100+ Free CMA Foundation Paper 1 (FBLC) Practice Questions
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The element of the communication process that confirms whether the message has been received and understood is:
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Key Facts: CMA Foundation Paper 1 (FBLC) Exam
50
MCQs (2 marks each)
ICMAI CMA Foundation Exam Pattern
100
Total Marks
ICMAI Syllabus 2022 Paper 1
40%
Minimum to Pass
ICMAI Foundation Passing Criteria
80%
Business Laws Weight
ICMAI Syllabus 2022 Paper 1
No
Negative Marking
ICMAI CMA Foundation Exam Pattern
INR 6,000
Course Registration Fee
ICMAI Foundation Fee
ICMAI CMA Foundation Paper 1 (FBLC) is a 100-mark objective paper with 50 multiple-choice questions of 2 marks each, answered in a 2-hour offline session shared with Paper 2. Under Syllabus 2022, Section A (Fundamentals of Business Laws) carries 80% weight, split across an introduction to law (10%), the Indian Contract Act 1872 (30%), the Sale of Goods Act 1930 (20%), and the Negotiable Instruments Act 1881 (20%); Section B (Business Communication) carries 20%. There is no negative marking, and candidates need a minimum of 40% to pass. The course registration fee is INR 6,000 for all four Foundation papers.
Sample CMA Foundation Paper 1 (FBLC) Practice Questions
Try these sample questions to test your CMA Foundation Paper 1 (FBLC) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1In the Indian legal system, which of the following is regarded as the primary source of law?
2Law that is created and enforced by the State through its recognised institutions is best described as:
3Subordinate (delegated) legislation refers to:
4The doctrine of binding judicial precedent, under which lower courts follow the decisions of higher courts, is known as:
5Which court is the highest court of appeal in India and the apex of the judicial hierarchy?
6A Bill, after being passed by both Houses of Parliament, becomes an Act only when it receives:
7Which of the following best describes 'civil law' as a branch of law?
8The Latin maxim 'ignorantia juris non excusat' means:
9Which of the following is an example of personal law in India?
10Mercantile law (commercial law) primarily deals with:
About the CMA Foundation Paper 1 (FBLC) Exam
CMA Foundation Paper 1, Fundamentals of Business Laws and Business Communication (FBLC), is the first paper of the ICMAI CMA Foundation course. It tests Indian business laws (Contract Act 1872, Sale of Goods Act 1930, Negotiable Instruments Act 1881) and business communication through 50 multiple-choice questions worth 100 marks.
Questions
50 scored questions
Time Limit
2-hour Session I (shared with Paper 2)
Passing Score
Minimum 40% in the paper
Exam Fee
Included in the INR 6,000 CMA Foundation course registration fee; no separate per-paper fee (The Institute of Cost Accountants of India (ICMAI))
CMA Foundation Paper 1 (FBLC) Exam Content Outline
Introduction to Law and Legal System
Sources of law, classification of law, the Indian legal system, court hierarchy, legislative process, and primary versus subordinate (delegated) legislation.
Indian Contract Act, 1872
Essentials of a valid contract, offer and acceptance, consideration, capacity, free consent, legality of object, void and voidable agreements, contingent and quasi-contracts, performance, discharge, breach, indemnity, guarantee, bailment, pledge, and agency.
Sale of Goods Act, 1930
Sale versus agreement to sell, goods and price, conditions and warranties, caveat emptor, transfer of property and title, risk, performance, unpaid seller rights, auction sales, and remedies for breach.
Negotiable Instruments Act, 1881
Promissory notes, bills of exchange, cheques, parties, endorsement, negotiation, holder and holder in due course, crossing of cheques, presumptions, maturity and days of grace, and dishonour including Section 138.
Business Communication
Communication concept and process, encoding, decoding, feedback, barriers, verbal and non-verbal communication, formal and informal channels, directions of communication, business correspondence, and the 7 Cs of effective communication.
How to Pass the CMA Foundation Paper 1 (FBLC) Exam
What You Need to Know
- Passing score: Minimum 40% in the paper
- Exam length: 50 questions
- Time limit: 2-hour Session I (shared with Paper 2)
- Exam fee: Included in the INR 6,000 CMA Foundation course registration fee; no separate per-paper fee
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
CMA Foundation Paper 1 (FBLC) Study Tips from Top Performers
Frequently Asked Questions
How many questions are on CMA Foundation Paper 1?
Paper 1 (FBLC) has 50 multiple-choice questions worth 2 marks each, for a total of 100 marks. Papers 1 and 2 are answered together in one 2-hour session, so candidates should pace themselves across both papers.
What is the passing mark for CMA Foundation Paper 1?
A candidate must secure at least 40% in the individual paper to pass. ICMAI evaluates Foundation papers subject-wise, so each paper must independently meet the 40% threshold.
Is there negative marking in CMA Foundation Paper 1?
No. The CMA Foundation examination is objective with no negative marking for incorrect answers, so candidates are encouraged to attempt every question rather than leaving any blank.
What syllabus applies to CMA Foundation Paper 1 in 2026?
ICMAI Syllabus 2022 applies. Section A, Fundamentals of Business Laws, carries 80% (introduction to law 10%, Indian Contract Act 1872 30%, Sale of Goods Act 1930 20%, Negotiable Instruments Act 1881 20%), and Section B, Business Communication, carries 20%.
What is the eligibility for the CMA Foundation course?
A candidate must have passed Class 12 (10+2) or an equivalent examination to appear for the Foundation exam, with provisional admission allowed after passing Class 10. No work experience is required.
How much does the CMA Foundation course cost?
The CMA Foundation course registration fee is INR 6,000, which covers all four Foundation papers including Paper 1. ICMAI does not charge a separate per-paper examination fee at the Foundation level.
Is CMA Foundation Paper 1 online or offline?
The CMA Foundation examination, including Paper 1, is conducted offline in pen-and-paper mode at ICMAI examination centres across India. It is fully objective, multiple-choice based.
Which laws are covered in CMA Foundation Paper 1?
Paper 1 covers an introduction to law and the legal system, the Indian Contract Act 1872, the Sale of Goods Act 1930, and the Negotiable Instruments Act 1881, alongside business communication concepts and correspondence.