Important MCQ in Commerce: Basic Objective Question

     Important MCQ in Commerce: Business Legislation

Indian Contract Act 1872

      01.  A Proposal When Accepted becomes a 

(a) Promise

(b) Contract

(c) Offer

(d) Acceptance

    02.  A contract for the benefit of the minor is:

(a)    Valid

(b)   Void

(c)    Voidable

(d)   Illegal

     03. Every promise and every set of promises, forming the consideration for each other, is an

(a)    Agreement

(b)   Contract

(c)    Offer

(d)   Acceptance.

04.  Which is correct?

a.       Proposal + acceptance = promise

b.      Promise + consideration = agreement

c.       Agreement + enforceability = contract

d.      All the above.

05.  Goods displayed in a shop with a price tag is an

a.       Offer

b.      Invitation to offer

c.       Counter offer

d.      None of the above.

06.  An acceptance can be revoked

a.       At any time before the communication of acceptance is complete as against the promisee

b.      After its acceptance comes to the knowledge of the promisee

c.       Both (a) & (b)

d.      Neither (a) nor (b).

07.  Which one of the following is correct

a.       Past consideration is no consideration

b.      Consideration can be past, present or future

c.       Consideration can only be present

d.      Consideration can only be present & future.

08.  Parties are not competent to contract if any of them is

a.       Minor

b.      Insane

c.       Declared unqualified

d.      All the above.

09.  An agreement in restraint of marriage under section 26 is

(a) Void

(b) Voidable

(c) Valid

(d) Unenforceable

 Important MCQ in Commerce: Business Legislation

Sale of Goods Act 1930

             10.  The Sale of Goods Act came into force w.e.f.

(a)    1920

(b)   1930

(c)    1936

(d)   1948

 Important MCQ in Commerce: Business Legislation

Consumer Protection Act 1986

11.  Under Consumer Protection Ac t 1986, minimum number of members in the National Commission shall be-

(a)    2

(b)   3

(c)    4

(d)   5

 Important MCQ in Commerce: Company Law

             12.   Which of the following alternatives is correct?

            (a) Every person can issue a promissory note payable to bearer on demand

            (b) Every person can issue a bill payable to bearer on demand

            (c) A cheque is always payable on demand

            (d) A cheque can be issued on any drawee.

      13. Maximum capital of private company is

                 a) 50 Lakhs

                 b) 1 Crore

                c) 1.5 Crore

                d) Unlimited.

         14. Can a Company hold an AGM on public holiday?

               a) Yes 

               b) No 

               c) Occasionally 

               d) If article permits for the same

 Important MCQ in Commerce: Auditing

       15. In which of the following cases, it was decided that “it is not the duty of an auditor to valuate stock”?

               (a) London and General Bank case

               (b) London Oil Storage Company case

               (c) Kingston Cotton Mill Case

               (d) None of the above