrueMultiple Choice Single Answer
Question A director can hold place of profit by :-
Correct Answer Special resolution
Your Answer Special resolution
Select The Blank
Question Articles of Association are rules for ________.
Correct Answer Internal management
Your Answer Internal management
Multiple Choice Multiple Answer
Question The board of directors shall exercise these powers only at board meetings
:-
Correct Answer Power to make calls on shares , Power to issue debentures , Power
to borrow money
Your Answer Power to make calls on shares , Power to issue debentures , Power
to borrow money
Multiple Choice Single Answer
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Question The period for realization for export of goods from the date of shipment is
at :-
Correct Answer Six month
Your Answer Six month
Multiple Choice Single Answer
Question Accounting Standards are issued by :-
Correct Answer Institute of Chartered Accountants
Your Answer Institute of Chartered Accountants
Multiple Choice Multiple Answer
Question Describe in brief what does the term wages include?
Correct Answer Remuneration under any award , Settlement between the parties or
order of court , Overtime
Your Answer Remuneration under any award , Settlement between the parties or
order of court , Overtime
Multiple Choice Multiple AnswerQuestion What is the main purpose of the payment of wages act 1936?
Correct Answer Ensure payment of wages to the employed , Prevent unauthorised
deductions , Prevent arbitrary fines
Your Answer Ensure payment of wages to the employed , Prevent unauthorised
deductions , Prevent arbitrary fines
Select The Blank
Question ________means all remuneration expressed in terms of money.
Correct Answer Wages
Your Answer Wages
Multiple Choice Multiple AnswerQuestion The Indian company may issue bonus shares to its non resident
shareholders subject to :-
Correct Answer Held by non resident shareholder , As per acquisition , In the Form
of FC-GPR
Your Answer Held by non resident shareholder , As per acquisition , In the Form
of FC-GPR , Willingness of company
Match The Following
Question Correct Answer Your Answer
Section 2(vi) Wages Wages
Wages act 1936 1936
Factories act 1948 1948
Section 3 of wages actEvery employer responsible for payment to employed persons
Every employer responsible for payment to employed persons
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
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Your Answer Committee of directors , Managing director , Manager
True/False
Question Meeting of the board of Directors shall be held at least 4 times in a year.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Who has not prescribed particular set of documentation for current
account remittances?
Correct Answer RBI , Central Govt.
Your Answer RBI , Central Govt.
True/False
Question A temporary workman is not entitled to bonus though he works for a few
days in the organisation.
Correct Answer False
Your Answer FalseMultiple Choice Single Answer
Question Which person is responsible for he payment of wages act ?
Correct Answer Managers
Your Answer Managers
Select The Blank
Question Multimodal ________ making remittance to their agents abroad.
Correct Answer Transport operators
Your Answer Transport operators
at 9:49 PM0 commentsLinks to this post
Labels: Legal Aspects of Finance(Set VII)
Legal Aspects of Finance - 21
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Single Answer
Question For which activity FDI is not prohibited?
Correct Answer Insurance
Your Answer Insurance
Multiple Choice Multiple Answer
Question Remuneration to the director may be paid :-
Correct Answer Monthly , Quarterly , Annually
Your Answer Quarterly , Annually , Monthly
Multiple Choice Single Answer
Question Payment of wages act came into existence :-
Correct Answer To ensure regular and timely payment of wages to employed
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persons
Your Answer To ensure regular and timely payment of wages to employed
persons
Multiple Choice Single Answer
Question To safeguard the interest of the company or its shareholders or the public
interest, the central government, may appoint such number of person as directors to hold
office for a period not exceeding :-
Correct Answer 3 years
Your Answer 3 years
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
Multiple Choice Single Answer
Question When was the factories act passed?Correct Answer In 1948
Your Answer In 1948
Multiple Choice Single Answer
Question Number of shareholders entitled to requisition a meeting shall be carrying
Correct Answer Not less than 10 per cent of voting power
Your Answer Not less than 10 per cent of voting power
True/False
Question Bonus is an ex gratia payment.
Correct Answer False
Your Answer FalseMultiple Choice Single Answer
Question Compliance Report is signed by :-
Correct Answer Company Secretary in practice
Your 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
Your Answer Board of Directors
True/False
Question Every company shall keep a register showing the particulars in respect of
every loan or investment made, guarantee given or security provided.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Following are the points related to Qualification share that every director
has to take :-
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Correct Answer Within two months of date of appointment , If fails to obtain then
he has to resign from the post , Minimum Share value Rs.5000/-
Your Answer Minimum Share value Rs.5000/- , If fails to obtain then he has to
resign from the post
True/False
Question The loan to any body corporate shall be made at the rate of interest not
less than that prevailing bank rate as may be prescribed by Reserve Bank of India.
Correct Answer True
Your Answer True
True/False
Question An independent Director is not an executive director of a Company.
Correct Answer False
Your Answer True
True/False
Question Owned foreign exchange is not permitted.Correct Answer False
Your Answer True
Select The Blank
Question Copies of annual accounts are to be filed within ________ days from
AGM with ROC.
Correct Answer 30 days
Your Answer 30 days
True/False
Question A non executive director is not a substantial shareholder of the company.
Correct Answer TrueYour Answer True
Match The Following
Question Correct Answer Your Answer
Bifurcation Voted for/ against Chairman
Ordinary resolution Simple majority Simple majority
Requisition of members Not less than 5 % voting power Not less than 5 %
voting power
Special resolution Form 23 Voted for/ against
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
Your 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
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information from any employee , To obtain outside legal or professional advice
Your Answer To investigate any activity within its terms of reference , To seek
information from any employee , To obtain outside legal or professional advice
Select The Blank
Question No loan or investment shall be made or guarantee given by company
unless ________ is passed at the meeting by the board.
Correct Answer Resolution
Your Answer Resolution
Multiple Choice Multiple Answer
Question Which committees are considered for calculating the limit of the
companies
Correct Answer Audit committees , Remuneration Committee , Shareholders
Grievance Committee
Your Answer Audit committees , Remuneration Committee , Shareholders
Grievance CommitteeSelect The Blank
Question The minimum wages to the obligations created by the convention no 26 of
________.
Correct Answer International labour organisation
Your Answer International labour organisation
True/False
Question A temporary workman is not entitled to bonus though he works for a few
days in the organisation.
Correct Answer False
Your Answer FalseMultiple Choice Multiple Answer
Question A person can not be appointed as director of the company if :-
Correct Answer He is found to be of unsound mind , He is declared as an insolvent
, He has not taken qualification shares
Your Answer He is found to be of unsound mind , He is declared as an insolvent
, He has not taken qualification shares
Multiple Choice Single Answer
Question A company which restricts the right to transfer its shares is :-
Correct Answer Private Ltd. Company
Your Answer Private Ltd. Company
Match The Following
Question Correct Answer Your Answer
Interim Dividend Board of Directors Board of Directors
Shorter notice for AGM Private Limited Company ROC
Books of Account Form 23AA Form 23AA
Accounting StandardsNational Advisory Committee National Advisory
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Committee
Multiple Choice Multiple Answer
Question Preference shares can be :-
Correct Answer Cumulative redeemable , Non- cumulative redeemable ,
Participatory
Your Answer Cumulative redeemable , Non- cumulative redeemable
True/False
Question Only individuals can be appointed as directors of the company.
Correct Answer True
Your Answer True
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 Charitable associationMultiple Choice Multiple Answer
Question Who is not entitled to bonus?
Correct Answer An apprentice , Employee employed through contractors
Your Answer Employee employed through contractors
Select The Blank
Question Subject to other provisions of this act every employer shall be bound to
pay every employee in respect of the accounting year commencing on any day in the year
________.
Correct Answer 1979
Your Answer 1959Multiple Choice Single Answer
Question To whom does the payment of wages act apply to ?
Correct Answer Persons employed in any factory
Your Answer Persons employed in any factory
Select The Blank
Question Under the industrial disputes act 1947________is an appropriate
government.
Correct Answer Central government
Your Answer Central government
Multiple Choice Single Answer
Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948
True/False
Question Retiring director may be eligible for reappointment.
Correct Answer True
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Your Answer True
Multiple Choice Single Answer
Question In which case did the Bombay high court observe the general purpose of
the act?
Correct Answer Arvind mills ltd case
Your Answer Arvind mills ltd case
True/False
Question After completion of Ordinary business other business is transacted at Extra
ordinary General Meeting.
Correct Answer False
Your Answer False
Select The Blank
Question ________shall certify that they have reviewed the balance sheet and profit
and loss account.
Correct Answer CEOYour Answer CEO
Select The Blank
Question ________ includes legal representative of deceased employer.
Correct Answer Employer
Your Answer Employer
Select The Blank
Question Any payment in respect on ________ can be deducted from the wages of
an employed person.
Correct Answer Fidelity guarantee bond
Your Answer Fidelity guarantee bondSelect 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
Select The Blank
Question A statement of all transactions with the related parties including the basis
shall be placed before the ________.
Correct Answer Audit committee
Your Answer Audit committee
Multiple Choice Multiple Answer
Question The board of directors shall exercise these powers only at board meetings
:-
Correct Answer Power to make calls on shares , Power to issue debentures , Power
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to borrow money
Your Answer Power to make calls on shares , Power to issue debentures , Power
to borrow money
Multiple Choice Single Answer
Question Explanatory Statement should be annexed to Notice for :-
Correct Answer Special business
Your Answer Special business
Multiple Choice Multiple Answer
Question What is the board procedure ?
Correct Answer Meeting to be held 4 times in a year , Should not be a gap of more
than 4 months between 2 meetings , Minimum information should be made available
Your Answer Meeting to be held 4 times in a year , Should not be a gap of more
than 4 months between 2 meetings , Minimum information should be made available
Multiple Choice Multiple Answer
Question Conditions on borrowings by PIO are :-Correct Answer Non-repatriation basis , Loan by inward remittance , Account by
lender in India
Your Answer Current Account , Non-repatriation basis , Loan by inward
remittance
at 9:48 PM0 commentsLinks to this post
Labels: Legal Aspects of Finance(Set VII)
Legal Aspects of Finance - 20
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
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
Unlimited company , Charitable association
Multiple Choice Multiple Answer
Question
Who is entitled to bonus?
Correct Answer
Temporary workmen , Part time employee , Retrenched employee
Your Answer
Temporary workmen , Part time employee , Retrenched employee
True/False
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Question
Payment to a scheme of insurance of a post office is not a deduction.
Correct Answer
False
Your Answer
True
True/False
Question
Deductions for income tax, payable by the employed person is permissible.
Correct Answer
True
Your Answer
True
Select The Blank
QuestionRBI in consultation with ________ regulates the capital transactions.
Correct Answer
Central govt.
Your Answer
Central govt.
Multiple Choice Multiple Answer
Question
Company can take loan from :-
Correct Answer
Banks , Financial Institutions , Debenture HoldersYour Answer
Banks , Financial Institutions , Debenture Holders
Multiple Choice Single Answer
Question
Who is empowered to specify the Foreign Exchange transactions limits under
FEMA?
Correct Answer
Reserve Bank of India
Your Answer
Exchange Control Board
Select The Blank
Question
The minimum wages act came in force in the year________.
Correct Answer
1948
Your Answer
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1948
Select The Blank
Question
Under section ________ period in respect of which wages would be paid would be
determined.
Correct Answer
3
Your Answer
5
Select The Blank
Question
________ includes legal representative of deceased employer.
Correct Answer
Employer
Your AnswerEmployer
Multiple Choice Single Answer
Question
For which activity FDI is not prohibited?
Correct Answer
Insurance
Your Answer
Insurance
Multiple Choice Multiple Answer
QuestionFollowing Resolutions must be passed by Postal Ballot :-
Correct Answer
Alteration in Object Clause , Buy-back of own shares , Variation in rights attached
to class of shares
Your Answer
Alteration in Object Clause , Buy-back of own shares
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
Select The Blank
Question
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It is advisable to close the financial year on ________.
Correct Answer
31st March
Your Answer
31st March
Multiple Choice Single Answer
Question
If an auditor after his appointment becomes subject to any of the disqualifications, it
is treated that the office is :-
Correct Answer
Vacated
Your Answer
Vacated
Multiple Choice Multiple Answer
QuestionBoard's Report shall include :-
Correct Answer
Dividend recommended , Financial position of the company , Amounts transferred
to Reserves
Your Answer
Dividend recommended , Taxes paid , Financial position of the company
Match The Following
Question
Correct Answer
Your AnswerInternal auditor
Employee of the company
Doing legal things
Insolvent
A person who is not in a position to pay his dues
A person who is not in a position to pay his dues
Moral turpitude
Doing immoral things
Doing immoral things
Call on share
Demand of remaining part of share capital value
Demand of remaining part of share capital value
Select The Blank
Question
For Special Resolution, votes cast in favour of the resolution should be ________
times more than votes cast against the resolution.
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Correct Answer
3
Your Answer
3
True/False
Question
Every company shall have a qualified and independent audit committee.
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Who issues a certificate of compliance of conditions of corporate governance?
Correct AnswerAuditors or company secretaries
Your Answer
Registrar of companies
True/False
Question
Wages includes the value of any house accommodation or supply of light and
water.
Correct Answer
False
Your AnswerFalse
True/False
Question
A temporary workman is not entitled to bonus though he works for a few days in the
organisation.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Public limited company's directors have following conditions :-
Correct Answer
Minimum number is three , Should be individuals , Have sound mind
Your Answer
Minimum number is three , Should be individuals , Have sound mind
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True/False
Question
Debenture holders are creditors of the company.
Correct Answer
True
Your Answer
True
True/False
Question
Any gratuity payable on termination of employment is included in wages.
Correct Answer
False
Your Answer
False
Multiple Choice Single AnswerQuestion
What is the optimum combination of Board of Directors?
Correct Answer
Managing Directors and Secretary
Your Answer
Executive and non executive Directors
Multiple Choice Single Answer
Question
If date of incorporation is 1.1.2005, first AGM must be held before :-
Correct Answer30.6.2006
Your Answer
30.6.2006
Match The Following
Question
Correct Answer
Your Answer
Interim Dividend
Board of Directors
Board of Directors
Shorter notice for AGM
Private Limited Company
ROC
Books of Account
Form 23AA
Registered Office
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Accounting Standards
National Advisory Committee
Form 23AA
True/False
Question
Wages includes any remuneration payable under any award or settlement between
the parties or order of court.
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Present limit for giving details of employees in Directors' Report is :-
Correct AnswerRs. 2 lac p.m.
Your Answer
Rs. 5 lac p.m.
Multiple Choice Multiple Answer
Question
What is the role of the audit committee?
Correct Answer
Review the annual financial statements , Recommending and appointment of
external auditors , Reviewing the company's financial and risk management policies
Your AnswerReview the annual financial statements , Recommending and appointment of
external auditors , Reviewing the company's financial and risk management policies
Multiple Choice Single Answer
Question
What has the national labour omission described about passing of the act?
Correct Answer
Landmark in the history of labour legislation in the country
Your Answer
Landmark in the history of labour legislation in the country
Select The Blank
Question
As per section ________ it is obligatory on every person responsible for payment.
Correct Answer
4
Your Answer
2
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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
For public company, quorum for general meeting is :-
Correct Answer
5 members in person
Your Answer
5 members in person
True/FalseQuestion
Only individuals can be appointed as directors of the company.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
FDI prohibited activities are :-
Correct AnswerRetail trading , Gambling & betting , Housing & real estate
Your Answer
Retail trading , Gambling & betting , Housing & real estate
Select The Blank
Question
Preference shareholders have ________ to get dividend over equity share holders.
Correct Answer
Preferential right
Your Answer
Preferential right
True/False
Question
No person can be appointed as an auditor of the company who is in full time
employment.
Correct Answer
True
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Your Answer
True
True/False
Question
Authorized dealer is required to avail license under the exim policy in force.
Correct Answer
True
Your Answer
True
Select The Blank
Question
As per section 5 in case of railways if the persons employed is less than ________
the wages shall be paid before the expiry of 7th day.
Correct Answer
1000Your Answer
1000
Multiple Choice Single Answer
Question
As per section 3 who fixes the minimum rate of wages to be paid to the employees
?
Correct Answer
Appropriate government
Your Answer
Appropriate governmentMultiple Choice Multiple Answer
Question
Remittance completely prohibited on :-
Correct Answer
Dividend balancing , Telephone expanses , Interest on funds
Your Answer
Dividend balancing , Telephone expanses , Interest on funds
True/False
Question
Default in placing annual accounts before AGM may result in imprisonment.
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
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A director of a company can be removed by :-
Correct Answer
Ordinary resolution
Your Answer
Ordinary resolution
True/False
Question
After completion of Ordinary business other business is transacted at Extra ordinary
General Meeting.
Correct Answer
False
Your Answer
True
True/False
QuestionWages includes any travelling allowance for travel concession.
Correct Answer
False
Your Answer
False
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