CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 1 - MCQExams.com

Which of these is not an essential element of a partnership
  • Holding a valid Indian passport
  • An agreement
  • Existence of business
  • Sharing of profit
The accounting rule in respect of loss arising due to insolvency of a Partner is dealt with in ________.
  • Derry vs Peek
  • Carlill vs Carbolic Smoke Ball Co.
  • Gamer vs Murray
  • Chinnaiah vs Ramaiya.
In which of the following cases, the firm is not dissolved by the order of the court?
  • Just and equitable ground
  • Persistent breach of agreement
  • Misconduct
  • Mutual agreement
Upon dissolution of Firm, the Surplus left after settlement of the debts and liabilities of the Firm shall be ______________.
  • credited to the Reserve Account
  • credited to the Government of India A/c
  • distributed among the Partners equally
  • distributed among the Partners according to their rights.
For Dissolution of a Firm, Partners may apply to the Court on the ground of_______.
  • insanity of partner
  • misconduct of partner
  • perpetual losses in business
  • all of the above.
Reconstitute of firm takes place expect in case of _________.
  • admission of partner
  • retirement of partner
  • change in profit sharing ratio
  • insolvency of partner
Registrar of firm under section $$57$$ of the Partnership Act is a __________.
  • Honorary post
  • Public servant
  • Central Government officer
  • Trade representative
A partnership firm after exceeding the maximum limit of partners becomes a/an.
  • Corporate body
  • Illegal association of persons
  • Banned entity
  • Co-operative body
Registrar of firms under section $$57$$ of the Partnership Act is appointed by ________.
  • RBI
  • State Government
  • Trade associations
  • Local bodies
The amount due to deceased partner is paid to his...........
  • Friends
  • Wife
  • Executor
  • His father
_________ is one who becomes partner by an agreement and is actively engaged in the business of the firm.
  • Active partner
  • Dormant partner
  • Nominal partner
  • Outgoing partner
Court can order dissolution of a firm on the grounds other than _______
  • Misconduct
  • Superannuation of a partner
  • Incapacity of partner
  • Continued losses
Indian Partnership Act came into force with effect from _____
  • 1-1-1932
  • 1-4-1932
  • 1-7-1932
  • 1-10-1932
Which of the following acts are outside the implied authority of a partner?
  • Take payment of sales proceed
  • To engage staff for firm
  • Purchase and sale of goods in the name of the firm
  • Acquire immovable property on behalf of the firm
A minor can do which of the following thing......
  • Plead minority
  • Can act an agent
  • Enter contract of apprenticeship
  • All the three
Partnership contract is a subject matter of......
  • Union list
  • State list
  • Concurrent list
  • All the three
An admission or report made by a partner concerning the affairs of the firm is evidence against the firm only when ___________.
  • it is made in the ordinary course of business
  • it is made with the knowledge of the all partners
  • it is made with the connivance of remaining partners
  • it is made with the approval of all the partners
An unregistered firm cannot file a suit against any _________.
  • partners
  • retired partner
  • third party
  • all the three
Public notice of dissolution of a firm is given by....
  • Managing partner
  • Active partner
  • Legal advisor of the firm
  • Any partner
Liability of a partner is..............
  • Limited
  • Unlimited
  • Limited to the share capital only
  • Depends on the provisions in the partnership deed
_________ is empowered to grant exemption from application of Chapter VII of the Partnership Act.
  • Central Government
  • State Government
  • Local body
  • State Assembly
A retiring partner is not liable to any 3rd party in which of the following circumstances
  • Who deals with the firm without knowing that he was a partner
  • Who deals with the firm fully knowing that he was not a partner
  • Who does not know about the partners particulars
  • Who is strange to the contract
Tick the correct statement
  • No public notice is required at the time of death of a partner
  • A firm is compulsorily dissolved upon death of a partner
  • If no public notice is given estate of the deceased partner is liable for debts of the firm
  • A firm cannot carry on its business after death of a partner
A partnership firm can be formed with a minimum share capital of
  • Rs. 100,000
  • Rs. 51,000
  • Rs. 500,000
  • No such limit prescribed
Which of these partner does not contribute capital in the firm. 
  • Nominal partner
  • Active partner
  • Sleeping partner
  • All the three
An insolvent partner ceases to be a partner of firm......
  • On the date on which order of adjudication is made
  • On dissolution of the firm
  • 30 days after dissolution f the firm
  • 30 days from the date of adjudication order
Which of these rights are available to a transferee under the partnership Act.
  • to inspect books of account
  • to interfere in firms day to day business
  • to transfer immovable property of the firm in his name.
  • to receive share of assets to which the transferor is entitled at the time of dissolution of the firm.
A person is liable as a partner of a firm on the principle of holding out where he....
  • declare himself to be a partner of the firm
  • represent himself to be a partner of the firm
  • knowingly permit others to represent him as a partner.
  • all the cases
Subject to the contract between the partners the property of the firm can be held or used _______
  • For the common benefit of the partners
  • Exclusively for the purpose of firms business
  • For payment of liability of the firm
  • All the three
According to Partnership Act, every partner of the firm is a/an ........ of each other.
  • Friend
  • Agent
  • Brother
  • Relative
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Practice Class 9 Elements Of Business Quiz Questions and Answers