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Luís Gustavo Rufino de Lima De lima's tools
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1. What is the main objective of the Payment of Bonus Act, 1965? a) To increase company profits b) To provide bonus payments to employees in certain establishments c) To reduce working hours d) To promote outsourcing **Answer: b) To provide bonus payments to employees in certain establishments** 2. The Payment of Bonus Act applies to establishments employing: a) 10 or more people b) 15 or more people c) 20 or more people d) 25 or more people **Answer: c) 20 or more people** 3. Which of the following is NOT an objective of the Payment of Bonus Act? a) To promote industrial harmony b) To improve employees' economic well-being c) To increase foreign investment d) To ensure fair compensation **Answer: c) To increase foreign investment** 4. The Act applies to: a) Only private sector establishments b) Only public sector establishments c) Both private and public sector establishments d) Neither private nor public sector establishments **Answer: c) Both private and public sector establishments** 5. Which of the following is exempt from the Payment of Bonus Act? a) Factories b) Life Insurance Corporation of India c) Small-scale industries d) Government companies **Answer: b) Life Insurance Corporation of India** 6. The Payment of Bonus Act establishes: a) Only a minimum bonus b) Only a maximum bonus c) Both minimum and maximum bonus d) Neither minimum nor maximum bonus **Answer: c) Both minimum and maximum bonus** 7. The Act provides methods for: a) Calculating employee salaries b) Computing bonus amounts c) Determining working hours d) Setting up trade unions **Answer: b) Computing bonus amounts** 8. Which of the following is NOT a component in bonus calculation under the Act? a) Available surplus b) Allocable surplus c) Depreciation d) Employee's personal assets **Answer: d) Employee's personal assets** 9. The Payment of Bonus Act aims to reduce: a) Industrial disputes b) Working hours c) Employee benefits d) Company profits **Answer: a) Industrial disputes** 10. The Act specifies: a) The color of uniforms employees should wear b) The timeframe for bonus payment c) The type of products a company should manufacture d) The number of holidays employees should get **Answer: b) The timeframe for bonus payment** 11. Which of the following is true about the Act's applicability? a) It applies only to seasonal establishments b) It applies to all employees regardless of salary c) It doesn't apply to employees earning above a certain threshold d) It applies only to manual workers **Answer: c) It doesn't apply to employees earning above a certain threshold** 12. The Payment of Bonus Act allows for exemptions based on: a) The age of the company b) The gender of employees c) Agreements between employers and employees d) The location of the establishment **Answer: c) Agreements between employers and employees** 13. Which government body can exempt specific banking institutions from the Act? a) State Government b) Central Government c) Local Government d) Supreme Court **Answer: b) Central Government** 14. The Act provides procedures for: a) Hiring employees b) Firing employees c) Resolving bonus-related disputes d) Setting up new businesses **Answer: c) Resolving bonus-related disputes** 15. Under the Act, cooperative banks are: a) Always covered b) Never covered c) Covered only if they have more than 100 employees d) Exempt if defined under the Reserve Bank of India Act **Answer: d) Exempt if defined under the Reserve Bank of India Act** 16. The Payment of Bonus Act is primarily a piece of: a) Environmental legislation b) Social welfare legislation c) Corporate governance legislation d) International trade legislation **Answer: b) Social welfare legislation** 17. The Act outlines: a) Marketing strategies for businesses b) Mechanisms for enforcing its provisions c) Methods for product development d) Techniques for employee training **Answer: b) Mechanisms for enforcing its provisions** 18. Which of the following is NOT a criterion for bonus eligibility under the Act? a) Minimum number of working days in an accounting year b) Employee's performance rating c) Employer's profitability d) Employee's salary bracket **Answer: b) Employee's performance rating** 19. The Payment of Bonus Act recognizes that: a) Only management contributes to profits b) Labor contributes significantly to the generation of profits c) Profits are solely due to market conditions d) Bonuses should be discouraged **Answer: b) Labor contributes significantly to the generation of profits** 20. Under the Act, the minimum bonus is payable: a) Only if the company makes a profit b) Only to senior management c) To all eligible employees, regardless of the employer's profitability d) Only to employees with perfect attendance **Answer: c) To all eligible employees, regardless of the employer's profitability**
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