13.

Intellectual properties:

· Always carry a price comparison and a competition tag.

· Are ready to use knowledge packages.
· None of these
· Can be readily purchased.

14. Naresh Chandra Committee (2002) stipulates that an independent director of a company is a non-
executive director who

· Has not been a director, independent or otherwise, of the company for more than 3 (three)
terms of 3 (three) years each [not exceeding 9 (nine) years in any case.
· Is not related to promoters or management at the board level or at one level below the board.
· Has not been an executive of the company in the immediately preceding 3 (three) financial
years.
· Is not a partner or an executive of the statutory audit firm or the internal audit firm that is
associated with the company, and has not been a partner or an executive of any such firm for
the last 3 (three) years.

15. Every listed public company shall have at least ..... of the total number of directors as
independent directors

· Half
· One-third
· Two-third
· One-fourth

16. What is Business Ethics?

· Nobility of operation philosophy that is upheld by actual practices of a business enterprise.

· Good behaviour of business managers.
· An abstract description used by the society.
· Summary of ethics practiced by different constituent professions.

17. K.M. Birla Committee was set up by

· SEBI
· RBI
· CII
· MCA

18. A formally declared and documented ethical commitment of the organisation is called:

· A compliance
· EtMS
· A credo
· A checklist

19. Who is interested in intellectual property?

· Non-profit making organisations

· Business organisations dealing in commodity products and services
· Common people
 · Business organisations dealing in financial derivatives

20. Which of the following elements is a good ethics audit deliverable?

· Policy limitation
· EEI/MCI
· ODHRTP
· EtMS

21. Which of the following element plays a key role in ensuring compliance to ethical requirements?

· Environmental aspects identification

· Ethical performance environment
· Creation of a sincere and dedicated workforce
· Legal aspects identification

22. According to which Section of the companies Act 2013, companies and independent directors
shall abide by the provisions specified in the Schedule IV, which prescribes the guidelines of
professional conduct, roles and functions and duties of the independent directors.

· Section 152 (0)

· Section 149(8)
· Section 149(0)
· Clause 165 (1)

23. The concept of corporate sustainability is derived from the elements of

· All the above

· Corporate social responsibility
· Stakeholder and corporate accountability theories
· Sustainable development

24. Selection of Ethics auditor should be based on their:

· Knowledge of EtMS
· Audit expertise
· Knowledge of SOX Act
· Knowledge of audit standards

25. As per Section 135 of the Companies Act, 2013 and Company Rules, 2014 required that every
company having a net worth of 500 crore or more, or turnover of 1000 crore or more or a net profit of
5 crore or more during any financial year shall ensure that the company spends, in every financial
year, in pursuance of its Corporate Social Responsibility (CSR) Policy:

· At least 5% of the average net profits made during the three immediately preceding financial
years
· At least 2% of the average net profits made during the three immediately preceding financial
years.
· At least 2% of the average net profits made during the two immediately preceding financial
years