Legal Aspects Of Business - Practice Test

[#671] Which one of the following statements is not correct?

(A) Forfeited shares can be reissued

(B) A notice of 14 days to shareholders is necessary before forfeiture of shares

(C) Premium on issue of shares can be used for writing off the preliminary expenses

(D) The profit on re-issue of forfeited shares is transferred to General Reserve Account

Correct Answer

(D) The profit on re-issue of forfeited shares is transferred to General Reserve Account

[#672] In case of legal non-compliance and penalties under the LLP Act, are responsible.

(A) Partners

(B) Designated Partners

(C) LLP

(D) All the above

Correct Answer

(B) Designated Partners

[#673] In India, GST become effective from

(A) 1 st April, 2017

(B) 1 st January, 2017

(C) 1 st July, 2017

(D) 1 st March, 2017

Correct Answer

(C) 1 st July, 2017

[#674] Which of the following commodities is kept outside the purview of GST?

(A) Tobacco products

(B) Petroleum products

(C) Edible oils

(D) Insurance products

Correct Answer

(B) Petroleum products

[#675] Which of the following is not the objective of the Competition Act, 2002?

(A) Prohibition of Restrictive Trade Practices

(B) Prohibition of Dominant Position

(C) Prohibition of Anti-competitive Agreements

(D) Regulation of Combinations

(E) Prohibition of Restrictive Trade Practices

(F) Prohibition of Dominant Position

(G) Prohibition of Anti-competitive Agreements

(H) Regulation of Combinations

Correct Answer

(A) Prohibition of Restrictive Trade Practices
(E) Prohibition of Restrictive Trade Practices

Legal Aspects Of Business - Study Mode

[#671] Which one of the following statements is not correct?

Correct Answer

[#672] In case of legal non-compliance and penalties under the LLP Act, are responsible.

Correct Answer

[#673] In India, GST become effective from

Correct Answer

[#674] Which of the following commodities is kept outside the purview of GST?

Correct Answer

[#675] Which of the following is not the objective of the Competition Act, 2002?

Correct Answer