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Question for CMA Foundation - Quiz / Questions / MCQ in English

Last Update on : October 11, 2026

Duration: 120 · Questions: 100 · Max Marks: 200

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To boost your performance in CMA Foundation exam, practice each question regularly and with focus. Every question tests your subject understanding, so solve them one at a time. Taking a quiz improves your speed and accuracy. Practicing topic-wise MCQs. Students benefit greatly from reviewing questions with answer keys, which help clarify concepts and strengthen Questions knowledge for success in CMA Foundation exams.

Latest CMA Foundation Exam Question (Objective Questions), MCQ in English

Subjects : Fundamentals of Business Laws and Business Communication, Fundamentals of Financial and Cost Accounting

Question Bank CMA Foundation Exam (Session 1) - English

Fundamentals of Business Laws and Business Communication

Q 1 :
What is a primary source of law in India?
  1. A.Social media
  2. B.Statutes enacted by Parliament
  3. C.Newspaper articles
  4. D.Public opinion
Q 2 :
How do customs become a source of law?
  1. A.When published in newspapers
  2. B.When approved by social groups
  3. C.When recognized by courts
  4. D.When ignored by legislation
Q 3 :
What does the doctrine of stare decisis refer to?
  1. A.Legislative amendments
  2. B.Binding judicial precedents
  3. C.Customary practices
  4. D.Presidential assent
Q 4 :
Which court’s decisions are binding on all lower courts in India?
  1. A.District Court
  2. B.High Court
  3. C.Supreme Court
  4. D.Magistrate Court
Q 5 :
What is the role of statutes in Indian law?
  1. A.They are informal guidelines
  2. B.They are laws enacted by legislatures
  3. C.They are judicial opinions
  4. D.They are personal laws
Q 6 :
What governs marriage laws for Hindus in India?
  1. A.Common law
  2. B.Equity principles
  3. C.Hindu personal law
  4. D.Judicial precedents
Q 7 :
When does equity apply in Indian courts?
  1. A.When statutes are sufficient
  2. B.When common law is inadequate
  3. C.When customs are ignored
  4. D.When legislation is repealed
Q 8 :
Which court developed the principles of equity?
  1. A.Court of Chancery
  2. B.Supreme Court
  3. C.High Court
  4. D.District Court
Q 9 :
What is a characteristic of judicial precedents?
  1. A.They are advisory only
  2. B.They are binding on lower courts
  3. C.They are created by Parliament
  4. D.They are based on customs
Q 10 :
How are personal laws applied in India?
  1. A.Uniformly across all communities
  2. B.Only in commercial disputes
  3. C.Only in criminal cases
  4. D.Based on religious communities
Q 11 :
What is an example of a source of law from customs?
  1. A.A Supreme Court judgment
  2. B.A long-established trade practice
  3. C.A parliamentary statute
  4. D.A presidential order
Q 12 :
Which body enacts statutes in India?
  1. A.Supreme Court
  2. B.Local municipalities
  3. C.Parliament and State Legislatures
  4. D.High Courts
Q 13 :
What is the hierarchy of courts in India?
  1. A.District Court > High Court > Supreme Court
  2. B.Supreme Court > High Court > District Court
  3. C.High Court > Supreme Court > District Court
  4. D.District Court > Supreme Court > High Court
Q 14 :
How do judicial decisions contribute to law?
  1. A.By setting binding precedents
  2. B.By creating new statutes
  3. C.By repealing legislation
  4. D.By enforcing customs
Q 15 :
What governs inheritance for Muslims in India?
  1. A.Common law
  2. B.Muslim personal law
  3. C.Equity principles
  4. D.Statutory law
Q 16 :
When are customs considered valid as law?
  1. A.When they are recent
  2. B.When they are unpublished
  3. C.When they are long-established and recognized
  4. D.When they conflict with statutes
Q 17 :
What is the purpose of equity in law?
  1. A.To enforce strict rules
  2. B.To provide fairness when law is inadequate
  3. C.To create new statutes
  4. D.To override judicial precedents
Q 18 :
Which court’s decisions are binding on a District Court?
  1. A.Another District Court
  2. B.Local Magistrate Court
  3. C.High Court of the state
  4. D.None of the above
Q 19 :
What is a statute in the Indian legal system?
  1. A.A judicial decision
  2. B.A law enacted by legislation
  3. C.A customary practice
  4. D.A personal law
Q 20 :
How do personal laws differ from statutes?
  1. A.They apply to all citizens
  2. B.They are based on equity
  3. C.They are enacted by courts
  4. D.They govern specific religious communities
Q 21 :
What is an example of a judicial precedent?
  1. A.A parliamentary bill
  2. B.A Supreme Court ruling
  3. C.A trade custom
  4. D.A state ordinance
Q 22 :
Why is the doctrine of stare decisis important?
  1. A.It ensures legislative supremacy
  2. B.It creates new laws
  3. C.It promotes consistency in judicial decisions
  4. D.It enforces personal laws
Q 23 :
What is a role of the Court of Chancery historically?
  1. A.Enacting statutes
  2. B.Developing equity principles
  3. C.Creating precedents
  4. D.Enforcing customs
Q 24 :
How are statutes created in India?
  1. A.By legislative enactment
  2. B.By judicial rulings
  3. C.By customary practices
  4. D.By presidential orders
Q 25 :
What governs divorce for Christians in India?
  1. A.Hindu personal law
  2. B.Christian personal law
  3. C.Common law
  4. D.Equity principles
Q 26 :
When does a High Court’s decision bind a lower court?
  1. A.When it is within its jurisdiction
  2. B.When it is advisory
  3. C.When it conflicts with statutes
  4. D.When it is unpublished
Q 27 :
What is a characteristic of valid customs as law?
  1. A.They are temporary
  2. B.They are reasonable and continuous
  3. C.They conflict with statutes
  4. D.They are unpublished
Q 28 :
How does equity differ from common law?
  1. A.It is stricter
  2. B.It focuses on fairness
  3. C.It is enacted by Parliament
  4. D.It is based on precedents
Q 29 :
What is an example of a statute in India?
  1. A.A Supreme Court judgment
  2. B.A trade custom
  3. C.The Indian Contract Act, 1872
  4. D.A personal law
Q 30 :
Why are judicial precedents binding?
  1. A.They are enacted by Parliament
  2. B.They ensure uniformity under stare decisis
  3. C.They are based on customs
  4. D.They are advisory opinions
Q 31 :
What governs succession for Parsis in India?
  1. A.Muslim personal law
  2. B.Parsi personal law
  3. C.Common law
  4. D.Equity principles
Q 32 :
How do courts recognize customs as law?
  1. A.By verifying their long-standing practice
  2. B.By ignoring their history
  3. C.By creating new customs
  4. D.By repealing statutes
Q 33 :
What is the role of precedents in lower courts?
  1. A.They are optional guidelines
  2. B.They are binding decisions
  3. C.They are legislative rules
  4. D.They are personal laws
Q 34 :
When is equity applied in legal disputes?
  1. A.When statutes are clear
  2. B.When precedents are absent
  3. C.When customs are sufficient
  4. D.When fairness is needed
Q 35 :
What is a source of law for commercial disputes?
  1. A.Trade customs recognized by courts
  2. B.Personal laws
  3. C.Newspaper articles
  4. D.Social practices
Q 36 :
How does the Supreme Court influence law?
  1. A.By enacting statutes
  2. B.By setting binding precedents
  3. C.By creating customs
  4. D.By issuing ordinances
Q 37 :
What governs marriage for Sikhs in India?
  1. A.Christian personal law
  2. B.Equity principles
  3. C.Hindu personal law
  4. D.Common law
Q 38 :
Why are statutes a primary source of law?
  1. A.They are advisory
  2. B.They are enacted by legislatures
  3. C.They are judicial decisions
  4. D.They are based on customs
Q 39 :
What is the role of equity in modern Indian law?
  1. A.To override statutes
  2. B.To create new precedents
  3. C.To supplement common law
  4. D.To enforce customs
Q 40 :
How do personal laws apply to inheritance?
  1. A.Uniformly across India
  2. B.Based on religious communities
  3. C.Only in commercial cases
  4. D.Only in criminal law
Q 41 :
Where can a bill be introduced in Parliament?
  1. A.In Lok Sabha or Rajya Sabha
  2. B.Only in the Supreme Court
  3. C.Only in State Legislatures
  4. D.In High Courts
Q 42 :
What happens during the First Reading of a bill?
  1. A.Clause-by-clause discussion
  2. B.Formal introduction and publication
  3. C.Voting on the bill
  4. D.Presidential assent
Q 43 :
What is the purpose of the Second Reading of a bill?
  1. A.Formal introduction
  2. B.Detailed discussion and amendments
  3. C.Presidential signature
  4. D.Publication in the Gazette
Q 44 :
When does a bill go to the Third Reading?
  1. A.After introduction
  2. B.After presidential assent
  3. C.After clause-by-clause discussion
  4. D.After publication
Q 45 :
What happens during the Third Reading of a bill?
  1. A.Formal introduction
  2. B.Voting on the bill as a whole
  3. C.Clause-by-clause amendments
  4. D.Presidential assent
Q 46 :
What is the next step after a bill passes one House?
  1. A.It is sent to the other House
  2. B.It becomes an Act
  3. C.It is repealed
  4. D.It is published
Q 47 :
When does a bill become an Act?
  1. A.After introduction
  2. B.After presidential assent
  3. C.After First Reading
  4. D.After Second Reading
Q 48 :
Who gives the final assent to a bill?
  1. A.Prime Minister
  2. B.Speaker of Lok Sabha
  3. C.Chief Justice
  4. D.President of India
Q 49 :
What is a Money Bill?
  1. A.A bill related to constitutional amendments
  2. B.A bill dealing with financial matters
  3. C.A bill for personal laws
  4. D.A bill for judicial reforms
Q 50 :
Where can a Money Bill be introduced?
  1. A.Only in Lok Sabha
  2. B.Only in Rajya Sabha
  3. C.In either House
  4. D.In State Legislatures

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