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 True/False

  Question  

Meeting of the board of Directors shall be held at least 4 times in a year.

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Multiple Answer

  Question  

Company can take loan from :-

  Correct Answer  

Banks , Financial Institutions , Debenture Holders

  Your Answer  

Financial Institutions , Debenture Holders , Banks

 

 Multiple Choice Single Answer

  Question  

Which person is responsible for he payment of wages act ?

  Correct Answer  

Managers

  Your Answer  

Managers

 

 Select The Blank

  Question  

It is advisable to close the financial year on ________.

  Correct Answer  

31st March

  Your Answer  

31st March

 

 Multiple Choice Single Answer

  Question  

Deductions are authorized under which section?

  Correct Answer  

Section 7(2)

  Your Answer  

Section 7(2)

 

 Multiple Choice Single Answer

  Question  

When was the factories act passed?

  Correct Answer  

In 1948

  Your Answer  

In 1948

 

 Select The Blank

  Question  

The minimum wages act came in force in the year________.

  Correct Answer  

1948

  Your Answer  

1948

 

 Multiple Choice Multiple Answer

  Question  

Describe in brief what does the term wages include?

  Correct Answer  

Remuneration under any award , Settlement between the parties or order of court , Overtime

  Your Answer  

Remuneration under any award , Settlement between the parties or order of court , Overtime

 

 True/False

  Question  

Articles of Association is not required to be stamped if Memorandum is adequately stamped.

  Correct Answer  

False

  Your Answer  

False

 

 Multiple Choice Single Answer

  Question  

A director of a company can be removed by :-

  Correct Answer  

Ordinary resolution

  Your Answer  

Ordinary resolution

 

 True/False

  Question  

There can be an Ordinary Resolution for Special business.

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Single Answer

  Question  

The earlier "Fast Track" investments route has been replaced by?

  Correct Answer  

Automatic

  Your Answer  

Automatic

 

 Multiple Choice Single Answer

  Question  

The notice of the meeting be sent to all the directors at their :-

  Correct Answer  

Usual residential address

  Your Answer  

Usual residential address

 

 Multiple Choice Single Answer

  Question  

A director has to vacate his office, if he is adjudged as :-

  Correct Answer  

Insolvent

  Your Answer  

Insolvent

 

 Multiple Choice Single Answer

  Question  

To whom does the payment of wages act apply to ?

  Correct Answer  

Persons employed in any factory

  Your Answer  

Persons employed in any factory

 

 Multiple Choice Multiple Answer

  Question  

What does an industrial or other establishment means as per section 2II?

  Correct Answer  

Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation

  Your Answer  

Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation

 

 True/False

  Question  

A non executive director is not a substantial shareholder of the company.

  Correct Answer  

True

  Your Answer  

False

 

 Multiple Choice Multiple Answer

  Question  

What is the role of the audit committee?

  Correct Answer  

Reviewing the company's financial and risk management policies , Review the annual financial statements , Recommending and appointment of external auditors

  Your Answer  

Review the annual financial statements , Recommending and appointment of external auditors , Reviewing the company's financial and risk management policies

 

 Multiple Choice Multiple Answer

  Question  

SIA/FIPB approval is necessary in :-

  Correct Answer  

13 specified activities , Sector limits sought exceeded , Small scale sector items

  Your Answer  

13 specified activities , Sector limits sought exceeded , Small scale sector items

 

 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

  Your Answer  

Less than Rs 1600

 

 Multiple Choice Multiple Answer

  Question  

Following are the Forms to be submitted to ROC for incorporation of company :-

  Correct Answer  

Form 32 , Form 29 , Form 1

  Your Answer  

Form 32 , Form 29 , Form 1

 

 True/False

  Question  

Wages include any contribution paid by the employer to any pension fund or provided fund.

  Correct Answer  

False

  Your Answer  

False

 

 Multiple Choice Single Answer

  Question  

s

  Correct Answer  

In 1936

  Your Answer  

In 1936

 

 Match The Following

Question

Correct Answer

Your Answer

Section 2(vi)

Wages

Wages

Wages act

1936

1936

Factories act

1948

1948

Section 3 of wages act

Every employer responsible for payment to employed persons

Every employer responsible for payment to employed persons

 

 Multiple Choice Single Answer

  Question  

To safeguard the interest of the company or its shareholders or the public interest, the central government, may appoint such number of person as directors to hold office for a period not exceeding :-

  Correct Answer  

3 years

  Your Answer  

3 years

 

 Multiple Choice Single Answer

  Question  

Define an employed person under section 2 of the act.

  Correct Answer  

Includes legal representative of a deceased employed person

  Your Answer  

Includes legal representative of a deceased employed person

 

 Multiple Choice Multiple Answer

  Question  

What is the main purpose of the payment of wages act 1936?

  Correct Answer  

Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

  Your Answer  

Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

 

 Multiple Choice Single Answer

  Question  

In which case did the Bombay high court observe the general purpose of the act?

  Correct Answer  

Arvind mills ltd case

  Your Answer  

Arvind mills ltd case

 

 True/False

  Question  

Government can authorise for supply of essential commodities at concessional rates and pay wages in kind.

  Correct Answer  

True

  Your Answer  

False

 

 Match The Following

Question

Correct Answer

Your Answer

Qualification share

Minimum number of shares that every director has to take

Minimum number of shares that every director has to take

Director

Employee of the company

Promoter of company

Vacancy

Created due to resignation of director

Created due to resignation of director

Rotation

Specific time interval

Specific time interval

 

 Multiple Choice Single Answer

  Question  

What is computed by the competent authority at concessional rates?

  Correct Answer  

Cost of living allowance and cash value

  Your Answer  

Cost of living allowance and cash value

 

 True/False

  Question  

Retiring director may be eligible for reappointment.

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Multiple Answer

  Question  

Board may by resolution passed at the meeting delegate the powers to :-

  Correct Answer  

Committee of directors , Managing director , Manager

  Your Answer  

Committee of directors , Managing director , Manager

 

 Select The Blank

  Question  

Under section ________ period in respect of which wages would be paid would be determined.

  Correct Answer  

3

  Your Answer  

3

 

 Multiple Choice Multiple Answer

  Question  

Preference shares can be :-

  Correct Answer  

Cumulative redeemable , Non- cumulative redeemable , Participatory

  Your Answer  

Cumulative redeemable , Non- cumulative redeemable , Participatory

 

 Multiple Choice Multiple Answer

  Question  

Who is entitled to bonus?

  Correct Answer  

Temporary workmen , Part time employee , Retrenched employee

  Your Answer  

Temporary workmen , Part time employee , Retrenched employee

 

 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  

Money received & expended , Sales & purchases of goods , Assets & liabilities

 

 True/False

  Question  

Wages include any house accommodation, supply of light medical attendance etc.

  Correct Answer  

False

  Your Answer  

False

 

 Multiple Choice Multiple Answer

  Question  

A person can not be appointed as director of the company if :-

  Correct Answer  

He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares

  Your Answer  

He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares

 

 Select The Blank

  Question  

The ________ issue shall be by way of public issue.

  Correct Answer  

NCD

  Your Answer  

NCD

 

 Multiple Choice Single Answer

  Question  

Payment of wages act came into existence :-

  Correct Answer  

To ensure regular and timely payment of wages to employed persons

  Your Answer  

To ensure regular and timely payment of wages to employed persons

 

 Multiple Choice Multiple Answer

  Question  

During the course of audit, auditor is supposed to check :-

  Correct Answer  

Transaction Vouchers , Cash and Bank balances , Fixed assets register

  Your Answer  

Transaction Vouchers , Cash and Bank balances , Fixed assets register

 

 Multiple Choice Single Answer

  Question  

In which of the companies the bonus act is applicable?

  Correct Answer  

More than 20 persons employed

  Your Answer  

More than 20 persons employed

 

 Select The Blank

  Question  

For making alterations before ROC, ________ is required.

  Correct Answer  

Power of Attorney

  Your Answer  

Power of Attorney

 

 Select The Blank

  Question  

________means all remuneration expressed in terms of money.

  Correct Answer  

Wages

  Your Answer  

Wages

 

 True/False

  Question  

No person can be appointed as an auditor of the company who is in full time employment.

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Single Answer

  Question  

Number of shareholders entitled to requisition a meeting shall be carrying

  Correct Answer  

Not less than 10 per cent of voting power

  Your Answer  

Not less than 10 per cent of voting power

	LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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