Business Environment Test

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Business Environment Test - 15

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Weekly Quiz Competition

Question 1
1 / -0

The New Industrial Policy (1991) aims to make changes in ____________________.

A
Industrial licensing, Foreign Investment and Public Sector Management

B
Foreign Technology Agreements and Monopolies and Restrictive Trade Practices Act

C
Foreign Investment and Foreign Technology Agreements

D
Both (A) and (B)

Solution

New Industrial Policy was adopted by the Government of India in the year of 1991. It was adopted in order to create a more freer and competitive economy. The New Industrial Policy aims to make changes in:
a) Industrial licensing, Foreign Investment and Public Sector Management
b) Foreign Technology Agreements and Monopolies and Restrictive Trade Practices Act.
Question 2
1 / -0

According to New Industrial Policy, 1991 approval will be given for direct foreign Investment upto _________ of foreign equity in high priority industries.

A
51 per cent

B
25 per cent

C
32 per cent

D
41 per cent

Solution

According to New Industrial Policy, 1991 approval will be given for direct foreign investment up to 51% of foreign equity in high-priority industries. New Industrial Policy was adopted by the Government of India in the year of 1991. It was adopted in order to create a more freer and competitive economy.
Hence, option (A) is the correct answer.
Question 3
1 / -0

According to New Industrial Policy, 1991 __________.
Which is incorrect?

A
no permission is necessary for hiring of foreign technicians

B
a special permission is necessary for hiring of foreign technicians or foreign testing of developed technologies

C
automatic permission will be given for domestic sales in high priority industries, upto 5 percent of royalty

D
automatic permission will be given, for other then high priority industries, if no foreign exchange is required for any payments

Solution

According to New Industrial Policy 1991, a special permission is necessary for hiring of foreign technicians or foreign testing of developed technologies- this statement is incorrect. New Industrial Policy was adopted by the Government of India in the year of 1991. It was adopted in order to create a more freer and competitive economy. The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth.
Question 4
1 / -0

Government undertakings engaged in the production of the following would continue to be kept out of the purview of the MRTP Act, under NIP 1991.

A
Defence equipment & specified minerals

B
Atomic energy and government mints

C
Railways

D
All of the above

Solution

The MRTP Act helped tor remove restrictions and controls which were put on the industrial sector before 1991. The MRTP Act and NIP, 1991 was made applicable to all undertakings including financial institutions. Government undertakings engaged in the production of the following would continue to be kept out of the purview of the MRTP Act, under NIP 1991:
a) Defence equipment and specified minerals
b) Atomic energy and government mints
c) Railways.Hence, option (D) is the correct answer.
Question 5
1 / -0

Which is incorrect from the following highlights of the New Small Scale Industrial Policy, 1991?

A
Launch of factoring services by SIDBI

B
Permission to other units to invest upto 24 percent in the SSI

C
Package for handloom and handicraft sector

D
Tiny sector investment limit raised to Rs. 7 lakhs

Solution

Tiny sector investment limit raised to Rs 7 lakhs- this is incorrect from the following highlights of the New Small Scale Industrial Policy, 1991. New Small Scale Industrial Policy, 1991 can be referred as a reform in Indian economy. It caused several changes in the small-scale industrial sector. It helped to create a more free economy.Hence, option (D) is the correct answer.
Question 6
1 / -0

According to the amendment of the MRTP Act under NIP, 1991, the requirement for large companies to seek the prior permission of the Union government for the following had been eliminated.

A
Expansion and establishment of new undertakings

B
Merger and amalgamations

C
Takeover and appointment of Directors

D
All the above

Solution

Amendment of the MRTP act helped to remove restrictions and controls which were put on the industrial sector before 1991. According to the amendment of the MRTP Act under NIP, 1991, the requirement for large companies to seek the prior permission of the Union government for the following had been eliminated:-
a) Expansion and establishment of new undertakings
b) Merger and amalgamations
c) Takeover and appointment of Directors.Hence, option (D) is the correct answer.
Question 7
1 / -0

How much of the activities were being made available for the private sector as per the New Industrial Policy, 1991?

A
One-fourth

B
Half

C
Three-fourths

D
One-sixth

Solution

Three-fourths of the activities were being made available for the private sector as per the New Industrial Policy, 1991. New Industrial Policy was adopted by the Government of India in the year of 1991. It was adopted in order to create a more free and competitive economy. The main objective of any industrial policy is to augment industrial production and thereby enhance industrial growth.
Hence, option (C) is the correct answer.
Question 8
1 / -0

According to the Industrial Policy Resolution of 1956, Schedule B has _________ Industries.

A
12

B
15

C
16

D
17

Solution

According to Industrial Policy resolution of 1956, Schedule B contains 12 industries. Industrial Policy Resolution of 1956 is a resolution adopted by the Indian Parliament in April 1956. The 1956 policy continued to constitute the basic economic policy for a long time.
Hence, option (A) is the correct answer.
Question 9
1 / -0

According to the Industrial Policy resolution of 1956. Schedule A contains __________.

A
15 major industries

B
12 major industries

C
17 major industries

D
14 major industries

Solution

According to Industrial Policy resolution of 1956, Schedule A contains 17 major industries. Industrial Policy Resolution of 1956 is a resolution adopted by the Indian Parliament in April 1956. The 1956 policy continued to constitute the basic economic policy for a long time.
Hence, option (C) is the correct answer.
Question 10
1 / -0

As per New Industrial Policy, 1991, the following were referred to Board of Industrial and Financial Reconstruction.

A
Sick Private Sector Units

B
Sick Public Sector Units

C
Developed Private Sector Units

D
Developed Public Sector Units

Solution

As per New Industrial Policy, 1991, Sick public sector units were referred to Board of Industrial and Financial Reconstruction. If a public sector unit is making losses continuously and is declared sick, it is referred to the Board for Industrial and Financial Reconstruction (BIFR) for complete overhauling or shut down.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 15

Result

Business Environment Test - 15

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SHARING IS CARING

Question 1

Industrial licensing, Foreign Investment and Public Sector Management

Foreign Technology Agreements and Monopolies and Restrictive Trade Practices Act

Foreign Investment and Foreign Technology Agreements

Both (A) and (B)

Solution

Question 2

51 per cent

25 per cent

32 per cent

41 per cent

Solution

Question 3

no permission is necessary for hiring of foreign technicians

a special permission is necessary for hiring of foreign technicians or foreign testing of developed technologies

automatic permission will be given for domestic sales in high priority industries, upto 5 percent of royalty

automatic permission will be given, for other then high priority industries, if no foreign exchange is required for any payments

Solution

Question 4

Defence equipment & specified minerals

Atomic energy and government mints

Railways

All of the above

Solution

Question 5

Launch of factoring services by SIDBI

Permission to other units to invest upto 24 percent in the SSI

Package for handloom and handicraft sector

Tiny sector investment limit raised to Rs. 7 lakhs

Solution

Question 6

Expansion and establishment of new undertakings

Merger and amalgamations

Takeover and appointment of Directors

All the above

Solution

Question 7

One-fourth

Half

Three-fourths

One-sixth

Solution

Question 8

12

15

16

17

Solution

Question 9

15 major industries

12 major industries

17 major industries

14 major industries

Solution

Question 10

Sick Private Sector Units

Sick Public Sector Units

Developed Private Sector Units

Developed Public Sector Units

Solution

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