Fill in the blanks

1. Proposal is other called as_______.

2. Uncommunicated communication cannot result in a ____ or ______.
3. Agreements of wagers are______.
4. Consideration is of three types, ____, _______ and _______.
5. The person in respect of whose default the guarantee is given is called the __________.
6. The person delivering the goods is called the ____________.
7. No consideration is necessary to create_________.
8. The ratification may be________ or _______ in the conduct of the person on whose
behalf the acts are done.
9. ___________ is a person employed to do any act for another or to represent another in
dealing with the third person.
10. A contract of bailment is______, if the bailee does any act with regard to the goods
bailed, inconsistent with the conditions of bailment.

1. ‘Goods’ under Sale of Goods Act is ________ property.

2. The contract of sale is an _________contract.
3. A warranty is a stipulation _______ to the main purpose.
4. In an agreement to sale, the transfer of property in the goods is to take place at a _____
time.
5. When the property is transferred to the buyer the goods are at the __________ risk
whether the delivery has been made or not.
6. The seller of the goods is deemed to be __________ when the whole of the price has
not been paid.
7. The unpaid seller has the right of __________ on the goods for the price while he is in
possession of them.
8. The contract of sale is not _____ by the mere exercise by unpaid seller of his right of lien
or stoppage in transit.
9. Where no time is fixed for the acceptance of goods, the measure of damage is the
difference between the ________ price and the market price on the date of refusal
by the buyer to accept the goods.
10. If the buyer or his agents obtains delivery of the goods before their arrival at the
appointed destination, the transit is at an ________.

1. The transaction of negotiable instrument requires at least ______ persons.

2. The person named in the instrument, to who or to whose order the money is by the
instrument directed to be paid is, called the __________.
3. Negotiation is of two types, namely, ________,_________.
4. A cheque is a bill of exchange drawn on a specified__________on demand.
5. Clearing house is managed by_________.
6. Draft cannot be drawn on_____________.
7. Indorsement is of two types, namely, _______,________.
8. A negotiable instrument indorsed in blank is payable to the _________.
9. If the amount is paid after due date, the interest is payable at ______when no interest
rate has been specified in the instrument.
10. The dishonor of the instrument may be due to_______and________.

1. Partnership is the creation of _________.

2. The liability of a partner in a firm is _____________.
3. Nominal partner is of two types, __________and__________.
4. Maximum no. of partners in banking is__________.
5. In particular partnership a person may become a partner with another person in
particular _______________.
6. Partner is the __________of the firm for the purpose of the business of the firm;
7. Where a partner in a firm is adjudicated as insolvent, he ceases to be a partner on the
date on which _____________________.
8. A partnership firm is to be registered with ____________.
9. Partnership at will is a partnership formed for___________period.
10. A firm is a collective of ___________partners.

1. Every LLP has at least ____partners.

2. Designated partners shall always be ________.
3. The particulars of designated partner shall be filed within ____ days of his appointment
with the Registrar.
4. Every partner shall inform the LLP of any change in his name or address within a period
of ____ days of such change in Form No._____.
5. Every partner of LLP is the ______ of LLP.
6. The books of accounts of a LLP are required to preserve for ______ from the date on
which they are made.
7. The LLP shall inform the concerned Registrar within ______ of the date of registration
about the conversion and the particulars of LLP.
8. The foreign LLP shall file any alteration with the Registrar within ______ days of the close
of the financial year.
9. The Central Government may appoint Inspector to investigate the affairs of the LLP if
not less than ______ the total number of partners of LLP make an application.
10. Where an LLP is not carrying on any business for a period of ____ or more, the name
of the LLP may be struck off by the Registrar.
1. Safety Officer is required to be appointed where more than ________ workers are
ordinarily employed.
2. If more than ________ workers are employed in a factory, a canteen or canteens shall
be provided and maintained by the occupier for the use of the workers.

3. No adult worker shall be allowed to work in a factory for more than ______ hours in any
day.
4. In respect of overtime work, the employee is entitled to wages at the rate of ______ his
ordinary rate of wages.
5. No woman employee shall be required to work in any factory except between _______
and _______.
6. A child who has completed his 14th year of an adolescent shall not be allowed to work
in any factory unless ____________granted in the custody of the manager of the
factory.
7. __________ shall be provided and maintained for the use of children not under the age
of 6 years if more than _______women workers are employed.
8. Occupier is the person who has____________ over the affairs of the factory.
9. The total number of leave that may be carried forward shall not exceed _______ days
in the case of adult or ___________ in the case of child worker.
10. _____________ shall examine an application for an establishment of a factory
involving hazardous process.

1. The gratuity is payable to an employee after he has rendered continuous service for
not less than _______ years.
2. The maximum amount of gratuity payable is______________.
3. The employer shall arrange to pay gratuity within_______ from the date of its becoming
payable to the eligible person.
4. Appeal, against the order of the Controlling Authority may be filed within _______ days
from the date of receipt of the order.
5. If the gratuity is not paid in time the employer is liable to pay interest at _____ per
annum.
6. Nomination is to be made by an employee in Form_____.
7. Gratuity is calculated for every completed year of service or part in excess of six months
at the rate of ________ wages last drawn.
8. Section 4A may exempt the employer employing ______ or more persons who
establishes an approved gratuity fund.
9. An employee, within _______ of acquiring a family shall submit a fresh nomination.
10. If there is a dispute as to the amount of gratuity payable to the employee, the
employer shall deposit the gratuity with the ____________.
1. EPF Act is applicable to every establishment employing _______or more persons.
2. The contribution or employer to the Fund is_____of basic wages, dearness allowance
and retaining allowance, if any.
3. The Pension fund is administered by the _________.
4. The Employee’s Deposit Linked Insurance Scheme, 1976 came into effect from______.
5. The contribution to insurance fund is to be remitted by the employer within_____days
of the close of the month.
6. The wage limit contribution under the scheme has been fixed at`15,000/- with effect
from ________.
7. The Central Government may give exemption to any establishment considering
its_____.
8. Contribution to EPF is payable by__________and_________.
9. ________is not covered under the EPF Act.
10. Section 5AA provides for the appointment of__________by the Central Government
to assistant the Central Board in the performance of its functions.

1. The two types of permanent establishment is___________and__________.

2. The term of the members of Medical Benefit Council shall be __________.
3. The rate of contribution is_______ and _____ of worker’s wages by employees and
employers respectively.
4. The amount recoverable under this Act may be recovered as if it_____________.
5. Standing Committee shall consist of_________ members of the Corporation;
6. _____________ is the ex-officio member of Medical Benefit Council;
7. A member of the Corporation, the Standing Committee or the Medical Benefit Council
may resign his office by notice in writing to___________.
8. The payment towards the expenditure on the funeral of the deceased insured person
is payable to the ______________.
9. Confinement is the labor resulting in the issue of living child or labor after________ of
pregnancy resulting in the issue of child, whether alive or dead.
10. Factory is defined as any premises including the precincts thereof whereon_______or
more persons are employed on any day of the preceding _________.

1. The two types of establishments under the Payment of Bonus Act are_____,_______.
2. To get eligible for bonus an employee is to work______________in that accounting year.
3. Wage limit for getting bonus is `_________.
4. The minimum bonus payable is at _______of the salary or wage earned by the
employee during the accounting year or `_____ whichever is higher.
5. The time limit for bonus payment by issue of an award passed on the dispute regarding
the payment of bonus is__________ .
6. Annual return is to be filed in Form No._______.
7. Any dispute arises between an employer and his employee in regard to the payment
of bonus shall be deemed to be an_______________.
8. Bonus is an__________to increase the production.
9. Bonus is neither ____________ nor ________ deferred payment of wages.
10. The establishment in public sector is an establishment owned, controlled or
managed by________.

1. Adult is a person who has completed his______year.

2. Any person who is responsible to the owner for the supervision and control of the
employee or for the payment of wages is an______________.

3. The schedule is divided into two parts. Part I of the schedule has______ entries.

4. The minimum wages shall be paid in________.

5. Where a person provides labor or service to another for remuneration which is less than
the minimum wage, such labor is called___________.

6. When a worker works more than 9 hours on any day or more than 48 hours a week, he
shall be entitled to overtime wages 1.5 times of the ordinary wages in case of
employment in_____________.

7. The minimum wages shall be paid in an establishment in which more than 1000 persons
are employed before the expiry of ______th day.

8. Total amount of deductions from the wages shall not exceed______of such wages
where such deductions are paid to co-operative societies.

9. To set the weekly day of rest the employee has to work for a continuous period for not
less than ____ days in a week.

10. The claim for minimum wages shall be made in _________.

1. The wage period shall not exceed_______.

2. The term ‘employer’ includes the _____________deceased employer.
3. All payment of wages shall be made on___________.
4. The wage of employed person shall be paid to him with deduction of any kind except
those _______________ under this Act.
5. The total amount of fine which may be imposed in any wage period shall not exceed
an equal to _______ of the wages payable to him in respect of wage period.
6. Every register and record shall be preserved for a period of ______ after the date of last
entry made therein.
7. The claim for delayed payment of wages for deduction made from the wage is to be
made in Form_____ in case of individual employed person.
8. The proviso to Section 15(2) provides that an application against the delayed payment
of wages is to be filed within ______ months to the authority from the date on which
the payment is due.
9. The wages in respect of any person terminated shall be payable before the expiry of
____ working day from the date of termination.
10. The limitation for a claim would always start from the date on which the wage is
_______.

1. The minimum number of members required for a public listed company

is_____.
2. The maximum number of members for a private limited company is ______.
3. ________ provides the memorandum of association of an unlimited company
and not having share capital.
4. ________ provides the Articles of Association of a company limited by
guarantee and having share capital.
5. A company shall send copy of each of the document such as memorandum
etc., to a member within ____ days of the request made by him.
6. The company is to file a copy of the order of the Tribunal approving the
alteration of articles together with a printed copy of altered articles within ---------
------ days.
7. Any alteration in the memorandum, in the case of company limited by
guarantee and not having a share capital purporting to any person a right to
participate in the divisible profits of the company, otherwise than as a member,
shall be _______.
8. The Registrar on registering a company shall allot ______ on and from the
date mentioned in the certificate of incorporation.
9. The _______ of the company shall contain the regulations for management of
the company.
10. Table _____ in Schedule _____ provides the matters that shall be considered in
the Articles.

1. The registered office shall be opened within _____ from the date of incorporation of
the company.
2. The notice of every change in the situation of registered office shall be given to the
Registrar of Companies within _______ of the change.
3. An application in _______ is to be filed with _______for seeking confirmation for shifting
the registered office within the same State from the jurisdiction of Registrar of
Companies to the jurisdiction of another Registrar of Companies.
4. The Regional Director shall communicate the confirmation of shifting of registered
office within _____ of receipt of the application.
5. The company shall furnish to the Registrar, verification of its registered office within
_____ from the date of its incorporation in _____ along with fee.
1. The prospectus shall contain a report by a Chartered Accountant upon the profits or
losses for each of _______ financial years immediately preceding the date of issue of
prospectus.
2. The promoters of every public company making a public offer of any convertible
securities may hold such securities only in __________ form.
3. A company filing a Shelf prospectus is required to file an Information Memorandum
in Form No. ______ with the Registrar within _____ prior to the issue of second or
subsequent offer of securities under the issue of Shelf prospectus.
4. The Information Memorandum shall be deemed to be a _______.
5. _________ is a prospectus which does not include complete particulars of the
quantum or price of the securities included therein.

1. The private placement shall be made, not more than _____ persons in aggregate in a
financial year.
2. The value of such offer of invitation per person shall be with an investment size of not
less than `______ of face value of the securities.
3. The company making an offer or invitation shall allot securities within _____ from the
date of receipt of the application money for such securities.
4. If the company is not able to allot securities, the application money shall be refunded
within _____ days from the date of completion of _____ days.
5. If the application money is not refunded within the specified time, the company shall
be liable to pay that money with interest at _____ per annum from the expiry of 60th day.

1. A share capital of the company includes _______.

2. The share capital of a company limited by shares shall be of two kinds namely, _____
and _________.
3. Equity share capital is of two types, _______, and ________.
4. The company shall maintain a Register of Employee Stock Option in Form No..______.
5. If the shareholders not less than _____ of the issued shares of class did not consent to
the variation or vote in favor of the special resolution for the variation, such
shareholders may apply to the Tribunal to have the variation cancelled.
6. The company shall file the notice with the Registrar within a period of ______ in case
of alteration or increase of redemption along with an altered memorandum.
7. Any share issued by a company at a discounted price shall be ______.
8. The share certificate shall be delivered by a company within a period of _____ from
the date of allotment.
9. An instrument of transfer of securities, in physical form shall be filed in Form No. _____.
10. The company shall not issue sweat equity shares for more than _____ of the existing
paid up share capital in a year.

1. Preference share capital is not entitled to _______ and_________.

2. A preference share shall be redeemed within a period not exceeding _______ from
the date of their issue.
3. The issue of further redeemable share or redemption of preference shares shall not be
deemed to be an _______ or _______ in the share capital.
4. The particulars of the issue of preference share holders shall be noted in the _________.
5. The resolution for issue of preference share shall indicatre the payment of dividend on
__________ or ________ basis.

1. No offer of buy back shall be made within a period of _______ reckoned from the date
of closure of the preceding offer of buy back, if any.
2. The company shall file with the Registrar of Companies a letter of offer in Form No.
______ before the buyback of shares.
3. Every buy back shall be completed within a period of _______ from the date of passing
special resolution in the general meeting or resolution passed by the Board.
4. The company shall destroy the share or securities bought back within ________ of the
last date of completion of buy back.
5. After buy back a company shall not make a further issue of shares within a period of
______.

1. No company shall issue any debenture carrying _________.

2. Debentures shall be the ________ property.
3. A debenture trustee may be removed from the office before the expiry of his term
only if it is approved by the holders of not less than _________ in value of the
debenture outstanding at their meeting.
4. Every company required to create Debenture Redemption Reserve on or before
_______ in each year.
5. For unlisted companies issuing debentures on private placement basis, the
Debenture Redemption Reserve will be _______ of the value of the debentures.

1. A public company, having a net worth of not less than `_____ or a turnover of `_____ is
eligible for making any invitation to the public for acceptance of deposits.
2. Every company accepting secured deposits from the public shall within _______ days
on such acceptance create a _____ on its assets of amount not less than the amount
of deposits accepted.
3. The minimum investment rating grate to be obtained from Brickwork Ratings India
Private Limited is _______.
4. The company shall execute a deposit _______ in Form No. ______ at least 7 days
before issuing circular or circular in the form of an advertisement.
5. The company on acceptance or renewal of a deposit is to furnish to the depositor
or his agent a receipt for the amount received within a period of ______ days from
the date of receipt of money.
6. On the request of the depositor after the expiry of _____ months from the date of such
receipt but before the expiry of the period, the rate of interest shall be reduced by
________ from the fixed rate.
 1. For issue of global depository receipt, a company is to pass ______ resolution in the
general meeting.
2. The issue of depository receipts shall either be remitted to a bank account in _____ or
deposited in an ______ bank operating abroad or any foreign bank, which is a
scheduled bank under Reserve Bank of India Act, 1934.
3. The provisions relating to _________ is not applicable to global depository receipt
issue.

1. The charge may be within ________ or _______ on the properties of the companies
situated outside India.
2. The time limit for registration of charge is ______ days from the date of creation of
charge.
3. The Registrar may, if he is satisfied that the company had sufficient cause for not filing
the particulars within 30 days allow the registration after 30 days but within a period
of ______ days of the creation of the charge.
4. The application for condonation of delay shall be made in Form No. ______.
5. The company shall, on payment or satisfaction full or any charge registered, give
intimation to the Registrar in Form No. ______ within _____ from the date of such
satisfaction.

1. Every company limited by shares shall keep and maintain the Register of Members
in Form No. ______.
2. The Registration shall be preserved for a period of _______.
3. A company may close the Register of Members/Debentures etc., for any period not
exceeding in the aggregate of _______ days in each year.
4. Declaration of beneficial interest in any share shall be filed by a person with a
company in ________ within ____ days from the date of the entry of his name in the
Register.
5. The existing companies shall comply with the particulars within ______ from the date
of commencement of the Rules.

1. Every company shall prepare Annual Return in Form __________.

2. The Annual Return shall be signed by _________ and ________,
3. Every company shall file the Annual Return with the Registrar within ______ from the
date on which Annual General Meeting is held.
4. The Annual Return along with copies of all certificates and documents shall be kept
for a period of ________ from the date of filing with the Registrar.
5. Every company shall file a return in Form No. _____ in respect of charges relating to
either increase or decrease of 2% or more in the shareholding pattern within ______ days
of such change.

1. A general meeting may be called by giving not less than clear _____ days notice
either in writing or through electronic mode.
2. In case of a private company ____ members personally present shall be the quorum
for a meeting of a company.
3. A person can act as proxy on behalf of members not exceeding ______ and holding
in the aggregate note more than ____ of the total share capital of the company
carrying voting rights.
4. At any general meeting, a resolution put to the vote of the meeting shall be decided
on ________.
5. _____ shall be appointed to scrutinize the poll process.
6. The polling form shall be in Form No. ______.

7. The report of the scrutinizers shall be submitted to the Chairman within _____ from the
date of poll is taken.
8. Postal ballot means voting by post within a period of _____ days from the date of
dispatch of letter.
9. A copy of every resolution is to be filed with Registrar within ______ of the passing of
the resolution.
10. Any member shall be entitled to be furnished within _____ of the request on payment
of fee, with a copy of minutes.

1. Every company other than an ______ shall in each year held a general meeting as
its AGM.
2. First AGM is to be conducted within ___________from the date of the first financial
year of the company.
3. The report of AGM shall be filed with the Registrar within ______ of the conclusion of
AGM.
4. AGM is not to be conducted on a ___________.

1. The Board shall conduct the EGM at the requisition made by not less than ____ of
such of ______ of the company, if the company is having share capital.
2. The Board is to proceed to call a EGM within ________ days of the receipt of a valid
requisition.
3. The EGM shall be conducted by the Board within _____ from the date of receipt of a
valid requisition.
4. If the Board does not conduct the EGM, the requisitionists themselves conduct the
meeting within _______ from the date of requisition.
5. The company is bound to give the list of members with their registered addresses
before the expiry of ______ from the date of receipt of a valid requisition.

1. The Board shall have a minimum number of ______ directors in the case of private
company.
2. The maximum number of directors shall be _____.
3. Small shareholder means a share holder holding shares of nominal value not more
than `______.
4. The company shall, within ______ days of the appointment of a director, file consent
of director with the Registrar.
5. DIN stands for _______.
6. A return containing the appointment of directors and KMP and changes therein shall
be filed with the Registrar within _____ days of such appointment or change by the
company.
7. The maximum age limit of Managing Director is _______ years.
8. The total managerial remuneration payable by a public company to its directors,
including Managing Director and Whole Time Director in respect of a financial year shall
not exceed _________ of the net profits of the company.

9. Sitting fees shall not exceed ________ per meeting of the Board or Committee.
10. The office of a Director shall become vacant in case he absent himself from all the
meeting of the Board of Directors held during a period of _____ with or without seeking
leave of absence of Board.

1. The term ethics is derived from latin word _____.

2. Ethics of a three types viz., ______, _______ and _______.
3. The ethical operation of a company is directly related to ________ in both short and
long term.
4. Meta ethics deal with the nature of ________.
5. Continuous improvement or ________ is a popular theme.

Choose the correct answer

1. Which one of the following is not a quasi contract?
(a) Claim for necessaries supplied to person incapable of contracting, or on his
account;
(b) Reimbursement of persons paying money by another, in payment of which he is
interested;
(c) Uncertainty and futurity of the event to which it is related;
 (d) Responsibility of finder of goods.
2. The breach of contract may be-
(a) Actual;
(b) Anticipatory;
(c) None of the above;
(d) Either of the above.
3. Which one of the following is not the feature of the contract of guarantee?
(a) There are two parties in this contract;
(b) The liability of surety is secondary;
(c) There is an existing debt for which the surety gives guarantee to the creditor on
behalf of the principal debtor;
(d) The surety gives contract at the request of the principal debtor.
4. A person may not become an agent-
(a) If he is of the age of maturity;
(b) If he is of unsound mind;
(c) Either of the above;
(d) None of the above.
5. Which one of the following is not a contract?
(a) A find B’s purse and gives it to him. B promises to give him `1,000/-;
(b) A promises, for no consideration, to give `10,000/-;
(c) A agrees to sell a horse worth of `1,000/- for `10/-;
(d) A supports B’s infant son. B promises to pay A’s expenses in so doing.
6. Which one of the following is not a lawful object?
(a) A promises to obtain for B an employment in the public service and B promises to
pay ` 2 lakhs to A;
(b) A agrees to sell his house to B for `25 lakhs for which B agrees;
(c) A promises to maintain B’s child and B promises to pay `5,000/- per month;
(d) A promises to pay `1 lakh at the end of six months if C who owes that sum to B
fails to pay. B promises to grant time to C accordingly.
7. Which one of the following is not the discharge by operation of law?
(a) By merger;
(b) By insolvency;
(c) By breach of contract;
(d) By the unauthorized alteration of items of a written document.

1. Which one of the following is not the feature of ‘agreement to sale’?

(a) It is an executor contract;
(b) Sales takes place for existing and specific goods;
(c) The seller can sue for damages only in case of breach by the buyer;
 (d) It gives a right to the buyer against the seller to sue for damages.
2. Which one of the following is the subject matter of the contract?
(a) Existing or future goods;
(b) Goods perishing before making contract;
(c) Goods perishing before sale but after agreement to sell;
(d) Any of the above.

3. Which is not the circumstance in which the transit of the goods is at end?
(a) If the buyer or his agents obtains delivery of the goods before their arrival at the
appointed destination;
(b) Where the earlier or other bailee wrongfully refuses to deliver the goods to the
buyer or his agents in that behalf;
(c) If the goods are rejected by the buyer and the carrier or other bailee continues
in possession of them;
(d) Where the carrier or other bailee wrongfully refuses to deliver the goods to the
buyer or his agents in that behalf.
4. Find out the right of the unpaid seller from the following-
(a) A lien on the goods for the price while he is in possession of them;
(b) A right of resale as limited by the Act;
(c) In case of the insolvency of the buyer a right of stopping the goods in transit after
he has parted with the possession of them.
(d) All the above.
5. Which one of the following is correct in regard to risk with property?
(a) Risk is involved on both the seller and the buyer;
(b) Where the delivery has been delayed through the fault of either buyer or seller,
the goods are at the risk of the party in fault;
(c) Both (a) and (b);
(d) None of the above.
1. One of the following is not a negotiable instrument. Identify the same.
(a) Share certificate;
(b) Bill of exchange;
(c) Cheque;
(d) Promissory note.
2. Which one of the following is a Bill of Exchange?
(a) A banker’s draft;
(b) A demand draft;
(c) An order issued by a District Board Engineer on Government Treasury for payment
to or order of a certain person;
(d) All the above.
3. Which one of the following is not the element of draft?
(a) It cannot be drawn on private individual;
(b) It cannot be countermanded easily;
(c) It is open to the person to stop payment;
(d) The bank undertakes the liability which it is bound to discharge in whose favor
the draft is issued;
4. Holder in due course means any person-
(a) Drawing the instrument;
(b) Who for consideration became the possession of a promissory note;
(c) Named in the instrument to whom or to whom order the money is directed to be
paid;
(d) None of the above.
5. Who may negotiate?
(a) Drawer;
(b) Payee;
(c) All of the joint makers;
(d) None of the above
(e) Any of (a) to (c).
6. The liability on the instrument may be discharged-
(a) By cancellation;
(b) By release;
(c) By payment;
(d) By any one of the above methods.
7. A cheque shall be deemed to be crossed specially-
(a) On addition of the name of the banker;
(b) Drawing two lines parallel;
(c) Any of (a) or (b);
(d) None of (a) and (b).

1. Who can take active part in the management of the firm?

(a) Sleeping partner;
(b) Secret partner;
(c) Working partner;
(d) Nominal partner.
2. A new partner can be introduced as a partner into a firm-
(a) At the discretion of active partner;
(b) At the decision of partners authorized in this behalf;
(c) With the consent of all existing partners;
(d) None of the above.
3. A partner may retire-
(a) With the consent of all partners;
(b) In accordance with an express agreement by the partners;
(c) By giving notice in writing to all partners;
(d) Any one of the above.
4. Intimation of the reconstitution of change in a registered partnership is to be given to
the Registrar of firms-
(a) No time limit;
(b) Within 30 days;
(c) Within 60 days;
(d) Within 90 days.
5. A firm shall not contain any name-
(a) King;
(b) Queen;
(c) Empire;
(d) All the above.

1. An LLP is a-
(a) Partnership;
(b) Company;
(c) Hybrid between a company and a partnership;
(d) None of the above.
2. The procedure for conversion from the firm into LLP is dealt with in the-
(a) First Schedule;
(b) Second Schedule;
(c) Third Schedule;
(d) Fourth Schedule.
3. Which one of the following is not an LLP?
(a) Corporate Sole;
(b) LLP registered under LLP Act;
(c) LLP incorporated outside India;
(d) Company registered outside India.
4. The minimum number of designated partners in an LLP shall-
(a) 1; (b) 2; (c) 7; (d) 15.
5. The fee payable for registration of LLP whose contribution exceeds `10 lakhs is-
(a) `500/-; (b) `2000/-; (c) `4000/-; (d) `5000/-.
6. A partner may contribute to the LLP-
(a) Tangible or intangible property;
(b) Moveable or immoveable property;
 (c) Money, promissory note etc.,
(d) Any of the above.
7. The accounts of LLP shall be audited if the turnover of LLP exceeds-
(a) ` 10 lakhs;
(b) `20 lakhs;
(c) `40 lakhs;
(d) ` 1 crore.
8. Which one of the following documents is required to keep for more than 5 years?
(a) Copies of Government order relating to LLP;
(b) All papers, registers, refund orders and correspondence relating to the LLP
liquidation accounts;
(c) Copies of statistical returns furnished to Government;
(d) Annual return of a LLP.
9. The Act does not allow the conversion from ______ into LLP-
(a) Conversion from firm into LLP;
(b) Conversion from private company to LLP;
(c) Conversion from listed company into LLP;
(d) Conversion from unlisted company into LLP.
10. A compromise or arrangement may be proposed-
(a) Between a LLP and its partners;
(b) Between a LLP and its creditors;
(c) Either (a) or (b);
(d) None of the above

1. Age of adolescent worker is-

(a) 10 (b)14(c) 18(d) 21
2. Certificate of fitness to be young worker is to be granted by-
(a) Occupier of the factory (b) Inspector of the factory; (c) Certifying surgeon
(d) None of the above
3. White wash or color wash should be carried out atleast once in every period of-
(a) 14 months;
(b) 24 months;
(c) 48 months;
(d) 60 months
4. Where more than_______ workers are employed provision shall be made for cool
drinking water during hot weather.
(a) 100 (b) 250 (c) 500 (d) 1000
5. Shelter rooms with suitable lunch rooms are to be provided, if more than ______ workers
are employed.
 (a) 100 (b) 250 (c) 500 (d) 1000 (e) none of the above.
6. No female child shall be allowed to work in any factory except between-
(a) 8 A.M., and 7 P.M.,;
(b) 6 P.M., and 6 A.M.,
(c) 6 A.M., and 7 P.M.,
(d) 10 P.M. and 5 A.M.,
7. Compensatory holidays are to be availed within ______ month.
(a) 1 month (b) 2 months (c) 6 months (d) 9 months
8. Which one of the following amounts to safety measure?
(a) Artificial humidification;
(b) Ventilation;
(c) Fencing of factory;
(d) First aid appliances.
9. Identify from the following which is the power of Inspector of Factory.
(a) Enter into any place ofa factory;
(b) Make inquiry into any accident;
(c) Seize or take copies of any document;
(d) All the above.
10. Weekly holiday shall be________
(a) First day of the week;
(b) Last day of the week;
(c) Third day of the week;
(d) None of the above.

1. Which does not amount to retirement?

(a) Retrenchment;
(b) Resignation;
(c) Dismissal; (d) Superannuation.
2. Gratuity is payable to an employee-
(a) On his superannuation;
(b) Retirement;
(c) Retrenchment;
(d) In all the above cases.
3. The gratuity is payable to an employee shall not exceed-
(a) 12 months pay; (b) 16 months pay;
 (c) 20 months pay; (d) 24 months pay.

4. The employer shall display an abstract of the Act and the Rules in Form No-
(a) U (b) H (c) O (d) N
5. If sufficient cause is shown the appropriate Government may condone the delay in
filing appeal against the order of the Controlling Authority, for-
(a) 30 days; (b) 60 days; (c) 90 days; (d) No time limit.
6. Nomination is to be made by an employee-
(a) Immediately on his appointment;
(b) After completion of one year service;
(c) After he is made permanent;
(d) None of the above.
7. Which one of the following is to be included in the definition of ‘wage’?
(a) Dearness allowance;
(b) Overtime allowance;
(c) Commission;
(d) House rent allowance.
8. If an employer intends to close the business he is to send notice to the Controlling
Authority within _______ before the intended closure.
(a) 10 days; (b) 30 days; (c) 60 days; (d) 90 days.
9. Nomination is to be filed in_______
(a) Single form (b) Duplicate
(c) Triplicate (d) Quadruplicate.
10. Which will not amount to service of notice under the rule?
(a) Personal service;
(b) By registered post;
(c) By courier.

1. Which one of the following will not include in the definition of basic wages?
(a) Dearness allowance; (b) Overtime; (c) Cash value for consideration;
(d) All the above.
2. The contribution of employer to insurance fund is-
(a) 1% (b) 10% (c) 12% (d) None of the above.
3. Contribution of 10% to PF is applicable t0-
(a) Any establishment in which less than 20 employees are employed;
(b) Any establishment declared as sick industrial company;
 (c) Jute company;
(d) All of the above.
4. The minimum administrative charge payable by the employer to the fund is-
(a) `75 (b) `500/- (c) `1000 (d) None of the above
5. The maximum penalty recoverable from the employer who makes the default in
payment of any contribution to the fund is-
(a) 5% (b) 10% (c) 15% (d) 25%
6. Withdrawal from PF may be allowed for-
(a) Marriage of the employer;
(b) Post matriculation education of children;
(c) For the purchase of a dwelling place;
(d) For illness in certain cases.
7. The Employees Pension Scheme provides for-
(a) Superannuation pension;
(b) Orphanage pension;
(c) Both (a) and (b);
(d) None of (a) or (b).
8. Contribution of the employer to employees’ pension scheme is-
(a) 8.33% (b) 10% (c) 12% (d) None of the above.
9. The following cannot be nominated for the purposes of EPF Act-
(a) Wife;
(b) Sons of a deceased sons who have attained majority;
(c) Father in law;
(d) Unmarried daughter.
10. While filing appeal to EPF Appellate Tribunal the employer has to deposit___of the
amount due from him.
(a) 25% (b) 50% (c) 75% (d) None of the above.

1. The contribution shall be paid in a bank within ___days of the last day of the calendar
month in which the contribution fall due for any wage period.
(a) 7(b) 14(c) 21(d) 30
2. An appeal shall lie to High Court from the orders of ESI within _____ days from the date
of order of the ESI Court.
(a) 30(b) 60(c) 90(d) None of the above.
3. A member of the Corporation shall cease to be a member if he fails to attend _______
consecutive meeting.
(a) 3(b) 5(c) 7(d) None of the above.
4. ESI Fund consists of-
(a) Contribution;
(b) Grants from governments;
(c) Donations;
(d) All the above.
5. The Corporation may with the approval of _________ establish and maintain in a State,
hospitals, dispensaries etc.,
(a) Central Government;
(b) State Government;
(c) Local Authority;
(d) None of the above.
6. Who will not the following be considered as an employee?
(a) Canteen workers;
(b) Casual workers;
(c) Partners;
(d) Part time employee.
7. Who, among the following, is not the Principal Employer?
(a) Occupier of the factory;
(b) Owner of the factory;
(c) Legal representative of the owner;
(d) Legal representative of the contractor.
8. Seasonal factory is the one which is engaged for a period not exceeding______ in a
year.
(a) 7 months;
(b) 6 months;
(c) 3 months;
(d) None of the above.
9. Which, among the following, will not be included in the definition of ‘wages’?
(a) Payment made on authorized leave;
(b) Travelling allowance;
(c) Payment made on lock out;
(d) Payment made for lay off.
10. ESI Corporation is a-
(a) Partnership firm;
(b) Limited Liability Partnership;
(c) Body Corporate;
(d) Hindu Undivided Family.
1. Which one of the following is not applicable to the Bonus Act?
(a) Every factory;
(b) Every establishment in which 20 or more persons are employed on any day during
an accounting year;
(c) Life Insurance Corporation of India.
2. Who is not eligible to get bonus?
(a) A temporary workman;
(b) A dismissed employee;
(c) A piece rated employee;
(d) A retrenched employee.
3. The maximum bonus payable during an accounting year is ______ of the salary.
(a) 8.33% (b) 12% (c) 15% (d) 20%
4. If an employee draws pay of `15,000/- what is the maximum bonus payable to him?
(a) `10,000/- (b) `15,000/- (c) `21,000/- (d) None of the above
5. The time limit for making bonus payment is-
(a) Within a period of one month from the close of the accounting year;
(b) Within a period of three months from the close of the accounting year;
(c) Within a period of six months from the close of the accounting year;
(d) Within a period of eight months from the close of the accounting year.
6. Annual return shall be filed by every employer on or before-
(a) 31st March;
(b) 30th September;
(c) 1st February;
(d) 30th June.

7. Which of the following is included in the definition of ‘salary’ or ‘wage’?

(a) Commission;
(b) Dearness allowance;
(c) Retrenchment compensation;
(d) Value of any house accommodation.
8. Which one of the following is deductible from the gross profit?
(a) Depreciation;
(b) Development rebate;
(c) Any direct tax payable;
(d) All of the above.
9. _______% of the paid up equity share capital as at the commencement of the
accounting year is allowed deduction from the gross profit in respect of banking
companies.
(a) 7.5% (b) 6%(c) 8.5% (d) 5%
10. 6% of the reserves shown in the balance sheet as at the commencement of the
accounting year is allowed for_______ company.
(a) Foreign company;
(b) Banking company;
(c) Company other than banking company;
(d) Corporation.

1. Schedule II of this Act relates to an employment of –

(a) State Government;
(b) Central Government;
(c) Agriculture;
(d) Local authority.
2. Minimum wages may be fixed by-
(a) The hour;
(b) The day;
(c) Month;
(d) By any of the above method.
3. Review of minimum wages is to b e done at such interval not exceeding-
(a) 3 years; (b) 5 years; (c) 7 years; (d) 10 years.
4. No minimum wages cannot be fixed where-
(a) Dispute is pending before the Tribunal;
(b) Dispute is pending before any authority under any other law for the time being in
force;
(c) An award in operation;
(d) Any one of the above three.
5. Wages of a worker shall be paid before the expiry of 7th day in the establishment for
which less than ______ persons are employed.
(a) 1000; (b) 500; (c) 250; (d) 100.
6. If the authority finds the application for claim of minimum wages is a vexatious one, he
may imposed penalty a sum no exceeding-
(a) `100/-;(b) ` 50; (c) `500/- (d) `250/-
7. The Central Government proposes the minimum rate of wages at-
(a) `5000/- (b) `7500/- (c) `10000/- (d) `15,000/-
8. A wage slip shall be issued by every employer to every employee-
 (a) at least a day prior to the disbursement of wages;
(b) on the day on which the wages is disbursed;
(c) none of the above.

9. Rule 24 provides that the number of hours which shall constitute a normal working day
in respect of an adult shall be-
(a) 4.5 hours; (b) 9 hours; (c) 12 hours; (d) None of the above.
11. The appropriate government may fix minimum rate of wages for-
(a) Time work; (b) Piece work; (c) Guarantee time rate; (d) All he above.

1. The payment of wages Act applies to wages payable to an employed person in

respect of wage period if such wages for that wage period do not exceed `_______
per month.
(a) `6500/- (b) `10000/- (c) `18,000/- (d) `25,000/-
2. Payment of wages shall be made-
(a) In current coins;
(b) By currency notes;
(c) Cheque;
(d) By crediting in bank account;
(e) Any of the above.
3. No fine shall be imposed on the employees under the age of –
(a) 10 (b) 15 (c) 18 (d) None of the above
4. The authorization to act on behalf of an employed person or persons for the claim of
delayed payment of wages is to be given to the authority in Form No. –
(a) A (b) B (c) C (d) D
5. In appeal against the order of the authority may be filed to the District Court within-
(a) 30 days;
(b) 45 days;
(c) 60 days;
(d) 90 days;
6. The wages of employed persons in an establishment where less than 1000 persons are
employed, shall be paid before-
(a) 7th day; (b) 10th day; (c) 15th day; (d) Second working day.
7. No fine shall be recovered after the expiry of _____ days from the day on which it was
imposed.
(a) 30; (b) 60; (c) 90; (d) 1 year.
8. Which shall be deemed to be absent by an employed person?
(a) Refused to work;
 (b) Participating in work;
(c) None of the above;
(d) Either (a) or (b).
9. The Authority may refuse to entertain an application for the claim-
(a) That the applicant is not entitled to present the application;
(b) That the application is barred by limitation;
(c) That the applicant shows no sufficient cause for making a direction;
(d) Any of the above.
10. If the employee does not attend the hearing the application will be-
(a) Dismissed;
(b) Decided as ex-parte;
(c) None of the above.

1. Which one of the following is not correct in regard to share certificate?

(a) The Company Secretary shall issue the share certificate.
(b) The share certificate shall be issued in pursuance of a resolution of the Board;
(c) Every share certificate shall be distinguished to its distinctive number.
(d) The shares may be in the dematerialized form.
2. If a company does not have a common seal, the share certificate shall be signed by-
(a) Two directors; (b) One director and Company Secretary;
(c) Either (a) or (b); (d) None of the above.
3. In case of unlisted company the duplicate share certificate shall be issued within a
period of-
(a) 45 days (b) 3 months (c) 6 months (d) None of the above.
4. The Bonus shares may be issued out of the-
(a) Free reserves;
(b) Securities premium account;
(c) Capital redemption reserve account;
(d) Any of the above.
5. For which purposes securities premium account can be utilized?
(a) In writing off the preliminary expenses;
(b) Buy back of shares;
(c) Issue of bonus shares;
(d) Any of the above.
1. The quorum for a public company having the number of members more than 5000
is-
 (a) 2(b) 5(c) 15(d) 30
2. An instrument of the proxy shall be deposited with the registered office of the
company _________ before the conduct of the meeting.
(a) 7 hours (b) 21 hours (c) 48 hours (d) 60 hours.
3. In case of e-voting notice shall be sent as attachment in –
(a) PDF (b) word file (c) excel (d) access
4. In the case of an adjourned meeting the company shall give not less than _____
notice to the members.
(a) 1 days (b) 3 days (c) 7 days (d) None of the above.
5. Which one of the following is not correct?
(a) The articles of the company shall provide for the appointment of Chairman in
a meeting;
(b) The members personally present at the meeting shall elect one of themselves
to be Chairman on a show of hands, if the article does not provide for the
same;
(c) Managing Director is the Chairman of the meeting.
(d) The member selected as Chairman as a result of poll, continue the Chairman,
who is elected by show of hands.
6. Which of the following is the method of voting?
(a) Voting by show of hands;
(b) Voting through electronic means;
(c) Voting by poll; (d) Postal ballot; (e) None of the above.
7. A poll demanded on any question shall be taken within ____ from the time when the
demand was made.
(a) Immediately (b) 12 hours (c) 24 hours (d) 48 hours.
8. Which one cannot be transacted through postal ballot?
(a) Appointment of auditor;
(b) Election of a Director;
(c) Buy back of shares by a company;
(d) Change in place of registered office outside the local limits of any city, town or
village.

9. The assent or dissent received after _____ days in postal ballot, from the date of issue
of notice, shall be treated as if no reply has been received from the member.
(a) 3 (b) 7(c) 30(d) 45
10. If any inspection is refused or if any copy required is not furnished within the specified
time, the company shall be liable to a penalty of `____
(a) `10000/- (b) `25000/- (c) `50000/- (d) ` 1 lakh.

1. The minimum number of directors for a public company is-

 (a) 1(b) 2 (c) 3 (d) 7
2. What is the paid up share capital fixed for the appointment of a woman director?
(a) `100 crores; (b) `300 crores; (c) `500 crores; (d) None of the above.
3. The appointment of an independent director shall be approved by the-
(a) Board meeting;
(b) General meeting;
(c) Registrar of Companies;
(d) Central Government.
4. The tenure of director appointed by small share holders shall be-
(a) Up to the date of next AGM;
(b) 1 year; (c) 3 years; (d) 5 years.
5. No independent director shall hold office for more than ____ consecutive terms.
(a) 2(b) 3 (c) 4(d) 5
6. Which public company is required to appoint independent director”
(a) The public company having turnover of `100 crores or more;
(b) The public company having paid up share capital of `10 crores or more;
(c) The public companies which have, in aggregate, outstanding loans,
debentures and deposits exceeding `50 crores;
(d) Any of the above.
7. Which one of the following is not the criterion for the appointment of independent
director?
(a) He shall not be a promoter of the company.
(b) He shall relate to the promoters of the company;
(c) He shall not have any pecuniary relationship with the company or their
promoters or directors during two immediately preceding financial year.
(d) His relatives have not held any pecuniary relationship with the company
amounting to 2% or more of its gross turnover.
8. A director may be elected by small share holders upon a notice by-

(a) Not less than 1000 small shareholders;

(b) One tenth of the total number of shareholders;
(c) Not less than 1000 small shareholders or one tenth of such shareholders,
whichever is lower;
(d) None of the above.
9. At every AGM, not less than _____ of the total number of directors shall retire by
rotation.
(a) One third;
(b) Two third;
(c) Three fourths;
 (d) Half.
10. The minimum age prescribed for the appointment of Managing Director is-
(a) 18 years; (b) 21 years (c) 30 years (d) 70 years.

State whether TRUE or FALSE

1. Silent on the part of the offeree amounts to acceptance.
2. An agreement to which the consent of the promise is freely given is not void.
3. Electronic contracts are paperless contracts.
4. Claim for necessaries supplied to person incapable of contracting, or on his account
is called contingent contract.
5. The surety gives contract at the request of the principal debtor.
6. In every contract of guarantee there is an implied promise by the principal debtor to
indemnify the surety.
7. Gratuitous bailment continues even after the death of either of the bailor or bailee.
8. The pawnee is entitled to receive from the pawnor extraordinary expenses incurred by
him for the preservation of the goods released.
9. The sub agent is responsible for his act to the principal.
10. The termination of the authority of an agent causes the termination of the authority
of all sub agents appointed by him.

1. In a contract of sale the property in the goods is transferred from the seller to the buyer.
2. In an ‘agreement to sale’ the buyer is entitled to recover the same from the Official
Liquidator in case of insolvency of the seller.
3. A condition is a stipulation essential to the main purpose of the contract.
4. In a sale by sample an implied condition is that the bulk shall correspond with the
sample in quality.
5. Unless otherwise agreed, the goods remain at the buyer’s risk until the property is
transferred to the buyer.
6. The seller of the goods is not bound to deliver them until the buyer applies for the
delivery.
7. The buyer of the goods is not bound to accept the delivery of goods by installments
unless otherwise agreed.
8. If the seller wrongfully neglects or refuses to deliver the goods to the buyer, the buyer
cannot sue to seller damages for non delivery.
9. In an auction sale the sale may be noticed to be subject to a reserved or set up price.
10. The buyer is not to reject to goods where there is a breach of warranty by the seller.

1. Currency note is a negotiable instrument.

2. Cheque is a bill of exchange.
3. The maker of the promissory note can also be called a drawer.
4. Handing over a negotiable instrument to an agent for safe custody is negotiation.
5. If the maturity date is a public holiday the instrument shall be deemed to be due on
the next preceding business day.
6. Bill of exchange is an instrument in writing an unconditional order directing to pay a
certain sum of money to the bearer of the instrument.
7. If the indorser signs his name only, the indorsement is called to be ‘in full’.
8. Only drawee can be acceptor except in need for hour.
9. A holder is not having right to duplicate of lost bill, before it is overdue.
10. When an instrument is dishonored the holder must give notice that the instrument
has been dishonored.

1. A sleeping partner is not entitled to share profits of the firm.

2. Partners in profits only share in the profits of the firm but not losses.
3. Audit is compulsory for the partnership firm.
4. Creditors of a firm can proceed against the partners jointly and severally.
5. Partnership firm is a separate legal entity.
6. The death of karta will not lead to the dissolution of the HUF business.
7. Every partner has a right to take part in the conduct of the business.
8. A partner is not required to indemnify the firm or any loss caused to it by his willful
neglect in the conduct of the business of the firm.
9. An advance by a partner to a firm is not treated as increase of his capital.
10. If a partner derives any profit for himself from any transaction of the firm, he shall
account for the profit and pay it to the firm.
11. An outgoing partner may, carrying on a business, use the firm name.
12. After the dissolution of a firm the goodwill shall be included in the assets and it be sold
either separately or along with the property.
13. If a firm closes a branch or open a branch the same should be intimated to the
Registrar of Firms.
14. A unregistered firm can file a suit to enforce a right, arising from a contract, in any
court against any third party.
15. A minor has to elect, on his attaining or majority as to become a partner or not.

1. The liability of a partner in an LLP is limited.

2. LLP is a separate legal entity.
3. An LLP is incorporated outside India is also included in the definition of LLP.
4. If the minimum number of partners is reduced below LLP may not carry its business.
5. The liabilities of LLP shall be met out of the properties of designated partners.
6. No partner shall be entitled to remuneration for acting in the business of LLP.
7. The Central Government may compound any offence under this Act which is
punishable with fine only.
8. A company may apply to convert itself into a LLP if and only if the partners of the LLP
to which it converts comprise all the shareholders of the company and no one else.
9. LLP Administrator shall be appointed from a panel maintained by the State
Government for winding up and dissolution of LLP.
10. The liability of every designated partner of the dissolved LLP shall continue and may
be enforced as if the LLP had not been dissolved

1. The Occupier is bound to inform the changes taken place to the authorities by means
of a notice.
2. Welfare Officer is required to be appointed if there are 100 or more workers are
employed in a factory.
3. Double employment is allowed in factories act.
4. A dismissed employee is entitled to the wages in lieu of the quantum of leave at the
time of his dismissal.
5. Government cannot inquire to the standards of health and safety observed in a
factory.
6. A woman employee may be allowed to work between 6 p.m. and 6 a.m.
7. If the inspector is obstructed in a factory penalty is imposed on the concerned person.
8. Leave may be availed on oral request to the Supervisor.
9. Strike period is not counted as duty for the purposes of computation of the period of
240 days meant for calculation of leave entitlement.
10. Register of adult workers is to be maintained in a factor.

1. A person holding a post under the Central Government is an employee under the
Payment of Gratuity act.
2. The father-in-law of a female employee will come under the term ‘family’.
3. The maternity leave granted for 90 days will be included for the calculation of
continuous service.
4. An employee is not required to obtain insurance for liability for payment of gratuity.
5. An employee may give nomination to his friend to receive gratuity after his marriage.
6. No gratuity payable shall be liable to attachment in execution of any decree of court.
7. The Controlling Authority may pay the gratuity to a minor, a nominee to receive the
gratuity after the death of an employee.
8. For the purpose of calculation of gratuity 26 days are taken as a month.
9. The employer can make agreement with the employer to pay gratuity below the
amount fixed by the Act.
10. Gratuity is a lump sum payable on consideration of the past services rendered by
the employee.

1. Once the EPF Act is covered to any establishment it shall continue to apply
notwithstanding the number of persons employed shall at any time false below 20.
2. The wage limit `15,000/- is applicable for the contribution to the Fund in respect of
international workers.
3. The employer cannot reduce wages of the employee to avoid his liability under the
Act.
4. If an employee is transferred from one employment to another, the balance at his
credit in his PF Account cannot be transferred to the new establishment.
5. The Central Government may add to amend or vary either prospectively or
retrospectively, the scheme, Pension Scheme or the Insurance Scheme.
6. Where the pay of an employee exceeds `15,000/- the contribution to insurance
scheme is restricted to `15,000/-.
7. Contribution to pension scheme is recoverable when the employee crosses 58 years
of age.
8. The employer shall in the first instance pay the contribution payable by himself and
also on behalf of the member employed by him through a contractor.
9. The PF scheme is applicable to the tea factories in the State of Assam.
10. The EPF Act is applicable to any establishment registered under the Co-Operative
Societies Act, 1912.

1. The members of Indian Naval, military or air force is coming under the definition of
‘employee’ under ESI Act.
2. Wage does not include any gratuity payable on discharge.
3. Every employee is to register himself under the provisions of ESI Act.
4. An employee insured under the ESI Act can also claim compensation under the
Workmen Compensation Act.
5. The benefits of medical benefits under this Act are assignable.
6. Civil Court has no jurisdiction to decide or deal with any dispute or to dispute on any
liability to be decided by a medical board or tribunal or ESI Court.
7. Attachment of bank account of the defaulter can be undertaken for recovery of dues.
8. The Central Government cannot supersede the ESI Corporation.
9. Employees represent the Station Commission of ESI Corporation.
10. There shall be one woman among the members representing the medical
profession in the Medical Benefit Council
1. Customary bonus is covered under the Payment of Bonus Act, 1965.
2. Bonus Act is not applicable to Government Departments.
3. A dismissed employee, reinstated with back wages is entitled to bonus.
4. Where an employee has not worked for all the working days he is entitled to full bonus.
5. Where in any accounting year, an employee is found guilty of misconduct causing
financial loss to the employer, then the employer may deduct the amount of loss
from the bonus payable to the employee.
6. During the proceeding before any arbitrator or Tribunal it is required to prove the
accuracy of accounts of the establishment.
7. No court shall take cognizance or any offence punishable unless a complaint is made
by the authority by appropriate Government.
8. Where an establishment is newly set up the bonus shall be payable only in respect of
the accounting year in which the employee derives profit from such establishment.
9. An establishment shall be deemed to be newly set up by reason of a change in its
location, management, ownership.
10. Customary bonus can be adjusted against the amount of bonus paid to the
employee.

1. All deductions and all realizations shall be recorded in a registered to be kept open
by the person responsible for the payment of wages.
2. Every payment made by the employed person to the employee shall be deemed to
be a deduction from wages.
3. Any loss of wage, resulting the suspension of an employee amounts to deduction of
wages.
4. If the application for the claim of wrong deduction is filed beyond limitation period,
the authority would reject the application.
5. The term ‘employed person’ includes the legal representatives of a deceased
employed person.
6. Every employer shall be responsible for the payment of wages to be paid under the
Act to persons employed by him.

7. A notice is not required to be issued before imposing fines on the employed person.
8. Fine may be recovered from the employed person by installments.
9. No recovery shall be made of advances given before employment against the
advance given for travelling expenses.
10. The application for claim of delayed payment of wages should be filed in duplicate.
One copy shall bear such Court fee as may be prescribed.

1. The company shall not convert its existing equity shares with voting rights into equity
share capital carrying differential voting rights and vice versa.
2. The Board of Directors is not required to disclose in the Board’s Report about the issue
of equity shares with differential rights.
 3. The holders of equity shares with differential rights shall have the rights of getting
bonus shares, rights issue etc.,
4. A company can issue a share at discount.
5. The securities premium account can be utilized for the purchase of its own shares of
securities.
6. No reduction of capital shall be made if the company is in arrears in repayment of
any deposits accepted by it.
7. A company limited by shares or limited by guarantee and having a share capital
may, by ordinary resolution, reduce its capital.
8. The cancellation of shares shall not be deemed to reduction of share capital.
9. Where the dividend is not paid to the preference share holders for a period of 3 years
or more, they shall have a right to vote on all the resolutions placed before the
company.
10. Bonus shares shall be issued by capitalizing reserves created by revaluation of
assets.

1. Where there is no Company Secretary, the Annual Return shall be signed by a

practicing Company Secretary.
2. Annual Return filed by the listed company shall be certified by a practicing
Company Secretary stating the Annual Return discloses the facts correctly and
adequately and that the company has complied with all the provisions of the Act.
3. Annual Return is not required to attach with the Board’s Report.
4. Copies of Annual Return may be furnished to any member or other person on
payment of fee specified in the Articles, subject to a maximum of `5/- per page.
5. Annual Returns shall be prima facie evidence of any matter directed or authorized to
be inserted therein by or under this Act.

1. A general meeting may be called after giving a shorter notice if consent is given in
writing by not less than 50% of members entitled to vote at such meeting.
2. Notice of every meeting of the company shall be given to the auditor of the
company.
3. The Articles of the company shall provide the quorum for a meeting.
4. If the quorum is not there within half an hour in a meeting called by requisitionists,
shall stand adjourned to the same day in the next week at the same time and
place.
5. A member of a company, not having share capital is entitled to appoint a proxy.
6. President of India may appoint such person as he thinks fit to act as his representative
at any meeting of the company.
 7. A demand for poll may be withdrawn at any time by the persons who made the
demand.
8. The e-voting shall remain open for not less than 3 days and shall close at 5.00 P.M. on
the date preceding the date of general meeting.
9. Once the resolution is cast by the member by e-voting, he is again allowed to vote
in the meeting.
10. OPC and other companies having up to 200 members are not required to transact
any business through postal ballot.

1. A company may appoint more than 15 directors after passing a resolution.

2. All companies are required to appoint one woman director.
3. An independent director shall not be entitled to any stock option.
4. Whole time director is not the employee of the company.
5. Additional director shall hold office up to the date of next AGM.
6. The DIN allotted to a director before the commencement of this Act shall be
deemed to be the DIN allotted under the new Act.
7. Non obtaining of DIN does not amount to disqualification of a director.
8. The Board may accept the resignation of a Director on his submission of his
application for resignation.
9. The removed directors shall not be reappointed as director by the Board of Directors.
10. In any financial year, if a company has no profits or its profits are inadequate, the
company shall not pay remuneration to its directors.
 Answer:
Fill in the blanks
1. Offer; 2. Promise, acceptance; 3. Void; 4. Executor, executed, past; 5. Principle debtor;
6. Bailee; 7. Agency; 8. Expressed, implied; 9. Agent; 10. Voidable at the option of the
bailor.

1. Moveable; 2. Executed; 3. Collateral; 4. Future; 5. Buyer’s 6. Unpaid seller; 7. Lien; 8.

Rescinded;
9. Contract; 10. End.

1. 2; 2. Payee; 3. Negotiation by delivery, negotiation by indorsement; 4. Banker;

5. Reserve Bank of India; 6. Private individual; 7. Indorsement in blank, indorsement in full;
8. Bearer; 9. 18% 10. Non acceptance, nonpayment.

1. Contract; 2. Unlimited; 3. Partner by estoppel, partner by holding out; 4. 50;

5. Adventure or undertaking; 6. Agent; 7. The order of adjudication is made;
8. Registrar of firms; 9. An indefinite; 10. Partners.

1. 2; 2. Individual; 3. 30; 4. 15, Form 6; 5. Agent; 6. 8 years; 7. 15 days; 8. 60 days;

9. One fifth; 10. 2 years.

1. 1000 2. 250 3. 9 4. Twice 5. 6 a.m. and 5 p.m. 6. A certificate of fitness 7. Crèche, 30

8. Ultimate control 9. 30, 40 10. Site Appraisal Committee
1. 5 2. ` 10 lakhs; 3. 30 days; 4. 60 days; 5. 10%; 6. F; 7. 15 days; 8. 500; 9. 90 days;
10. Controlling Authority.

1. 20; 2. 10%; 3. Central Board; 4. 01.09.1976; 5. 15; 6. 01.09.2014; 7. Financial position;

8. Employer, employee; 9. Apprentice; 10. Executive Committee.

1. Permanent partial disablement, permanent total disablement; 2. 4 years; 3. 4.75%,

1.75%;
4. Were an arrear of land revenue; 5. Three; 6. Medical Commissioner of the Corporation;
7. Central Government; 8. Eldest surviving member of the family; 9. 26 weeks;
10. 10 months, 12 months

1. Establishment in private sector, establishment in public sector; 2. Not less than 30 days;
3. `21,000/-; 4. 8.33%, `100; 5. One month within the award becomes enforceable;
6. D; 7. Industrial dispute; 8. Incentive; 9. Gratuitous, deferred; 10. A Government
company.
1. 18th; 2. Employer; 3. 18; 4. Cash; 5. Forced labor; 6. Agriculture; 7. 10th day; 8. 75%; 9. Six;
10. Duplicate.

1. One month; 2. Legal representative; 3. A working day; 4. Authorized; 5. 3% 6. 3 years;

7. A; 8. 12 months; 9. Second; 10. Accrues.
1. 7; 2. 200; 3. Table D; 4. Table G; 5. 7; 6. 15; 7. Void; 8. Corporate Identification Number
– CIN;
9. Articles; 10. F, I.

1.15 ays; 2. 15 days; 3. Form No.INC – 23, Regional Director; 4. 30 days; 5. 30 days, INC
– 22.

1.5; 2. Dematerialized form; 3. PAS 2, one month; 4. Prospectus; 5. Red herring

prospectus.

1. 200; 2. `20,000/- ; 3. 60; 4. 15, 60; 5. 12%.

1. Stock; 2. Equity share capital, preference share capital;
3. With voting rights, with differential rights as to dividend, voting; 4. SH – 6; 5. 10%; 6. 30;
7. Void;
8. Two months; 9. SH-4; 10. 15%.

1. Dividend, any surplus in the winding up proceedings; 2. 20 years; 3. Increase,

reduction;
4. Register of Members; 5. Cumulative, non cumulative

1. One year; 2. SH-8; 3. One year; 4. 7 days; 5. Six months.

1. Voting rights; 2. Moveable; 3. Three fourth; 4. 30th day of April; 5. 25%.

1. `100 crores, `500 crores; 2. 30; charge; 3. BWRFBBB 4. Trust deed, DPT – 2; 5. 21 days;
6. 1%.

1. Special; 2. India; Indian; 3. Issue of public share or debentures.

1. India, outside India; 2. 30; 3. 300; 4. CHG -1 ; 5. CHG- 4, 30.

1. MGT – 1; 2. 8 years; 3. 45; 4. Duplicate, 30; 5. 6 months.

 1. MGT – 7; 2. A director, Company Secretary; 3. 60 days; 4. 8 years; 5. MGT – 10, 15.

1. 21; 2. 2; 3. 50, 10%; 4. A show of hands; 5. Scrutinizer; 6. MGT 12; 7. 7; 8. 30; 9. 30;
10. 7 working days.

1. OPC; 2. Nine months; 3. 30 days; 4. A National Holiday.

1. One tenth, paid up share capital; 2. 21; 3. 45 days; 4. 3 months; 5. 45 days.

1. 2; 2. 15; 3. 20000; 4. 30; 5. Director Identification Number; 6. 30; 7. 70; 8. 11%; 9. ` 1 lakh;
10. 12 months.
1. Ethos; 2. Meta ethics, normative ethics and applied ethics. 3. Profitability;
4. Moral judgment; 5. Kaizen.

Choose the correct answer

1. C; 2. D; 3. A; 4. D; 5. B; 6. A 7. C.
1. B; 2. D; 3. C; 4. D; 5. C.
1. A; 2. D; 3. C; 4. B; 5. E; 6. D; 7. A.
1. E; 2. C; 3. D; 4. A; 5. D.
1. C; 2. B; 3. A; 4. B; 5. D; 6. D; 7. C; 8. B; 9. C; 10. C.
1. B 2. C 3. A 4. B 5. E 6. A 7. B 8. C 9. D 10. C
1. D 2. D 3. C 4. A 5. B 6. B 7. A 8. C 9. B 10. C
1. D; 2. A 3. D 4. B 5. D 6. C 7. C; 8. A 9. B 10. C
1. C; 2. B; 3. A; 4. D; 5. B; 6. C; 7. D; 8. A; 9. B; 10. C.
1. C; 2. B; 3. D; 4. A; 5. D; 6. C; 7. B; 8. D; 9. A 10. C.
1. C; 2. D; 3. C; 4. D; 5. A; 6. B; 7. C; 8. A; 9. B; 10. D.
1. C; 2. E; 3. B; 4. D; 5. A; 6. A; 7. C; 8. D; 9. D; 10. A.
1. A; 2. C; 3. B; 4. D; 5. D;
1. D; 2. C; 3. A; 4. B; 5. C; 6. E; 7. D; 8. A; 9. C; 10. B.
1. C; 2. A; 3. B; 4. C; 5. A; 6. D; 7. B; 8. C; 9. B; 10. B.

State whether TRUE or FALSE

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. TRUE; 9. FALSE; 10. TRUE.

1. TRUE; 2. FALSE; 3. TRUE; 4. TRUE; 5. FALSE; 6. TRUE; 7. TRUE; 8. FALSE; 9. TRUE; 10. FALSE.

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. TRUE; 9. FALSE; 10. TRUE.
1. FALSE; 2. TRUE; 3. FALSE; 4. TRUE; 5. FALSE; 6. TRUE; 7. TRUE; 8. FALSE; 9. TRUE; 10. TRUE;
11. FALSE; 12. TRUE; 13. TRUE; 14. FALSE; 15. TRUE.

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. TRUE; 6. FALSE; 7. TRUE; 8. TRUE; 9. FALSE; 10. TRUE.

1. TRUE 2. FALSE 3. FALSE 4. TRUE 5. FALSE 6. FALSE 7. TRUE 8. FALSE 9. TRUE 10. TRUE

1. FALSE 2. TRUE 3. TRUE 4. FALSE 5. FALSE 6. TRUE 7. FALSE 8. TRUE 9. FALSE 10. TRUE

1. TRUE; 2. FLASE; 3. TRUE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. TRUE; 9. FALSE; 10.
FALSE.

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. FALSE; 6. TRUE; 7. TRUE; 8. FALSE; 9. TRUE; 10.
TRUE.

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. TRUE; 6. FALSE; 7. TRUE; 8. TRUE; 9. FALSE; 10.
TRUE.

1. TRUE; 2. TRUE; 3. FALSE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. FALSE; 9. TRUE; 10.
TRUE.

1. TRUE; 2. FALSE; 3. TRUE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. TRUE; 9. TRUE; 10. FALSE.

1. TRUE; 2. TRUE; 3. FALSE; 4. FALSE; 5. TRUE.

1. FALSE; 2. TRUE; 3. TRUE; 4. FALSE; 5. FALSE; 6. TRUE; 7. TRUE; 8. TRUE; 9. FALSE; 10. TRUE.

1. TRUE; 2. FALSE; 3. TRUE; 4. FALSE; 5. TRUE; 6. TRUE; 7. FALSE; 8. FALSE; 9. TRUE; 10.
TRUE.