CBSE Questions for Class 9 Elements Of Business Steps Involved In Establishing Business Quiz 6 - MCQExams.com

Investments in partnership is made by introducing ________.
  • cash
  • non-cash assets
  • cash or non-cash assets
  • none of these
Changes in the partnership firm mean  ___________________.
  • new partner is introduced
  • a partner is adjudicated as an insolvent
  • both a and b
  • none of the above
A partnership form of business organization will be more advantageous in operation as it has _______.
  • access to large amount of initial capital
  • limited liability
  • both a and b
  • none of the above
For a minor to be admitted to benefits of partnership ________.
  • all the partners should agree
  • there should be at least $$2$$ major partners
  • minor can not be admitted in a partnership firm
  • both a and b
Partners are ____________ of the firm.
  • owners
  • employers
  • agents
  • none of the above
XYZ partnership firm is a partnership firm between A and B. C posed that he is a partner in XYZ and earned profits form the market. C will be regarded as ______.
  • holding out partner
  • dormant partner
  • nominal partner
  • none of the above
Which of the following are the rights of a partner in a partnership firm?
X. To take part in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Which of the following is/are the correct options?
  • X and Y
  • X and Z
  • X and W
  • X, Z and W
Partnership must arise from  _______.
  • an agreement
  • operation of law
  • status
  • all of the above
S a partner in AB and Sons has transferred his interest in the firm to D. Is the transfer correct?
  • No
  • Yes
  • D will decide
  • Court will decide
Each partner is __________.
  • required to contribute capital in the partnership firm
  • not required to necessarily contribute capital in the partnership firm
  • required to work in the partnership firm
  • none of the above
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called _________.
  • partner of profits only
  • sleeping partner
  • active partner
  • dummy partner
In which of the following cases a partnership firm is re-constituted?
  • Admission
  • Retirement
  • Death
  • All of the above
In 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.
Which of the following is/are the correct options?
  • X and Y
  • X and ?
  • Y and Z
  • X, Y and Z
A partner may apply to the court for dissolution of the firm on _____________.
  • insanity of a partner
  • misconduct of a partner
  • perpetual losses in business
  • all of the above
Good will of the business of a partnership firm is the property of _________.
  • partners
  • partner who gave his property to firm
  • partnership firm
  • none of the above
Which property will be the property of a firm?
  • The movable and immovable property of the firm
  • Property brought in by a partner and is vested in the firm
  • Property brought in by a partner and is being used in partnership business
  • Both a and b
In a partnership firm of 5 persons. Four persons became insolvent. The firm will ___________.
  • dissolve
  • will look out for other partners
  • will continue
  • none of the above
There can not be any partnership where a business is carried on ____________.
  • with a benevolent purpose
  • where any one of the partners is entitled to total profit
  • a and b
  • where there is only one partner
True Test of existence of partnership is _________.
  • mutual agency
  • sharing of profits
  • sharing of osses
  • all of the above
The court may not dissolve the firm in case of ____________.
  • insanity of a partner
  • permanent in capability of a partner
  • retirement of a partner
  • misconduct of a partner
For the existence of a partnership there must be an association of _________.
  • two or more persons
  • one person only
  • minimum 5 persons
  • minimum 7 persons
A and B are the partners of a partnership firm X. X dissolve the property of X is  ____________.
  • qf A and B
  • qf X
  • af A and B and X
  • none of the above
True Test of existence of partnership is ____________.
  • mutual agency
  • sharing of profits
  • sharing of losses
  • all of the above
It is NOT UNCOMMON in partnership firm _______________.
  • Co-owner can ask for the division of property
  • Co-owner can transfer his rights without the consult of others
  • Co-owner has no lien on property of business
  • All of the above
An idea of operating as a partnership would include _________.
  • greater power than a sole trader for decision-making
  • being able to raise capital through share issues
  • access to large amount of initial capital
  • limited liability for all partners
When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?
  • Manufacturing process
  • Product price
  • Names of suppliers of raw materials
  • Physical plant
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called ___________.
  • Partner in profits only
  • Sleeping partner
  • Active partner
  • Dummy partner
Which of the following are the rights of a partner in a partnership firm?
X. To take art in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Correct option is _______________.
  • X and Y
  • X and Z
  • X and W
  • X,Z and W
The relationship of partnership arises out of _________.
  • an agreement
  • statute
  • operation of law
  • both an agreement and statute
Transfer of share in the partnership firm is _____________.
  • restricted
  • freely transferable
  • prohibited
  • none of these
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