Business related gk questions and answers

Discover essential business general knowledge questions and answers to boost your understanding of corporate concepts, management strategies, and global business trends. Perfect for students, professionals, and competitive exam preparation.

Business related gk questions and answers

Business Quiz questions and Answers

1.Questions: Do the PAN cards and Aadhaar cards of deceased persons need to be surrendered?

There is no legal requirement to immediately surrender the PAN card of a deceased person. However, it is advisable to hand it over to the Income Tax Department to prevent any potential misuse. It is best to surrender the PAN card only after transferring assets—such as bank accounts, mutual funds, and properties—to the legal heirs and after the heirs have filed the final income tax return on the deceased's behalf.

The Unique Identification Authority of India (UIDAI) has not prescribed any official procedure for cancelling, deleting, or surrendering the Aadhaar card. Therefore, there is no need to surrender it.

2, Questions: How is the price of gold determined based on the spot price of gold? Why is the word spot used for gold? What does that mean?

There are generally two types of prices in the stock market and commodity market. One is the 'spot price' and the other is the 'forward price'. 'Spot' means the current market price for immediate delivery. In the international gold market, the 'spot price' is the price at which gold can be purchased now and received within the regular spot settlement period.

There are other traders and investors. They make a contract in advance saying 'I will buy gold at this price on the same date next month or next year'. The word 'spot' is used to clearly distinguish 'today's market price' from this 'future contract price'.

The price of gold at the international level is generally expressed in US dollars per troy ounce. 1 troy ounce is 31.10 grams. The spot gold price of the London market is one of the important benchmarks of the global gold market. The price of our local jewelers is calculated using this spot price.

The spot price in dollars for that day is multiplied by the value of the Indian rupee equivalent to the dollar for that day. Dividing that amount by 31.10 gives the base rupee price of one gram of gold. On top of this, our country's import duty and chess are added.

3, Questions: Is investing in cryptocurrency a good idea? Are Beltex, Chain-link the right way to go?

No. The risk is high. It is not a safe 'investment'. It is 'speculative business'. There is no underlying asset like stocks, gold, land in it. In our country, cryptocurrency is not recognized as a legal currency like the rupee. Thus, the protection available to investors is very low. There is a 30 percent tax on profits and TDS rules for crypto transactions.

Chain Link: Since it is on the Oracle network, it has real technical application in the crypto market. It is used for various applications in blockchain technology. However, when the crypto market falls, it will also face a severe decline.

Beltux: Definitely avoid investing in this coin. Recently, it has been sold in many places in Tamil Nadu in the MLM system, promising 'surely profits'. There is no history of any scheme sold in this way in the financial market through network marketing.

 If you want to grow your hard-earned money safely, go for the stock market or mutual funds. Only go for this option if you are willing to take a high risk and don't mind losing all your money.

4, Questions: A company has informed me that it has sent my shares and dividends to the Investor Education and Protection Fund. The rule is that a notice must be sent to the shareholder three months before such a transfer and the details must be provided. But this particular company has not done so. Where can I complain against this?

The law and the rules of the Investor Education and Protection Fund that you have pointed out are absolutely correct. You can fight against that company as per the law.

But keep in mind some practical issues as well. The company can easily escape the law by saying that we sent a notice by ordinary post to your old address, or that we gave a public notice in the newspapers as per the rules. This will only waste your time and money.

So, instead of fighting a legal battle with the company for 'not giving notice', the first thing to do now is to redeem your shares.

Since the shares have already gone to the government fund, even if the company itself wants to, it cannot return them directly to your account. Therefore, immediately fill the 'IEPF, 5' form online, prepare the documents mentioned in it and start the process of submitting it to the IEPF officer of that company. That will give you peace of mind.

5, Questions: I am trying to purchase a home in a massive apartment complex comprising 2,000 units. The land area spans approximately 50 to 80 acres and involves over 100 survey numbers. I have no idea how to identify the specific survey number associated with the unit I intend to buy.

See if these steps help you find your survey number. Ask the builder for the RERA number for that particular tower and search the Tamil Nadu Real Estate Regulatory Authority (TNRERA) website. There you can see the registered documents related to the project. In particular, look for the land title deeds, survey numbers, details of the will, and the approved plan.

Before giving the advance, ask for the ‘draft sale agreement’. Check whether it clearly states the survey numbers of the tower where your house is located and the land on which it is located, and the undivided land share you will get.

Ask if the project has been approved by major banks. If they have approved it, the bank’s legal team will have already thoroughly checked all 100 survey numbers.

Have your lawyer check the 'Master Legal Report' provided by the builder, RERA documents, mother deeds, sale documents, survey details, approved plan, etc. separately. In particular, ask them to check if there are any mortgages, liens, lawsuits or other claims on the survey numbers related to the tower you are going to buy.