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Business Laws MCQs for CA Foundation
Chapter-wise Business Laws MCQs with answers and explanations. Try the sample questions below, then practise a set of 10 with instant right/wrong.
Practise 10 Law MCQsSample Business Laws MCQs with answers
Q1 · Indian Regulatory Framework
The Insurance Regulatory and Development Authority of India (IRDAI) regulates which sector?
- (a) Insurance sector
- (b) Banking sector
- (c) Capital market
- (d) Telecom sector
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Answer: (a) Insurance sector
(a) is correct: IRDAI regulates and promotes the insurance industry in India. The capital market is regulated by SEBI, not IRDAI.
Q2 · Indian Regulatory Framework
Which Act is the primary law that regulates the formation, management and winding up of companies in India?
- (a) The Indian Contract Act, 1872
- (b) The Companies Act, 2013
- (c) The Sale of Goods Act, 1930
- (d) The Indian Partnership Act, 1932
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Answer: (b) The Companies Act, 2013
(b) is correct: The Companies Act, 2013 is the principal legislation governing companies in India. The Indian Contract Act, 1872 covers general contracts, which is the closest wrong option, but it does not regulate company management.
Q3 · Indian Regulatory Framework
Which authority is responsible for the administration of the Companies Act, 2013 at the national level?
- (a) Securities and Exchange Board of India
- (b) Reserve Bank of India
- (c) Ministry of Corporate Affairs
- (d) Competition Commission of India
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Answer: (c) Ministry of Corporate Affairs
(c) is correct: The Ministry of Corporate Affairs administers the Companies Act, 2013. SEBI regulates securities markets, which is the closest wrong option, but it does not administer company law.
Q4 · Indian Regulatory Framework
Which of the following is a regulator of the securities market in India?
- (a) Registrar of Companies
- (b) Securities and Exchange Board of India
- (c) National Company Law Tribunal
- (d) Insurance Regulatory and Development Authority
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Answer: (b) Securities and Exchange Board of India
(b) is correct: SEBI regulates the securities market in India. The Registrar of Companies is the closest wrong option, but it registers and monitors companies rather than regulating the securities market.
Q5 · Indian Regulatory Framework
Which body is the central bank of India that regulates banking and monetary policy?
- (a) Securities and Exchange Board of India
- (b) Reserve Bank of India
- (c) Insurance Regulatory and Development Authority of India
- (d) Ministry of Finance
Show answer ↓
Answer: (b) Reserve Bank of India
(b) is correct: the Reserve Bank of India, set up under the RBI Act, 1934, is India's central bank and regulates banks and monetary policy. SEBI regulates the securities market, not banking.
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