CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 3 - MCQExams.com

Which one of the following can not be claimed as a matter of right by a partner?
  • To have access to books of account
  • To take part in the conduct of the business
  • To share the profits
  • To receive remuneration
At the time when a new partner enters, goodwill   __________________.
  • belongs all partners, new and old
  • belongs only to the new partner who is going to be admitted
  • belongs only to the old partner who have credited it
  • none of the above
On the dissolution of a Firm, every Partner or his representative is entitled to have the __________ applied in payment of the debts and liabilities of the Firm.
  • business of the firm
  • goodwill of the firm
  • property of the firm
  • assets of the firm.
On which of the following grounds all or any one of the Partner can apply to the court for Dissolution?
  • Perpetual Losses
  • Unsound mind of a Partner
  • Misconduct
  • All of these.
Date of compulsory dissolution for Partnership firm is the ________.
  • date of order of court
  • date of applying for court
  • date when firm closes its business
  • none of the above
After dissolution, the Firm is not bound by the acts of a Partner who __________.
  • was a Working Partner
  • was a Sleeping Partner
  • has been adjudicated insolvent.
  • has transferred his interest.
When a Partner is expelled otherwise than in good faith, it is ______.
  • generally valid
  • valid vis-a-vis third parties
  • in restraint of trade
  • null and void.
Where the continuing partners carry on the business of the firm, the outgoing partner whose claim is not settled.
X. is entitled to share of profits since date of cessation as partner.
Y. is not entitled to claim anything other than unsettled amount
Z. is entitled to $$6\%$$ interest p.a. on the unsettled amount.
Select the correct answer from the options given.
  • Y is correct
  • Only X is correct
  • Only Z is correct
  • Either X or Z at his option
Persons who  have entered into partnership with one another are collectively called ____________.
  • Firm
  • Co-owner
  • Firm name
  • Partner
Where a Partner's Capital Account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called ________.
  • Loss on Dissolution of Firm
  • Loss on Dissolution of Partnership
  • Loss arising out of piecemeal distribution of assets
  • Loss arising out of Partner's insolvency.
Any change in the relations of partners due to admission, retirement or death of partner is called _______________.
  • Dissolution of partnership
  • Dissolution of firm
  • Reconstitution of firm
  • Dissolution of firm name
Loss arising out of Partners' insolvency shall be made up by ___________.
  • that Partners' estate
  • that Partners' Legal Heirs
  • the Firm itself
  • the Solvent Partners.
Each member of firm is individually known as ________________.
  • Partner
  • Co-parceneres
  • Managers
  • Director
Mission and Vision statements are NOT commonly used to__________.
  • Guide management's thinking on strategic issues, especially during times of significant change
  • Create wider linkages with customers suppliers and alliance partners
  • Help establish a framework for ethical behaviour
  • Inspire employees to work more productively by providing focus and common goals
In which of the following case, the Court may, at the suit of a partner, dissolve a firm?
  • If a partner has become of unsound mind, the firm is dissolved on a petition made by any of the other partners or by the next friend of the insane partner
  • A partner becomes permanently incapable of performing his duties as a partner
  • If a partner is found guilty of conduct which is likely to affect the carrying on of business of the firm then application to Court shall be made by any partner who is not guilty of misconduct for dissolution of firm
  • All of the above
Which of the following is prepared only at the time of dissolution of the firm?
  • Revaluation Account
  • Realization Account
  • Profit & Loss Adjustment Account
  • All of the above
Firm is automatically and compulsory dissolve, if _________.
  • All partners, or all but one partner, of firm are declared insolvent
  • Some event happens which makes it unlawful for business of the firm to be carried on or for the partners to carry it on in partnership
  • (A) or (B)
  • None of the above
A firm is compulsory dissolved if ___________.
  • All partners are adjudicated insolvent
  • All of the partners but one, are adjudicated insolvent
  • Both (A) & (B)
  • Either (A) or (B)
If at the time of admission partner pays premium then on dissolution, he is entitled to demand the return of a proportion of the premium if the partnership was for a fixed term and was dissolved before the expiry of that term, unless dissolution was caused by ___________________.
  • Agreement
  • Misconduct of the party seeking return of the premium
  • Death of a partner
  • All of the above
Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall then be applied in payment of partners capital and still surplus remains it should used for _________.
  • In paying the debts of the firm to third parties
  • Payment of partners loan
  • Payment of partners capital
  • Distribution of surplus to partners in profit sharing ratip
A firm may be dissolve where ___________ that it shall be dissolved.
  • All the partners agree
  • Majority of partners agree
  • Partners by majority agree
  • $$3/4$$th partners agree
Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter he applied in __________.
  • In paying the debts of the firm to third parties
  • Payment of partners loan
  • Payment of partners capital
  • Distribution of surplus to partners in profit sharing ratio
In which of the following case the dissolution of partnership takes place even when there is no dissolution of the firm?
  • By the expiry of the fixed term for which the partnership was formed
  • By the completion of the adventure
  • By the death of a partner
  • All of the above
Which of the following business enterprises, places the most risk on a single person?
  • Joint Hindu family
  • Cooperative society
  • Partnership
  • Sole proprietor
In order for a firm to successfully carry out price discrimination which of the following conditions must hold?
I. The fine should not face a downward sloping demand curve
II. The firm must have a market power
III. Buyers with differing demand must be separable.
IV. The firm must have motives beyond profit maximization.
V. The firm must able to prevent the re-sale of its product.
  • I, III & V only
  • III & IV only
  • l & IV only
  • II, III & V only
Identify incorrect statement.
  • Companies at all stages of development need to prepare business plan
  • Business plan should emphasize people not ideas or concepts
  • Business plan must be concise and well written
  • None of the above
Profits do not have to be shared. The statement refers to ____________.
  • Partnership
  • Joint Hindu Family Business
  • Sole Proprietorship
  • Company
The life of sole proprietorship business is _________.
  • Uncertain
  • Very short life
  • Long life
  • Certain
In which of the following case there is no bar on the right of unregistered firm or any partner of its partner?
  • A suit for the dissolution of a firm
  • A suit for rendering of accounts of a dissolved firm
  • A suit for realization of the property of a dissolved firm
  • All of the above
Which form of business organisation is popular and appropriate for small businesses?
  • Joint Hindu Family Business
  • Partnership
  • Sole proprietorship
  • Cooperative Society
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