CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 4 -

The act which governs the formation of a partnership business is the Indian Partnership Act _________.
  • 1932
  • 1956
  • 1949
  • 1912
______________ is not a limitation of a sole proprietorship.
  • Limited resources
  • Limited life of Business
  • Easy formation
  • Limited managerial skill
Which organisation is known as scalar or military organisation?
  • Matrix organisation
  • Project organisation
  • Line organisation
  • Committee organisation
The oldest form of organisation is ______.
  • functional
  • line
  • line and taff
  • none of the above
Line organisation is suitable for _______.
  • small businesses
  • large businesses
  • medium businesses
  • all of the above
The main advantage of functional organization is _________.
  • simplicity
  • specialisation
  • experience
  • authority
Functional organisation is suitable for _____.
  • small concerns
  • large concerns
  • medium-sized concerns
  • both (b) and (c)
The maximum number of partners allowed in the banking business are ______________.
  • Twenty
  • Ten
  • No limit
  • Two
Profits do not have to be shared. This statement is true in the case of ______________.
  • Partnership
  • Joint Hindu Family business
  • Sole proprietorship
  • Company
Balu, Lalu and Kalu are partners in a firm. They admit Malu as a minor partner to the benefit of partnership. Within 6 months of his attaining majority, he fails to give a public notice of his intention that he has become a fullfledged partner. On the other hand all other partners refuse to take him as a partner. In this case, which of the following statement is correct ?
  • Malu is not liable as a partner
  • Malu can become a partner
  • Public notice is not essential for a minor partner on attaining majority
  • A suit may be filed by other partners for dissolution of the firm
The transfer by a company of one or more of its business divisions to another newly set up company is called _____________.
  • Demerged
  • Merger
  • Equity Carve-out
  • Disinvestment
Which of the following is the most democratic form of organisation?
  • Line
  • Line and Staff
  • Functional
  • Committee
Another name for MATRIX organisation is _____________.
  • Flexible organisation
  • Geographic organisation
  • Project organisation
  • None of the above
If a network of interpersonal relationship that arise when people associate with each other is an informal organization, then find out which of the following is not an informal organization?
  • The "machine shop" group
  • Customers' group
  • The "sixth floor" group
  • The "Friday evening bowling" gang
The organisation, which is owned and managed by one person is a ________________.
  • Sole proprietorship 
  • Joint stock company
  • Government company
  • All of these
Sole trading concern is owned and managed by________person/persons.
  • one
  • two
  • five
  • six
Non-profit Association means an institution formed for making reasonable profit. 
  • True
  • False
A ___________ is the oldest and simplest form of business organisation.
  • Partnership Firm
  • Sole Trading Concern
  • Joint Stock Company
  • None of these
Lions club is the example of ________ . 
  • Non-profit Association
  • Co-operative Society
  • Joint Stock Company
  • None of these
Which of these rights are available to a partner under the Partnership Act ________.
  • Overtime and conveyance charges for attending firms business
  • To open bank A/c in his name on behalf of the firm
  • Right to share profits
  • Right to transfer his share outside the firm without consent of other partner
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
  • To receive share of assets to which the transferor entitled at the time of dissolution of the firm
In order to not to bind the firm for all the acts done by a partner within the implied authority which has been restricted by mutual agreement between the partners, the firm need to establish that........
  • The plaintiff knew such restrictions
  • Did not know that the partner is the partner of the firm
  • Either A or B
  • Both
What is the real test of existence of a partnership
  • Mutual agency relationship
  • Sharing of profit and loss
  • Existance of business
  • All the three
An association which is formed to promote art, cultural activities, etc is a ________ . 
  • Joint stock company
  • Sole proprietorship
  • Non-profit Association
  • None of these
___________ is an association which does not aim at profit making.
  • Non-profit Association
  • Joint stock company
  • Co-operative society
  • Government organisation
Application for dissolution of a firm on the ground of permanent incapacity of a partner can be made by...
  • Any partner
  • Any partner other than who is permanently incapable
  • Partner who is permanently incapacitated
  • Senior-most partner only
Indian Partnership Act defines business in...........
  • Inclusive manner
  • Exclusive manner
  • Exhaustive manner
  • illustrative manner
Which of the following is not the property of a partnership firm
  • Goodwill of the firm
  • Ancestral property of a partner
  • Property purchased by or for the firm
  • All rights, liabilities originally brought into the stock of the firm
A person not being a partner but represents himself to be a partner is called...........
  • Sub partner
  • Partner by estoppels
  • Sleeping partner
  • Dormant partner
Which of these rights are affected in case of an unregistered firm
  • Non-contractual rights
  • Right of third party against the firm
  • Rights of the partner to sue for dissolution of the firm
  • All the three

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