CBSE Questions for Class 11 Commerce Business Studies Forms Of Business Organisation Quiz 8 - MCQExams.com

Karta in HUF is _______ of his family.
  • owner
  • representative
  • oldest member
  • none of the above
Invariable _________ is the disadvantage of co-operative society.
  • business secrecy
  • low prices
  • limited liability
  • open membership
If the objective for the business organization is self help as well as mutual help. It is ________ of organization.
  • partnership
  • sole proprietorship
  • co-operative society
  • company
The maximum number of partners in a partnership firm can be ______.
  • 10
  • 20
  • 50
  • 100
State with reasons whether the following statements are True or False.
In a partnership firm, the liability of partners is unlimited.
  • True
  • False
Business is treated as a separate entity accounts for ______________.
  • Limited Liability Partnership
  • Partnership
  • Company
  • All of the above
The Minimum Number of Members in a Private Company and Public Company are _______________.
  • Three and Seven respectively
  • Two and Seven respectively
  • Two and Nine respectively
  • None of the above
Partnership Deed is also called as ______.
  • none of the above.
  • partnership document
  • articles of partnership
  • both of these
LLP shall have atleast ___ Partners
  • 2
  • 4
  • 3
  • 5
The form of business organisation in which there is separation of ownership  and management is called _______.
  • sole partnership
  • partnership
  • company
  • all these
A form of licensing in which a firm provides its foreign franchisee with a complete assortment of materials and services is known as _________.
  • Repatriation
  • Licensing
  • Franchising
  • International management
Which of the following enjoys separate legal entity status?
  • Partnership Firms
  • LLP
  • Company
  • Both b and c
The _________ is responsible for doing all acts, matters and things as are required to be done by LLP as per the Act.
  • Designated Partner
  • Active Partner
  • Designated Director
  • All the partners
The maximum number of partners in partnership firm is determined by__________.
  • Companies Act
  • Partnership Act
  • Limitation Act
  • None of the above
A Model Form of Articles contained in Table "F" relates to a Company Limited by ________________.
  • Shares
  • Guarantee,
  • Shares and Guarantee
  • None of the above.
Each Partner in a firm is in the position of ________.
  • only agent
  • only principal
  • agent as well as principal
  • neither agent nor principal.
When no ratio of sharing of profits and losses are given, then profit and losses is shared ________.
  • equally
  • in capital ratio
  • 4:1
  • none
M, is employed by PQR Bros., a Partnership Firm. M is entitled to remuneration of Rs. 40,000 p.m. plus 12% on the Profits of the Firm, if profits exceed Rs.10 Lakhs. Here ___________.
  • M is not deemed as a Partner in the Firm
  • M is deemed as a Partner in the Firm
  • the appointment of M is invalid
  • M can claim only Rs. 40,000 p.m. but not share of profits.
A was an Employee in a Partnership Firm with a Salary of Rs. 50,000 per month and he will get a Share of 30% in Profits if the Profits ot the Firm exceed Rs.5,00,Now W is called ________.
  • partner of the firm
  • not a partner of the firm
  • he cannot take share in profits
  • is not entitled to any salary.
The amount received by a partnership firm from the insurance company on the maturity of a Joint Life Policy taken by the firm will be distributed amongst the partner ___________.
  • equally
  • in the profit sharing ratio
  • in the ratio of capital balances at the beginning of the year
  • in the ration of capital balances at the end of the accounting year.
As per the agreement, Profits should be shared equally but Loss shall be borne by one Partner. Then the Partnership agreement is_____.
  • lawful
  • illegal
  • void
  • voidable
Partnership at Will means ___________.
  • no duration Period is Fixed
  • dissolved at the will of the Creditors
  • dissolved at the will of the Debtors
  • none of the above.
In which of the following, the Partnership duration is not fixed?
  • Particular Partnership
  • Partnership at will
  • Fixed term Partnership
  • None of these.
The Mode of determining the existence of Partnership is __________.
  • real relation between them.
  • sharing of profits.
  • ubsiness is to be carried on by all or any of them acting for all.
  • all of the above.
Sharing of profits is  _________ evidence of existence of Partnership.
  • collaborative
  • confirmative
  • conclusive
  • not a conclusive
Application for Registration of Firms should be signed by ____________.
  • all the Partners or their agents.
  • majority of the Partners or their agents.
  • all Working Partners or their agents.
  • all Minor Partners.
Which is true statement regarding the including of the minor in partnership firm?
  • A minor may be admitted to the benefits of partnership with the consent of all other partners.
  • A minor may be admitted to the benefits of partnership with no consent of other partners.
  • A minor may be admitted to the benefits of the consent of his partners.
  • A minor may be admitted to the benefits of partnership with the guarantee of his parents.
To admit a new Partner, unless there is a contract to the contrary, consent is required from _________.
  • all the existing Partners.
  • majority of the existing Partners.
  • any one of the existing Partner.
  • all the working Partners.
A Retiring Partner is entitled to Profits of the Firm?
  • Upto $$31^{st}$$ March
  • When last accounts is made up
  • Up to retirement date
  • Not entitled to any Profit.
The Register of Firms shall be open to inspection by ____________.
  • the registrar of Firms.
  • partners of the Firm.
  • creditors of the Firm.
  • any person.
No public notice is required on the death of a Partner.
  • True
  • Partly True
  • False
  • None of the above.
The Registrar of Firms is appointed by __________.
  • Central Government
  • State Government
  • Central and State Government
  • Chief Justice of India.
Retiring Partner may be discharged from liability to any third party for acts of Firm done before his retirement by ________.
  • an agreement made with such third party and the Partners of reconstituted Firm
  • implied from the course of dealing between the third party and reconstituted Firm after he had knowledge of the retirement
  • either (a) or (b)
  • both (a) and (b).
Which of these acts are within the implied authority?
  • Settlement of accounts with third parties who deal with the Firm.
  • Open a bank account on behalf of the Firm in the Partner's own name.
  • Compromise or relinquish any claim or portion of claim by the Firm.
  • Submit to arbitration, a dispute relating to the business of the Firm.
In case of Partnership at Will, Notice of intention to dissolve the Firm may be served by ___________.
  • sleeping partners only
  • any of the working partners
  • any of the partners
  • majority of the partners.
  • Both Statements are true
  • Both Statements are false
  • Statement X is true while Statement Y is false
  • Statement Y is true while Statement X is false
In case of sole proprietorship there is a _______ between _________.
  • Direct link, effort and reward
  • Indirect link; Profit and loss
  • Direct link; Profit and loss
  • Indirect link; effort and reward
Which of the following are the essentials of partnership?
  • Association of two or more persons
  • Agreement/contract
  • Carrying on business
  • All of above
Persons who have entered into partnership with one another are called individually __________________.
  • Firm
  • Co-owner
  • Firm name
  • Partner
The partnership deed is also called as _______________.
  • Partnership agreement
  • Constitution of partnership
  • Articles of partnership
  • All of the above
Statement X :
Karta is the custodian of the income and assets of the HUF
Statement Y:
An adopted son who is the eldest in the family can be qualified to be a Karta of HUF.
  • X is true but Y is false
  • Y is true but X is false
  • Both X and Y are false
  • Both X and Y are true
If the partnership agreement, is in ________ it is known as a 'Partnership Deed'.
  • Verbal
  • Written
  • Implied
  • Verbal, written or implied
Who of the following can enter into partnership agreement ($$\checkmark$$) and who cannot $$(x)$$?
P. Minors
Q. Company
R. Lunatics
S. Insolvent
Select the correct answer from the options given below.
  • $$P - \checkmark, Q - \checkmark, R - \checkmark, S - x$$
  • $$P - x, Q - \checkmark, R - x, S - x$$
  • $$P - \checkmark, Q - \checkmark, R - \checkmark, S - \checkmark$$
  • $$P - x, Q - x, R - x, S - x$$
A minor may be admitted to the benefits of a partnership with the consent of ___________.
  • Majority partners
  • All other partners
  • $$75\%$$ partners
  • Any other one partner when there are four partners
In which of the following case there is NO partnership?
A. The members of a HUF carrying on a family business
B. Burmese Buddhist Husband and wife carrying on business.
Select the correct answer from the options given.
  • B only
  • A only
  • Both A and B
  • Neither A nor B
As per Section $$(2)$$b of the Act the term "business" includes every __________________.
  • Trade
  • Trade and Occupation
  • Trade, occupation and profession
  • Trade, occupation, profession and art
N and Z, the co-owners of a house, use the house as a hotel managed either by themselves or by a duly appointed manager for their common profit. Is there a partnership relation between the parties?
  • Yes
  • No
  • Partly yes
  • Can't say
Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to _________ of his intention to dissolve the firm.
  • Any one of the partner
  • All the other partners
  • Two partners
  • Three partners
A partnership may be _________.
  • For particular adventure
  • For fixed period
  • A partnership at will
  • Any of the above
Which of the following does not reflect the mutual agency principle in partnership?
  • The partner is both agent & principle
  • A partner can, by his act bind other partner and in turn is bound by the acts of other partners
  • All partners should actively participate in the business
  • Business may be managed by one or more partners
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