Tag: elements of business

Questions Related to elements of business

The general meeting held after the completion of the financial year is the Annual General Meeting .
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

True , the general meeting held after the completion of the financial year is the Annual General Meeting . Annual General Meeting is a meeting conducted annually f or the members or shareholders for holding elections or reporting on theyear's events.

The general meeting held only once in the life of the company is the statutory meeting.
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

true, statutory meeting is the first meeting of the shareholders of a company. It must be held within a period of less than one month not more than six months from the date at which the company is entitled to the commencement of business . it is only held once in a lifetime of a company.

President of National Company Law Tribunal cannot be re-appointed on expiry of his term.

elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: B
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.
Appointment of the Auditors is made at the Annual General Meeting.
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
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

The written record of the proceedings at the meeting are the minutes.
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

Minutes also known as minutes of meeting are instant records. They typically describe the events of the meeting and may include a list of attendees, a statement of the issues considered by the participants and related responses or the decision of the issue.

Registrar of Companies is appointed by State Government.

elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
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 ...

The gap between two general meetings should not be more than _______ months. 
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. five

  2. ten

  3. fifteen

  4. twenty

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Correct Option: C
The first general meeting of the company is the statutory meeting.
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

Statutory meeting is the first meeting of the shareholders of the company. it must not be held only once in a lifetime of a company . Hence the first general meeting of the company is the statutory meeting. 

Select the correct option:

______ is the proposal put before the meeting for discussion and decision.

elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. Resolution

  2. Motion

  3. Amendment

  4. All of above

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Correct Option: B
Explanation:

A motion is a topic or subject proposed as a basis of dis­cussion. Since a member at a meeting formally introduces or moves a subject for discussion it is called a motion. With the permission of the chairman a motion is moved by an individual. He ‘secures the floor’, addresses the chairman and makes a short speech in support of the motion.

Immediately after that another member stands up and ‘seconds’ it. A motion when seconded is called a proposal and it is before the meeting. If no one seconds a motion, it ‘falls to the ground’ and no discussion takes place on it. A formal motion like ‘point of order’ or a motion by the chairman does not require seconding.

Minimum number of members to remain present for a valid meeting is the quorum.
elements of business fundamentals of business activities characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

True, the minimum number of members to remain present for a valid meeting is the quorum. It is the minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of the meeting valid.