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NI Act, Sale of Goods, Companies Law Quiz

Total questions: 50

Worksheet time: 50mins

Name
Class
Date
1.

Which of the following section in the Negotiable Instruments Act deals with the Bill of Exchange?

a)

Section 5

b)

Section 6

c)

Section 4

d)

Section 13

e)

Section 8

2.

Section 6 of the Negotiable Instruments Act defines ___

a)

Cheque

b)

Bill of Exchange

c)

Promissory Notes

d)

Dishonour by non-payment

e)

Dishonour by non-acceptance

3.

Sec 4 of Negotiable Instrument Act 1881 deals with

a)

Promissory Note

b)

Bill of exchange

c)

Cheque

d)

Banker’s Note

e)

None of these

4.

The parties of a bill of exchange are

a)

Drawee, Banker and payee

b)

Banker drawee and payee

c)

Banker acceptor and payee

d)

Banker drawer and payee

e)

Drawer, Drawee and Payee

5.

Section 123 of the Negotiable Instruments Act,1881 deals with_______?

a)

Cheque crossed specially

b)

Set of bills.

c)

Cheque crossed generally

d)

Cognizance of offences

e)

Cheque crossed with condition

6.

Which of the following are not the negotiable instruments?

a)

airways bills

b)

Bank note

c)

letter of credit

d)

Demand draft

e)

Only A , B and C

7.

What is the time period during which the cheque is to be presented u/s 138 of NI act?

a)

A. Before the bank fails

b)

B. Before the drawer stops payment of Cheque

c)

C. During the validity period

d)

D. Maximum within 3 months of date of issue

e)

C &D

8.

If a materially altered cheque is paid and the alteration is not visible even after careful examination of the cheque , the bank is protected ----

a)

U/s 87 of NI Act

b)

U/s of 89 of NI Act

c)

U/s of 85(1) of NI Act

d)

No protection is available

e)

any of the above

9.

Which of the following is a material alteration?

a)

A bearer cheque converted to order

b)

Special crossing converted to general crossing

c)

Crossing a cheque

d)

All of the Above

e)

None of the above

10.

Transfer of rights and remedies from the insured to the insurer who has indemnified the insured in respect of the loss iS ___

a)

Proximity clause

b)

SUBROGATION

c)

LIMITATION

d)

SETTLEMENT

e)

None of the above

11.

Holder in due course is defined u/s ………….NI Act .

a)

10

b)

9

c)

18

d)

8

e)

13

12.

On the cheque issued by a customer , the words bearer or order are not written . This cheque will be treated as

a)

A bearer cheque

b)

An order cheque

c)

This is not a valid cheque

d)

This is not a negotiable instrument now

e)

None of the above

13.

Your branch receives a cheque of Rs500 written in figure and Rs five lacs in words. Under section 18 of the NI act ,the bank

a)

is to return, as the mandate is not clear

b)

is to pay the amount written in words

c)

is to pay the amount in figures

d)

is to pay the lower of the amount written in words and figures

e)

None of the above

14.

Not negotiable crossing has been defined u/s ……..of NI Act?

a)

147

b)

131

c)

130

d)

118

e)

None of the above

15.

The regulator for insurance business in India is…..

a)

SEBI

b)

RBI

c)

Central Government

d)

IRDA

e)

NABARD

16.

Insurance contracts are based on the concept of …...............

a)

Pooling of Money

b)

Pooling of Intelligence

c)

Pooling of Reward

d)

Pooling of Risk

e)

Pooling of Trust

17.

…....................means the amount promised to be paid by the Insurer upon the death of the Life insured.

a)

Sum Assured

b)

Sum Insured

c)

Sum Asserted

d)

Sum Promised

e)

None of the above

18.

Insurance is a contract which is based on …..............

a)

Relationship

b)

Utmost Good faith

c)

Religion

d)

Caste

e)

Friendship

19.

…............................ are Life insurance products which are eligible for Policyholder bonus as and when declared.

a)

Participating Policies

b)

Non-Participating Policies

c)

Linked Policies

d)

Non-linked Policies

e)

All of the above

20.

Where the price is not determined by the parties to the contract of sale of goods, what price shall be paid by the buyer:

a)

The buyer shall pay the seller a reasonable price.

b)

The buyer shall determine the price at his discretion.

c)

The seller shall charge the price according the market forces.

d)

he seller shall determine the price at his discretion.

e)

None of the above

21.

As per sale of goods act , goods can be

a)

Future

b)

Contingent

c)

Existing

d)

Present

e)

All of the above

22.

The act related to sale of goods is called

a)

The sale of goods Act 1930

b)

Sell of good act 1930

c)

Good Selling Act 1930

d)

Sales Act 1930

e)

Good Sells Act 1930

23.

The unpaid seller of goods has the following____

a)

Doesn’t lose his lien

b)

Lien can not be exercised

c)

losses his right of lien

d)

losses his right of lien after delivery

e)

Lost his right after generation of Invoice

24.

The conditions are warranties in a sale of goods is_____

a)

A. Expressed

b)

B. Implied

c)

C. Not available

d)

A & B

e)

D. Depends on contract

25.

The price in a contract of sale may be_____

a)

Determined during course of contract

b)

Fixed by contract

c)

Left to be fixed as agreed

d)

Fixed by market force which is mentioned in contract

e)

All of the above

26.

An agreement to sell becomes a sale when___

a)

When the conditions are not fulfilled even after the elapse of time, subject to which the property in the goods is to be transferred

b)

Seller only agrees

c)

Buyer only agrees

d)

When the conditions are fulfilled subject to which the property in the goods is to be transferred.

e)

All of the above

27.

Who issues the Bill of Lading (Airway Bill)?

a)

The Shipper

b)

The carrier

c)

The Broker / Intermediary

d)

The Exporter

e)

None Of Above

28.

_________ bill is a proof issued by Airline Company that indicates the contract of carriage

a)

Packing

b)

Export

c)

Airway

d)

Cargo

e)

None Of Above

29.

LC is an ___________ by the opening bank to pay subject to conditions laid therein

a)

Surety

b)

Guarantee

c)

Undertaking

d)

Promise

e)

None of the above

30.

International Chamber of Commerce (ICC) has issued guidelines, practices for LC transactions, known as _________

a)

UCPCD

b)

UPCDC

c)

PUCDC

d)

UCPDC

e)

None of the above

31.

Standby Letters of credit are a substitute of __________

a)

Guarantees

b)

Documentary Credit

c)

Import Bill

d)

Export Bill

e)

Usance Bill

32.

A(n) _____ bill of lading does not guarantee that the goods have been loaded on the vessel

a)

On-board

b)

foul

c)

received-for-shipment

d)

straight

e)

order

33.

The buyer of the goods, opening an LC is also called ________

a)

Seller

b)

Applicant

c)

Customer

d)

Exporter

e)

None of the above

34.

As per INCOTERMS CIF stands for

a)

Cost, interest, freight

b)

Cost, income, freight

c)

Cost, insurance, freight

d)

Customs, insurance, freight

e)

None of the above

35.

Which INCOTERMS has the maximum obligation on the seller?

a)

FCA

b)

DDP

c)

EXW

d)

FOB

e)

CIF

36.

Beneficiary in letter of credit is________

a)

Importer

b)

Exporter

c)

Middleman

d)

Exporter's Bank

e)

Importer's Bank

37.

Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Does it mean that losses are not shared:

a)

A minor may be admitted in partnership, only for the profits, but he cannot share in losses.

b)

It also depends on the partnership agreement. A person may share the profits but may not share in losses.

c)

Sharing of profits also include losses (negative profits)

d)

All of the above.

e)

None of the above

38.

The interim compensation under Section 143 shall not exceed ___ of the amount of the cheque amount

a)

10 Percent

b)

20 Percent

c)

30 Percent

d)

40 Percent

e)

50 Percent

39.

When no provision is made in the contract for the duration of partnership or for determination of partnership can be dissolved by any partner giving a written notice)

a)

Partnership for a fixed period

b)

Particular Partnership

c)

Partnership at will

d)

A & B

e)

A & C

40.

What are the effect of non Registration

a)

No suit to any partner

b)

No suit against third party

c)

No suit to enforce right of dissolution

d)

No suit against debtors

e)

All of the above

41.

Find the wrong one with regard to Four Pillars under IBC-2016.

a)

Information Utilities

b)

NCLT and NCLAT

c)

IBBI (Insolvency and Bankruptcy Board of India)

d)

Insolvency Resolution Professionals

e)

Liquidator

42.

Who cannot initiate a fast track corporate insolvency resolution process?

a)

financial creditor

b)

operational creditor

c)

corporate debtor

d)

insolvency professional

e)

All of the above

43.

In Waterfall Mechanism, Costs and fee of Insolvency Professional and the liquidator will be ……… paid out of sale proceeds of assets;

a)

first

b)

Second

c)

Third

d)

Forth

e)

Fifth

44.

Insolvency rules are governed by?

a)

State Insolvency Act 1920

b)

Presidency Towns Insolvency Act

c)

Insolvency Act 1879

d)

A & B

e)

All of the above

45.

What is the minimum number of share holders in case of Private limited company?

a)

2

b)

3

c)

4

d)

5

e)

7

46.

What is the minimum number of share holders in case of Public limited company?

a)

2

b)

3

c)

4

d)

5

e)

7

47.

Min quorum in the AGM of a public ltd company is ?

a)

2

b)

3

c)

4

d)

5

e)

7

48.

MAX Turnover for SMALL COMPANY IS ?

a)

4 crores

b)

40 Crores

c)

2 crores

d)

20 crores

e)

10 crores

49.

For all the companies (public/private company) registered under Companies Act 2013 needs to file the following with the _______in order to commence their business

a)

Ministry of commerce

b)

Register of Firm

c)

Register of ltd Companies

d)

Registrar of Companies (ROC)

e)

Non of the above

50.

What does article of association of a company states ?

a)

Objective of formation

b)

Rules and regulations relating to the internal management of the Company

c)

Both A & B

d)

Which activity to be carried out

e)

All of the above

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