Forms of Business Organisation

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Forms of business organisation

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Which form of the business organisation has the main objective of rendering services to its members

1 point

Partnership Firm

Joint stock Company

Cooperative Society

Joint Hindu family business

Clear selection

The liability of sole proprietor is

1 point

Limited

Unlimited

Joint

Minimum

Clear selection

Which of the following is not a limitation of sole proprietorship business?

0 points

Limited resources

Limited control

Limited skills

Unlimited liability

Clear selection

The minimum numbers of members in a cooperative society is

1 point

Clear selection

The form of business organisation for which specific act has not been passed is

1 point

Joint Stock Company

Partnership

Sole Proprietorship

Cooperative Society

Clear selection

Which of the following laws governs joint hindu family business?

1 point

Hindu Succession Act 1956

Hindu Succession Act 1950

Partnership Act 1932

Partnership Act 1956

Clear selection

Provision of residential accommodation to the members at reasonable rates is the objective of

1 point

Credit cooperative society

Housing cooperative society

Consumers cooperative society

Producers cooperative society

Clear selection

Which of the following is a not a clause of memorandum of association

1 point

Capital clause

Objects clause

Name clause

Director clause

Clear selection

Transfer of ownership is easy in case of........... whereas it is difficult in case of..............

1 point

Joint stock company, partnership

Sole proprietorship, joint stock company

Sole proprietorship, partnership

Partnership, joint stock company

Clear selection

The objects of the company are specified by

1 point

Articles of association

Memorandum of association

Prospectus

Certificate of Incorporation

Clear selection

which of the following forms of business organisation suffer from 'lack of public confidence' because they are not required to publish its accounts legally

1 point

Partnership

Cooperative society

Joint stock company

None of above

Clear selection

Sumit is a friend of Lakshya, who is a partner in software firm - simplified solutions. On Lakshya request Sumit accompanies him to a business meeting with Deepak software and Lakshya actively participates in the negotiation process for the business deal and give the impression that he is also a partner in simplified solutions . Which type of partner is Lakshya

1 point

Nominal partner

Active partner

Partner by holding out

Partner by estoppel

Clear selection

A person who contributes capital, takes part in the management, shares profit/losses and has unlimited liability towards the creditors but unknown to the general public is called

1 point

Active partner

Dormant partner

Sleeping partner

Secret partner

Clear selection

Provision of residential accommodation to the members at reasonable rate is the objective of

1 point

Farmer's cooperative society

Producer's cooperative society

Credit cooperative society

Cooperative Housing Society

Clear selection

In how many days the amount of minimum subscription must be received

1 point

Within 110 days of the date of issue

Within 10 weeks of the date of issue

within 120 days of the date of issue

Within 3 weeks of the date of issue

Clear selection

In a cooperative society, the principle followed is

1 point

One share one vote

One man one vote

No voting rights to members

Multiple votes by members

Clear selection

Application for approval of name of a company is to be made to which authority

1 point

SEBI

Government of India

Registrar of the company

State Government

Clear selection

Name the type of company in which the right of the members to transfer it share is restricted

1 point

Public company

Private company

Clear selection

'Anil and Gaurav established a joint stock company to manufacture and sell toys'. Identify this form of business organisation

1 point

Private company

Public company

Partnership

Sole Proprietorship

Clear selection

The sequence of various stages of formation of a company is

1 point

Incorporation, promotion, subscription of capital, commencement of business

Promotion, incorporation, subscription of capital, commencement of business

Promotion, subscription of capital, incorporation, commencement of business

Subscription of capital, promotion, incorporation, commencement of business

Clear selection

Minimum number of director required in case of private and public company

1 point

2, 7

2, 5

2, 3

2, 2

Clear selection

"Members may come members may go but company is forever". which feature of the company showed by the above statement

1 point

Separate legal existence

Limited liability

Perpetual succession

Artificial person

Clear selection

Which business organisation is least advantageous on the basis of availability of capital

1 point

Partnership

Sole proprietorship

Joint stock company

Cooperative society

Hindu undivided family business

Clear selection

Which of the following statement is not true about a minor partner

1 point

He has to bear losses also

He can inspect the books of accounts

He shares only profits

He has an option to continue with a firm even after attaining his majority

Clear selection

Which one of the following statements is incorrect ?

1 point

Minors cannot be the members of Joint Hindu Family business

The minimum number of partners needed to start a partnership firm is two

The risk of Failure of business is borne all alone by the sole proprietor

The principle of ‘one man one vote’ governs the cooperative society

Clear selection

The board of directors of a joint stock company is elected by

1 point

Government

Public

Shareholders

Employees

Clear selection

Identify the document issued by public companies to invite public to subscribe to its shares

1 point

Table A

Memorandum of association

Table F

Prospectus

Clear selection

Which of the following is not a feature of joint stock company?

1 point

Compulsory registration

Separate legal entity

Artificial person

Lack of business continuity

Clear selection

Company is an artificial person. Which of the following is not true about an artificial person?

1 point

It exists independent of its members.

It can not own property.

It can sue and be sued.

It is created by law.

Clear selection

Which of the following is not the consequence of non registration of a partnership firm

1 point

A partner of an unregistered firm cannot file a suit against the firm or others partners

The firm can't file a suit against third parties

The firm can't file a case against the partners

The firm can't contribute in business legally

Clear selection

Tick the features of each of the following partners

4 points

Contributes to the capital of the business

Has a share in profits/losses of the business

Take part in day to day management of the business

Has an unlimited liability

Active Partner

Sleeping Partner

Secret Partner

Nominal Partner

Which of the following forms of business organisation is most suitable due to its capability to raise more funds and invest in expansion plans?

1 point

Sole Proprietorship

Partnership

Cooperative society

Joint stock company

Clear selection

Which of the following forms of business organisation has the advantage of continuity?

1 point

Joint stock company

Partnership

Sole proprietorship

All business organisations

Clear selection

Preliminary contracts are signed

1 point

Before the incorporation

After incorporation

After incorporation but before capital subscription

After commencement of business

Clear selection

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