CBSE Questions for Class 12 Commerce Legal Studies Legal Services Quiz 1 - MCQExams.com

Who of the following had been the Chairman of the Thirteenth Finance Commission?
  • K. C. Pant
  • Vijay Kelkar
  • C. Rangarajan
  • None of the above
The delimitation of the territorial constituencies in India is the responsibility of the ___________.
  • President
  • Governor
  • Election Commission
  • Parliament
Legal phrases are followed by four meanings. Choose the most appropriate option:
'Animus possidendi' means:
  • Intent to contract
  • Intention to harm
  • Intention to return
  • Intention to possess.
The Securities and Exchange Board of India (SEBI) Act, $$1992$$, came into force on
  • $$12$$the April, $$1988$$
  • $$30$$th January, $$1992$$
  • $$1$$st April, $$1992$$
  • $$25$$th January, $$1995$$
  • Both Assertion and Reason are correct and Reason is the correct explanation for Assertion
  • Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion
  • Assertion is correct but Reason is incorrect
  • Both Assertion and Reason are incorrect
Salary surrendered by an employee is excluded while computing taxable income, if the surrender is made to
  • The State Government
  • The Central Government
  • A local authority
  • A statutory corporation
Consists of legal proposition(s)/principle(s) (herein after referred to as 'principle') and facts. Such principles may or may not be true in the real and legal sense, yet you have to conclusively assume them to be true for the purposes of this Section. In other words, in answering these questions, you must not rely on any principle except the principles those are given herein below for every question.
Further, you must not assume any facts other than those stated in the question. The objective of this section is to test your interest towards study of law, research aptitude and problem solving ability, even if the 'most reasonable conclusion' arrived at may be absurd or unacceptable for any other reason. It is not the objective of this section to test your knowledge of law.
Therefore, to answer a question, principle is to be applied to the given facts and to choose the most appropriate option.
Principle: Under the Employees Compensation Act, 1923, an employer is liable to pay compensation to his workmen for injuries sustained by them by an accident arising out of and in the course of employment.
Facts: M, the Manager of SRK Industries asked his secretary S to submit a report at the Government Labour Office. 'S' submitted the report as directed. On his way back S met one of his class mates. He then decided to have a cup of tea together on a way side restaurant. Sometime later, 'S' got a message from his office to report back as it was long time since he left the office. 'S' rushed back en his Motor Cycle. On his way back a Truck which was coming from a side road hit 'S'. He was admitted in a nearby hospital with multiple injuries. He claims compensation under the Employees Compensation Act from his employer.
  • The Employer is liable as S had to rush back to the office, because of the message from the office.
  • The Employer is not liable as the truck driver was negligent.
  • The Employer is not liable as he was admitted in a private hospital and not a Government Hospital.
  • The Employer is liable to pay compensation as the accident took place arising out of and in the course of employment.
To make atonement for one's sins.
  • Expiate
  • Renounce
  • Remonstrate
  • Recant
Choose the correct answer from the alternatives given.
X undertakes to paint a picture for V. He dies before he paints the picture. The contract
  • is discharged by death
  • becomes voidable at the option of V
  • becomes voidable at the option of the legal representatives of X.
  • will have to be performed by the legal. representatives of X.
'Part A of the Annual Budget' presented by the Finance Minister of the Government of India, contains
  • The detailed tax proposals
  • The detailed fiscal policies
  • Both (A) and (B)
  • The detailed revenue estimates
Grievance procedures are based on the principle of natural justice: 
  • Justice
  • Principle
  • Procedure
  • Commitment
What is NALSA?
  • National Legal Services Authorities
  • National Legal Services Association
  • New Legal Services Authorities
  • National Legal System Authorities
The Income Tax Act, $$1961$$, came into force on
  • $$1$$ April, $$1961$$
  • $$1$$ April, $$1962$$
  • $$1$$ Jan, $$1963$$
  • $$1$$ Jan, $$1963$$
The Foreign Exchange Management Act (FEMA), $$1999$$ came into effect from
  • $$2nd\ December, 1999$$
  • $$9th\ December, 1999$$
  • $$1st\ January, 2000$$
  • $$1st\ June, 2000$$
Who is the executive chairman of Rajasthan State Legal Services Authority?
  • Chief Minister of Rajasthan
  • Chief Justice of Rajasthan High Court
  • Prime minister of India
  • Chief Justice of Supreme Court
The previous year for the Assessment year $$2015-16$$ is
  • $$2012-13$$
  • $$2014-15$$
  • $$2013-14$$
  • None of the above
Which Section of the Income Tax Act, $$1961$$ is known as a 'Charging Section'?
  • Section $$2$$
  • Section $$4$$
  • Section $$6$$
  • Section $$11$$
According the FEMA, $$1999$$, all postal notes, postal orders, cheques, drafts etc. shall be treated as
  • Cash instruments
  • Currency notes
  • Currency
  • Non-cash instruments
Income of the F.Y. $$2013-2014$$ is chargeable at the rate applicable to the year
  • $$2011-12$$
  • $$2012-13$$
  • $$2013-2014$$
  • $$2014-15$$
Which Section of the FEMA, $$1991$$ describes provisions regarding 'amount of penalty'?
  • Section $$11(6)$$
  • Section $$12(3)$$
  • Section $$13(1)$$
  • Section $$14(2)$$
Regulation $$2$$(F) of SEBI(ICDR- Issue of Capital and Disclosure Requirements) Regulations, $$2009$$ is related with
  • Indian Depository Receipts(IDR)
  • Book Building (a process of price discovery)
  • Earning per Share(EPS)
  • Public issue of equity shares
Who was the first Chairman of the Finance Commission?
  • Jawahar Lal Nehru
  • Gulzari Lal Nanda
  • K.C. Neogy
  • Shriman Narayanan
According to the FEMA, $$1999$$, who is empowered to appoint the 'Adjudicating Authority'?
  • The Central Government
  • The Reserve Bank of India
  • The SEBI
  • Any of the above
Provisions regarding 'Further Public Offer' have been described in
  • Regulation $$32$$ of SEBI (ICDR) Regulations, $$2009$$
  • Regulation $$30$$ of SEBI (ICDR) Regulations, $$2009$$
  • Regulation $$29$$ of SEBI (ICDR) Regulations, $$2009$$
  • Regulation $$27$$ of SEBI (ICDR) Regulations, $$2009$$
Match the following
List I (Regulations of SEBI(ICDR) Regulation, $$2009$$)List II(Provisions regarding with)
(a) Regulation $$27$$$$1$$. Promoter's contribution
(b) Regulation $$32$$$$2$$. Green Shoe option
(c) Regulation $$45$$$$3$$. Conditions for further public issue
(d) Regulation $$92$$$$4$$. Issue of Bonus Shares
  • (a)-$$4$$, (b)-$$2$$, (c)-$$1$$, (d)-$$3$$
  • (a)-$$3$$, (b)-$$1$$, (c)-$$2$$, (d)-$$4$$
  • (a)-$$2$$, (b)-$$3$$, (c)-$$1$, (d)-$$4$$
  • (a)-$$1$$, (b)-$$2$$, (c)-$$3$$, (d)-$$4$$
A public issue must be kept open for at least
  • $$3$$ working days
  • $$10$$ working days
  • $$15$$ working days
  • $$30$$ working days
Charu aggrieved by an order of SEBI, his or her appeal shall be filled within a period of
  • $$70$$ days
  • $$45$$ days
  • $$20$$ days
  • $$07$$ days
Given below is a statement of legal principle followed by factual situation. Apply the principle to the facts and select the most appropriate answer.
Principle: The owner of a land is entitled to the column of air space above the surface ad infinitum. But, the right is restricted to such height as is necessary for the ordinary used and employment of his land, and the structure on it. A had constructed a single-storeyed house on a corner site. He had no intention of building an additional floor. B is neighbour, who ran an internet parlour got a hoarding made, which protruded over A's house at a height of around $$6$$ feet above the terrace. A sues B for trespass.
  • A will succeed since B's act amounts to trespass
  • A will not succeed since he was anyway not planning to build an additional storey
  • A will not succeed since the hoarding is not obstructing him
  • A will not succeed since B has a right to erect a hoarding
The term "Restitution" means-
  • Restoration of things to its original state
  • Repairing the thing
  • Compensating the aggrieved party
  • All the three
SEBI has announced a few measures on June 19, 2014
  • To boost the primary market
  • To boost the secondary market
  • Both (A) and (B)
  • None of the above
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