CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 2 - MCQExams.com

Arun paid a premium for entering into Partnership for a fixed term. The Firm is dissolved before the expiry of such term, due to difference of opinion between Partners. Here  _________.
  • Arun is entitled to the return of the entire premium.
  • Arun is not entitled to any return of premium.
  • Arun is entitled to return of entire premium or pro-rata part thereof.
  • Arun has to pay further premium.
Which of the following purpose is permissible in a partnership?
  • Business purpose
  • Social purpose
  • Religious purpose
  • Charitable purpose
The Loss arising out of Partners insolvency shall be borne by_________ according to Garner vs Murray case.
  • all the Partners equally
  • solvent Partners in Capital Ratio
  • all the Partners in Profit and Loss Sharing Ratio
  • none of the above.
As per section 58 of the Partnership Act, a statement on various matters for registration of the firm is required to be signed by.........
  • All the partners or duly authorized agent
  • Sr. partner
  • Managing partner of the firm
  • Secretary of the firm
Which of these rights is/are available to a partner in a partnership firm 
  • To transfer his share
  • To demand partition of property
  • Inheritance of property
  • Take part in business
A partners current capital a/c can have-
  • Debit balance only
  • Credit balance only
  • Debit or credit balance
  • No balance at all
What is the real test of existence of a Partnership ________
  • mutual agency relationship
  • sharing of profit and loss
  • existence of business
  • all the three
Which of the following cases, a partnership firm may be dissolved?
X. On the death of a partner
Y. On the insolvency of a partner
Z. On the retirement of a partner
Correct option is __________.
  • X and Y
  • X and Z
  • Y and Z
  • X, Y and Z
The choice of an appropriate form of business organisation largely depends upon:
I. Ease of formation
II. Continuity and stability
III. Liability aspects.  
Correct option is __________.
  • I and II
  • II and III
  • I and III
  • I, II and III
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.
When firm is compulsory dissolved?
  • All the partners are insolvent.
  • Firms business become unlawful.
  • All but not one become insolvent.
  • All of the above.
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.
In case of a notice of dissolution in a Partnership at Will, where no date has been mentioned in the notice, the Firm is dissolved from ________.
  • the date decided by the Registrar of Firms.
  • the date as decided by the Partners.
  • the date when the notice is communicated.
  • the date mentioned in the notice of dissolution.
No public notice is required on the death of a Partner.
  • True
  • Partly True
  • False
  • None of the above.
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.
The compulsory dissolution of a firm will arise in case of __________.
  • on the death of majority of partners
  • on the insolvency of all partners
  • in case of continuous losses
  • in case of dead lock of management
The Mode of Dissolution of Firm, under Indian Partnership Act, 1932 is______.
  • illustrative
  • inclusive
  • exhaustive
  • none of the above.
After dissolution, the authority to bind the Firm, other mutual rights and liabilities of Partners continue, in so far as may be necessary _____________.
  • to wind up the affairs of the Firm
  • to complete the transaction that had begun but left unfinished at the time of dissolution
  • either (a) or (b)
  • both (a) and (b).
A partner whose association with the firm is unknown to the general public is called _____________.
  • Active partner
  • Sleeping partner
  • Nominal partner
  • Secret partner
On death of a partner, the representative of the decease partners are entitled to share-profit from.......
  • Beginning of the financial year up to the date of death
  • From date of death to the date of finalization of A/c
  • For the full year
  • For six months
A sub-partner is a person ____________.
  • who is sharing the profits of some partner
  • who does not invest and shares the profits
  • who invests but does not work
  •  who only gives his name for partnership
Non-profit organisation are also one of the type of business.
  • True
  • False
XYZ partnership firm is a partnership firm between A and B. C posed that he is a partner in XYZ and earned profits from the market. C will be regarded as ______________.
  • holding out partner
  • dormant partner
  • nominal partner
  • none of the above
Partnership at will can be dissolved by any partner by ___________.
  • communicating with the principal
  • not allowed
  • giving due notice to that effect to all other partners
  • all of the above
Retiring Partner continues to be liable for acts of the Firm done __________.
  • upto the date of admission of a new Partner.
  • upto the date of giving public notice of retirement.
  • upto the close of the financial year in which he retires.
  • all of the above.
Which of the following statements is true?
  • Two or more companies cannot enter into a contract of partnership
  • Two or more partnership firms can enter into a new contract of partnership
  • A married woman can be a partner of her husband
  • Two or more Joint Hindu Families cannot enter into a contract of partnership
At the time of dissolution of partnership the main account to be looked would be __________.
  • salary
  • revaluation
  • drawings
  • realization
Following persons can not be called partners ____________________.
  • Minors
  • Insolvents
  • Co-owners without the agreement to carry in the business
  • All of the above
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Practice Class 9 Elements Of Business Quiz Questions and Answers