Statutory Corporation Quiz-1

Statutory Corporation Quiz-1

Quiz

 

1. Which of the following is NOT an example of a statutory corporation in India?
   1.   Life Insurance Corporation of India
   2.   Reserve bank of India
   3.   Oil and Natural Gas Corporation
   4.   Bharat Heavy Electricals Limited
2. Which of the following is the final step in the formation of a statutory corporation?
   1.   The government passes a special act of Parliament or state legislature.
   2.   The government appoints a board of directors.
   3.   The government raises capital.
   4.   The corporation is registered with the Registrar of Companies.
3. Which of the following is the first step in the formation of a statutory corporation?
   1.   The government passes a special act of Parliament or state legislature.
   2.   The government appoints a board of directors.
   3.   The government raises capital.
   4.   The government registers the corporation with the Registrar of Companies.
4. Which of the following is the correct definition of a statutory corporation?
   1.   A corporate body created by a special act of Parliament or state legislature.
   2.   A corporate body that is wholly owned by the state.
   3.   A corporate body that has financial autonomy.
   4.   A corporate body that is accountable to the legislature.
5. Which of the following is NOT a feature of a statutory corporation?
   1.   It is a corporate body.
   2.   It is wholly owned by the state.
   3.   It has financial autonomy.
   4.   It is accountable to the legislature.
6. Which of the following documents is not required for the formation of a statutory corporation?
   1.   Memorandum of Association.
   2.   Articles of Association.
   3.   Certificate of incorporation.
   4.   Certificate of commencement of business.
7. Which of the following is an example of a statutory corporation that is not a public utility?
   1.   Reserve Bank of India
   2.   National Highways Authority of India
   3.   Damodar Valley Corporation
   4.   Central Warehousing Corporation
8. Which of the following is the most important function of statutory corporations?
   1.   Providing essential services to the public
   2.   Promoting economic growth and development
   3.   Generating revenue for the government
   4.   Creating employment opportunities
9. Which of the following is the most common reason for delay in action on statutory corporations?
   1.   Lack of political will.
   2.   Bureaucracy.
   3.   Lack of funds.
   4.   Legal challenges.
10. Which of the following is NOT a factor that is considered in the staffing of statutory corporations?
    1.   The nature of the work
    2.   The skills and experience of the candidates
    3.   The availability of funds
    4.   The political considerations
11. Which of the following is the most common type of ownership for statutory corporations in India?
    1.   Wholly owned by the government
    2.   Part-owned by the government and part-owned by private individuals
    3.   Part-owned by the government and part-owned by foreign companies
    4.   Wholly owned by private individuals
12. Which of the following statements is NOT true about the ownership of statutory corporations?
    1.   The government can transfer its ownership of a statutory corporation to private individuals or entities.
    2.   The ownership structure of a statutory corporation is determined by the law that establishes it.
    3.   The ownership structure of a statutory corporation can change over time.
    4.   The government can create a statutory corporation with a specific ownership structure.
13. Which of the following is NOT a requirement of the accounting and audit procedure of statutory corporations?
    1.   The statutory corporation must maintain proper accounting records.
    2.   The auditor's report must be submitted to the legislature under which the statutory corporation was established.
    3.   The auditor's report must be made public.
    4.   The statutory corporation must have its accounts audited by a qualified auditor.
14. Which of the following is the most common consequence of corruption in statutory corporations?
    1.   Financial losses for the corporation
    2.   Damage to the reputation of the corporation
    3.   Reduced public trust in the government
    4.   All of the above
15. Which of the following is the most important disadvantage of statutory corporations?
    1.   They can be inefficient and bureaucratic.
    2.   They can be unresponsive to the needs of the public.
    3.   They can be corrupt.
    4.   They can be difficult to privatize.
16. Which of the following statements is true about the financial autonomy of statutory corporations?
    1.   They have complete financial autonomy and are not subject to any government control.
    2.   They have limited financial autonomy and are subject to some government control.
    3.   They have no financial autonomy and are fully controlled by the government.
    4.   None of the above
17. Which of the following is NOT a possible owner of a statutory corporation?
    1.   The government
    2.   Private individuals
    3.   Foreign companies
    4.   Public limited companies
18. Which of the following is the most important objective of the accounting and audit procedure of statutory corporations?
    1.   To ensure that the financial statements are accurate and reliable.
    2.   To detect any fraud or irregularities.
    3.   To provide assurance to the legislature and the public that the statutory corporation is being managed in a sound and efficient manner.
    4.   All of the above.
19. Which of the following is the most important document in the formation of a statutory corporation?
    1.   The special act of Parliament or state legislature.
    2.   The Memorandum of Association.
    3.   The Articles of Association.
    4.   The certificate of incorporation.
20. Which of the following statements is NOT true about statutory corporations?
    1.   They are created by a special act of Parliament or state legislature.
    2.   They have predefined functions, duties, powers, and immunities.
    3.   They are accountable to the legislature under which they were established.
    4.   They are subject to the same laws and regulations as private companies.