Legal aspects of finance(10) –saroj -1

Multiple Choice Single Answer

Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948

Select The Blank

Question For Special Resolution, votes cast in favour of the resolution should be ________ times more than votes cast
against the resolution.
Correct Answer 3
Your Answer 3

Multiple Choice Multiple Answer

Question For registering certain resolutions, following documents are submitted :-
Correct Answer Form 23 , Certified copy of resolution , Copy of explanatory statement
Your Answer Form 23 , Certified copy of resolution , Draft resolution

Multiple Choice Multiple Answer

Question Who are governed by the payment of wages act?
Correct Answer Employed persons , Salary less than 1600 per month
Your Answer Employed persons , Salary less than 1600 per month , Salary less than 1200 per month

Multiple Choice Multiple Answer

Question Under which circumstances will the worker not receive wages for full normal working days ?
Correct Answer If failure to work is caused by unwillingness to work , Not by omission of the employer to provide him
with work
Your Answer If failure to work is caused by unwillingness to work , Not by omission of the employer to provide him with
work , He works for more than full working hours

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 Multiple Answer

Question Who is an independent director?
Correct Answer Non executive director , Who receives director remuneration , Who is not related to the promoters
Your Answer Non executive director , Who receives director remuneration , Who is not related to the promoters

Select The Blank

Question Board has power to receive of notice of ________.
Correct Answer Disclosure of interest
Your Answer Disclosure of interest

Multiple Choice Single Answer

Question Company has to make application to central government, in case of appointment of managing director is not
made accordance with part I & II of schedule XIII, within :-
Correct Answe r 90 days
Your Answer 45 days

Select The Blank

Question The ________ issue shall be by way of public issue.
Correct Answer NCD
Your Answer RTO

Select The Blank

Question Under section ________ period in respect of which wages would be paid would be determined.
Correct Answer 3
Your Answer 3

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True/False
Question A piece rated worker is entitled to bonus.
Correct Answer True
Your Answer False

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

Select The Blank

Question ________ includes legal representative of deceased employer.
Correct Answer Employer
Your Answer Doctor

Match The Following

Question
dismissed employee for bonus
part time employee entitled to bonus
retrenched employee entitled for bonus'
company vs. probationer for bonus'
Correct Answer
Gannon India vs. niranjan das
automobile karmachari sang vs. industrial tribunal 1970
east Asiatic company vs. industrial tribunal 1961
bank of madura vs. employees union 1970

True/False
Question Only individuals can be appointed as directors of the company.
Correct Answer True
Your Answer False

Multiple Choice Single Answer

Question FEMA Norms are compatible with :-
Correct Answer FERA
Your Answer FERA

Multiple Choice Multiple Answer

Question WOS are allowed to :-
Correct Answer Pay royalty , Offshore payment , By automatic route
Your Answer Pay royalty , Offshore payment , By automatic route

Multiple Choice Multiple Answer

Question The register in respect of every investment or loan made, contains
Correct Answer The name of body corporate , The amount, terms & conditions & purpose of investment or loan or
security or guarantee , The date on which the investment or loan has been made

True/False
Question Deductions for income tax, payable by the employed person is permissible.
Correct Answer True

True/False
Question Financial year and calendar year are one and the same thing.
Correct Answer False

Multiple Choice Single Answer

Question How would you define salary or wage?
Correct Answer All remuneration other than in respect of overtime work of the work done in such employment
Your Answer All remuneration including overtime

Multiple Choice Single Answer

Question In case of cost audit, the report of cost auditor has to be submitted to central government, within :-
Correct Answer 120 Days
Your Answer 90 Days

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 Multiple Choice Multiple Answer
Question Books of account with respect to following are required to be kept :-
Correct Answer Money received & expended , Sales & purchases of goods , Assets & liabilities
Your Answer Shares of the company bought & sold by the members , Money received & expended , Sales & purchases
of goods

Multiple Choice Multiple Answer

Question Appointment of receiver under sec.137 containt
Correct Answer Name , address and date of appointment of receiver , date on which the receiver ceased to act
Your Answer Name , address and date of appointment of receiver , date on which the receiver ceased to act ,
Receivers Professional qualification

Multiple Choice Single Answer

Question In the case of prevention of operation and mismanagement application is to be made to company law board by
Correct Answer Member
Your Answer Member

Multiple Choice Multiple Answer

Question Retiring director shall be deemed to be reappointed unless :-
Correct Answer He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution
for reappointment has been put to vote & lost

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 5

True/False
Question Every company has to appoint an auditor to audit the accounts of the company and has to fix remuneration to
be paid to the auditor.
Correct Answer True

True/False
Question Senior managers are members of management, one level below the executive director.
Correct Answer True

Multiple Choice Multiple Answer

Question The penalties are levied for which offences done?
Correct Answer Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order
Your Answer Pay more than fixed wages , Pay less than minimum wages , Pay less than fixed wages

True/False
Question Board may appoint additional directors.
Correct Answer True

Multiple Choice Single Answer

Question Which report is received by the shareholders annually ?
Correct Answer Directors report
Your Answer Directors report

Select The Blank

Question The recommendations of audit committee relating to financial management shall be ________.
Correct Answer Binding
Your Answer Recommendary

Select The Blank

Question Purchase of foreign securities by resident employee of Indian Software Company, should not exceed
________.
Correct Answer US $ 50000
Your Answer US $ 50000

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True/False
Question Former director can take inspection of books of account for the years when he was director.
Correct Answer False

Multiple Choice Single Answer

Question A director of a company can be removed by :-
Correct Answer Ordinary resolution
Your Answer Special resolution

Multiple Choice Single Answer

Question Compliance Report is signed by :-
Correct Answer Company Secretary in practice
Your Answer Board of Directors

Select The Blank

Question Director has to vacate his office, if he has been ________ by a court of any offence involving moral turpitude.
Correct Answer Convicted

True/False
Question Any gratuity payable on termination of employment is included in wages.
Correct Answer False
Your Answer True

Multiple Choice Single Answer

Question A director has to vacate his office, if he is adjudged as :-
Correct Answer Insolvent
Your Answer Solvent

Match The Following

Question Correct Answer

Notice Circulation for day, time of meeting

Sole selling agent Have exclusive right to sale for company in specified area
Audit committee Appointed for specific purpose related to audit
Quorum Minimum required persons for meeting

True/False
Question Employee includes an out worker to whom any article or material are given out by another person for repair or
cleaning.
Correct Answer True
Your Answer False

Select The Blank

Question The Postal ballot paper should be returned to the company within ________ from the dispatch of ballot paper.
Correct Answer 30 days
Your Answer 15 days

Multiple Choice Multiple Answer

Question Debentures can be :-
Correct Answer Redeemable , Convertible , Party convertible and redeemable

Multiple Choice Single Answer

Question Single director can sign the annual accounts if :-
Correct Answer Only one director in India for the time being
Your Answer He is authorised by the Board in this regard

Select The Blank

Question Copies of annual accounts are to be filed within ________ days from AGM with ROC.
Correct Answer 30 days
Your Answer 21 days