CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 12 - MCQExams.com

If two or more persons have made a joint promise, they are known as.
  • Joint venturer
  • Joint promisee
  • Joint partners
  • Joint promisor
Which of the following statement is not correct in relation to 'Franchise'?
  • Franchising is the practice of using another firm's successful business model.
  • It is the business relationship between two organizations where a franchiser, who is the owner of a brand name, product, or system of a business, permits a franchisee to use its brand, product, or business process for a fee,
  • The franchisor provides training and continuous assistance to the franchisee.
  • Franchiser shares all business and trade secrete with franchisee
Which of the following is/are disabilities of unregistered firm?
  • No suit between partners and firm
  • No suit by firm on a third party
  • No claim of set-off
  • All of the above
Matrix organization combines ________________
  • Functional departmentation with line and staff organization
  • Functional departmentation with product or project organization
  • Product or project organization with informal organization
  • informal organization with Functional departmentation
After dissolution of firm, any partner or his representative may restrain any other partner or his representative from carrying of similar business in the Firm Name or by using Firm's property for own benefit until _______________.
  • The affairs of the firm are fully wound up
  • Public notice of dissolution is given
  • Dissolution deed is signed by all partners
  • All of the above
Every partner is bound to attend ______ to his duties in the conduct of the business.
  • Systematically
  • Diligently
  • Sincerely
  • Effectively
Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.
  • By all
  • By any of them.
  • By some of them acting for all
  • (a) or (b) or (c)
____ is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all.
  • HUF
  • Partnership
  • Company
  • Trust
True test of partnership is ______________.
  • Share of profits only
  • Share of profits & losses
  • Mutual agency
  • None of these
Which of the following statement is correct?
  • Partners are the agents of the firm but member of company are not its agents
  • Partner cannot contract with his firm but a member of a company can
  • Both (a) and (b)
  • None of these is correct
A new partner can be admitted in the firm with the consent of ___________________.
  • Unanimous consent of all the partners
  • Consent of the majority of the partners
  • Special majority of partners
  • New partner only
Which of the following are grounds for compulsory dissolution of the firm by court?
  • Insanity of a partner
  • Misconduct of a partner
  • Perpetual losses in business
  • All of these
A partnership may be dissolved __________________.
  • On death of partner
  • On completion of work or venture
  • On expiry of term
  • All the above
To bind the firm under implied authority, the act must be done in the _____________.
  • Routine Way
  • Regular Way
  • Extra-ordinary Way
  • Usual Way
Which of the following is a kind of partial consolidation?
  • Trust
  • Holding company
  • Community of interests
  • All the above
The partnership entity may be regarded as
  • A legal entity
  • An accountable entity
  • Both a legal and accountable entity
  • Neither a legal nor an accountable entity
What is the maximum number of partners permissible for a firm carrying on general business?
  • $$7$$
  • $$10$$
  • $$20$$
  • $$50$$
Office work is likely to be found concentrated in a _____organisation.
  • Functional
  • Centralised
  • Decentralised
  • Bureaucratic
How may a partnership come into existence?
  • By inheritance of property
  • By the operation of law
  • By an expressed  agreement only
  • By an expressed or implied agreement
Tick mark the correct answer.
Test-checking implies checking_________________ .
  • Each and every item
  • A representative sample of items
  • Only a few items in detail
  • Random items
The liability of sole proprietor is
  • Limited to the extent of his capital invested
  • Limited to the extent of the value of his business assets
  • Limited to the extent of the value of his business assets and all his private estates
  • Limited to the extent of his profit earned
Partnership is a form of business organisation in which business debts can be recovered from 
  • The managing partners
  • All the managers and partners
  • The firm and the managers
  • The firm and all the partners
The individual proprietorship form of business is not advisable for enterprises that
  • Require small capital
  • Need personalised attention to customers
  • Do not involve heavy risk
  • Are large in size
Tick mark the correct answer.
A nominal partner.
  • Receives a share in profits
  • Takes part in business activity
  • Does not receive a share in profits
  • None of the above
Tick mark the correct answer.
A firm has these characteristics: it is involved in the manufacture of custom built machinery, its products have shorter life span, the products are processed through different specialists, and the products have a rigid time schedule to be met. In such a circumstance, which one of the following would be the form of organisation best suited to achieve the objectives?
  • Functional organisation
  • Line and Staff organisation
  • Project (Matrix) organisation
  • Line organisation
The features of partnership is
  • Sharing of profits
  • Unlimited liablity
  • Implied agency to partners
  • All of the above
Tick mark the correct answer.
In a functional organisation.
  • There are no advisers, the executives alone having the authority and competence
  • There are specialist advisers having no authority
  • The entire organisation is divided into functions with specific role for specialist
  • The organisation is divided into functions with specialities having authority
Of the following organisations, the easiest to wind up is the 
  • Public Limited Company
  • Multinational Corporation
  • Private Limited Company
  • Partnership Firm
One of the consequences of non-registration of a partnership firm is that _______________________________.
  • A partner cannot sue the other partner to enforce a right arising from a contract
  • The partner of such a firm cannot sue third parties
  • Third parties cannot sue the firm for claims exceeding Rs $$100$$
  • The official Assigner or Receiver will have no power on the property of the dissolved firm
Vertical combination helps to _____________________.
  • Achieve economy by combining allied activities
  • Survive during the times of depression
  • Fight a common enemy
  • Add new product lines
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