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CBSE Questions for Class 11 Commerce Business Studies Business Trade And Commerce Quiz 3 - MCQExams.com
CBSE
Class 11 Commerce Business Studies
Business Trade And Commerce
Quiz 3
The occupation in which people work for others and get remunerated in return is known as _______.
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Business
0%
Employment
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Profession
0%
None of these
Explanation
Employment:
A person
who is hired to provide services
to a company
on a regular
basis in exchange
for compensation and who does not provide these services as part of an independent
b
usiness
.
Business:
A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities.
Profession:
The occupation,
which
especially requires an advanced education in the concerned field of study.
In Ancient Indian History, the person doing secretarial work was known as _________.
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Scribae
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Amatya
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Secretaries
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None of these
Explanation
In ancient Indian literature and historical documents the words like 'Amatya', 'Sachiva', and 'Chitnis' were used for a secretary. Originally, the term 'secretary' was mainly related with the person who does writing work for his master.
A type of secretary appointed by an institution is called institutional secretary.
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True
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False
Explanation
True, institutional secretary is a type of secretary which takes charges of the administration of the whole institution and helps the management in regard to the decision making for the institution.
Secretary should have the knowledge of ___________.
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accountancy
0%
civics
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science
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none of these
Explanation
A secretary should the knowledge of accountancy so as to make sure the correct maintenance of accounts and it also helps in the administration of the organisation.
The State and Central government also have secretary for all departments functioning under the control of ministers in ___________.
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Stock Exchange
0%
Sachivalaya
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Capital Market
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None of these
Explanation
Sachivalaya is responsible for the administration of the government of India. It facilitates smooth transaction of business of ministries of government by ensuring adherence of the rules . It assists in decision making in the government by ensuring inter-ministerial coordination. The state and central government also have secretary for all the departments functioning under the control of ministers in sachivalaya.
The term secretary means a ___________.
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confidential writer
0%
servant
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adviser
0%
none of these
Explanation
Secretary means an officer who is generally entrusted with the responsibilities of writing and exchanging letters, maintain documents and performing confidential activities on behalf of someone or any organization.
Secretary
is a officer who performs many confidential and important functions for a person or for an organization
A personal secretary is also called a ______.
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Stenographer
0%
Personal Assistant (P.A.)
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Boss
0%
None of these
Explanation
A personal secretary is also known as personal assistant and their main duty is to follow the orders of their ultimate superior and perform according to the standards set by their superiors.
A company secretary is the mouth piece of the Board of Directors.
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0%
True
0%
False
Explanation
(i) A company secretary needs sound general education.
(ii) He must also have knowledge of correspondence, office organisation, book-keeping and accountancy.
(iii) He must also have knowledge of secretarial work relating to the company meetings.
(iv) He must have legal back-ground including the knowledge of Indian Companies Act and other laws like Income Tax Act and Factories Act.
(v) A company secretary is normally appointed by the Board of Directors.
(vi) He executes the decisions of the Board and carries out the instructions and orders of the board.
(vii) He acts as a confidential clerk of the Board.
(viii) He has to help the directors in forming policies of the company and preparing progress report and other reports.
(ix) A company secretary acts as a line of communication between the Board and the staff.
(x) He acts as the mouth piece of the Board, as the Directors act only through the secretary
(xi) Even grievances of the staff are communicated to the Directors through him.
(xii) Hence, a company secretary is the mouth piece of the Board of Directors.
A personal secretary means a stenographer.
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0%
True
0%
False
Explanation
(i) A personal secretary is one who is employed by a busy person to look after his private and personal work.
(ii) A personal secretary is also known as a private secretary or a personal assistant
(iii) Busy persons like industrialists, professionals, politicians, social workers, lawyers and top executives of companies and government departments need personal secretaries for performing their routine administrative duties.
(iv) A stenographer simply takes dictation from his employer/ boss and types the dictation taken.
(v) Whereas, the knowledge of stenography is not essential fora personal secretary.
(vi) A stenographer is given limited duties and responsibilities.
(vii) A stenographer is not given authority to sign letters and documents on behalf of his employer.
(viii) A stenographer is not entrusted with confidential matters.
(ix) Hence, it cannot be said that a personal secretary means a stenographer.
Name the profession which is an old as human civilisation?
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Secretary
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Promoter
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Director
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None of these
Explanation
Secretary is the oldest profession in the world which is as old as human civilization.
A company whose capital is more than Rs. 5 crores must appoint full time secretary.
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True
0%
False
Explanation
(i) Under Companies Act, 1956 there was the clause for appointment of company secretary,
(ii) It stated that every company having a paid up share capital of Rs 5 crores or more must appoint whole time secretary.
(iii) But according to the Companies (Amendment) Act 2000 every company having paid u share capital of Rs. 2 crores or more must have a whole time secretary.
(iv) For the companies whose capital is less then two crores it is not compulsory.
(v) Hence, a company whose paid up capital more than Rs. 2 crores can appoint full time secretary.
Personal secretary must be an individual.
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True
0%
False
Explanation
(i) A personal secretary is an individual who is appointed by busy persons like industrialists business men or professionals to conduct their correspondence and do their personal work
(ii) Professionals like doctors, lawyers, engineers, chartered accountants or actors, minister appoint personal secretary due to their busy schedules in order to do their routine work.
(iii) Therefore personal secretary is appointed by people who have to devote their time an energy to discharge more important and challenging duties.
(iv) A personal secretary is also called personal assistant or private secretary.
(v) He is entrusted with confidential matters and his duties vary in nature.
(vi) An individual only can perform all such wont of a personal secretary.
The primary qualification required for a secretary of a government department is _____ .
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Bachelor Degree
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Master Degree
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I.A.S
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I.E.S.
Explanation
The primary qualification required for a secretary of a government department is I.A.S. ( Indian Administrative Service).
A secretary is the custodian of ______ information.
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confidential
0%
government
0%
financial
0%
share holders
Explanation
A secretary is a custodian of secret, confidential and important information of his organization. Since he is closely connected with a top management, he participates in the decision making, policy framing, planning etc. All such important decisions regarding business activities are required to be maintained at top confidential. A secretary keeps all such confidential decisions and executes them at a right time
The functions of a secretary depend on ______ .
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the nature of organisation
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the status of secretary
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the value of investment
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the number of share holders
Explanation
The function of secretary depend on the nature of the organisation, different organisations have different works and requirements which changes the functions of a secretary.
A secretary of Government departments of the state is appointed by the ______ .
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Chief Minister of that State
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Governor
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Prime Minister
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President
The functions of a personal secretary depend on the nature of work of his master.
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True
0%
False
Explanation
True , a personal secretary is an administrative assistance who is hired to reduce the burden of the employer . The job of the secretary is to do clerical , administrative and management work for the employer . The functions of a personal secretary clearly depends upon the type of work and the functioning of the employer as personal secretary is suppose to do the daily functions on the behalf of the employer . A personal secretary is supposed to do the management of the schedules of the employer arrangement of the meetings , client coordination etc .
A personal secretary is appointed by the busy person.
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0%
True
0%
False
Explanation
True , a personal secretary is appointed by the busy person as he needs personal assistance in his daily work .
The quality of a secretary which enables him to adjust to varying situation is qualities of head.
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True
0%
False
Explanation
A company secretary is a representative of the company to the outside world. The main qualities of a secretary that helps them to adjust and adapt to the varying situation of the business environment is the quality to learn from continuous efforts which are also known as qualities of head.
A secretary of a co-operative society is appointed by the _____.
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Board of Directors
0%
Managing Committee
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Minister
0%
Managing Director
Explanation
The managing committee of every cooperative society appoints a secretary to administer the society on their behalf.
A __________ secretary is the oldest type of secretary.
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Company
0%
Personal
0%
Government
0%
Private
Explanation
A personal secretary is the oldest type of secretary as old as human civilization
At the end of every year all directors retire.
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True
0%
False
Explanation
False , A company's Article of Association may provide that one-third of the directors must retire by rotation at each annual general meeting. If two or more persons were originally appointed on the same day , those to retire should be between them or determined by lot.
State the following statement is True of False:
The first auditor is appointed by the shareholders of the company.
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True
0%
False
Explanation
According to the Company Act , 2013 , the first auditor is appointed by the shareholders of the company at the time of commencement .
Auditor is a person appointed by the company to execute audit. auditing is done by the auditor to check the accuracy of the accounts . The first auditor is appointed by shareholders.
Select the correct option given below:
Auditor is appointed in_______ .
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Annual General Meeting
0%
Board Meeting
0%
Statutory Meeting
0%
None of these
Explanation
After the incorporation of a company in its first annual general meeting an auditor must be appointed by the board of directors. The appointment of the first auditor must be completed by the board of directors within 30 days of incorporation. In case the directors fail to appoint an auditor the members must be informed. The members will then be required to appoint an auditor within 90 days at an extraordinary general meeting.
President of National Company Law Tribunal cannot be re-appointed on expiry of his term.
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0%
True
0%
False
Explanation
Section 10FE, Companies Act, talks about the "term of office of president and members."
The President and every other Member of the Tribunal shall hold office as such for a term of three years from the date
on which he enters upon his office but shall be eligible for re-appointment :
Provided that no President or other Member shall hold office as such after he has attained, -
(a) in the case of the President, the age of sixty-seven years ;
(b) in the case of any other Member, the age of sixty-five years :
Provided further that the President or other Member may retain his lien with his parent cadre or Ministry or
Department, as the case may be, while holding office as such.
Registrar of Companies is appointed by _________.
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Advisory Committee
0%
Central Government through tribunal
0%
Court
0%
Share holders
Explanation
The Central Government may appoint registrars as it considers necessary for the registration of companies and discharge of various functions under the Company Act, 2013 and the powers and duties may be exercisable as may be prescribed.
Match the Groups :
Group 'A'
Group 'B'
(i)
Companies Act
(a)
has not more than 9 members
(ii)
The Companies (Amendment) Act, 1988
(b)
advises the Central Government
(iii)
Company Law Board
(c)
is appointed by Central Government
(iv)
Registrar of Companies
(d)
Independent Company Law Board
(v)
Advisory Committee
(e)
constitutes company law
(f)
appointed by state government
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(i)-e, (ii)-d, (iii)-a, (iv)-c, (v)-b
0%
(i)-b, (ii)-d, (iii)-a, (iv)-c, (v)-e
0%
(i)-e, (ii)-a, (iii)-c, (iv)-d, (v)-b
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(i)-e, (ii)-c, (iii)-a, (iv)-d, (v)-b
Explanation
The correct matches of the groups are:
Company Act - constitutes company law
The companies ( Amendment Act , 1988) - Independent Company Law Board
Company Law Board - has not more than 9 members
Registrar of company - is appointed by central government
Advisory committee - advises the central government
Registrar of Companies is appointed by State Government.
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True
0%
False
Explanation
True
the Registrar of Companies is appointed by state government under the Ministry of Corporate Affairs that deals with the administration of Company act 2013 ...
Appointment of the Auditors is made at the Annual General Meeting.
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True
0%
False
Explanation
True , the appointment of the auditor is made at Annual General Meeting . Every company shall appoint an auditor at it's first annual general meeting who shall hold its first office from conclusion of that meeting to its sixth annual general meeting
State the following statement is True or False:
A director must acquire qualification shares within three months from the date of being appointed as a director in a company.
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True
0%
False
Explanation
Thi
s statement is False, due to the following reasons:
(i) The directors occupy a very important position in the company management.
(ii) They are elected representatives of the shareholder.
(iii) Directors are responsible for decision making , policy farming and determination of plans.
(iv) Directions exercise their powers and authorities collectively as a' Board'.
(v) Under Section 270 of the Companies Act 1956, every person who desire to become a director of the company must purchase qualification shares within a period of 2 months from the date of his appointed.
(vi) However, the nominal value of such share should not exceed Rs.5,000/-
(vii) The secretary has to correspond in this connection.
(ix) Whenever a Director is appointed,it is the duty of the Secretary to remind him that he has to purchase the qualification share and inform the company accordingly.
So, the Director has to purchase qualification shares within two months and not three months,from the date of his appointment.
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