Joint Stock Company Test 11

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Joint Stock Company Test 11

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Weekly Quiz Competition

Question 1
1 / -0

Which clause of the Memorandum of Association defines powers and limitation of a company?

A
Name clause

B
Object clause

C
Liability clause

D
Situation clause

Solution

Object Clause - It contains the main objective of the company and the secondary objectives which the company may pursue. This clause defines the scope and limitation of the activities of the company.
Question 2
1 / -0

The government declared _____ public sector undertakings as Navaratnas.

A
16

B
9

C
14

D
12

Solution

As of 2021, there are 7 Maharatna, 16 Navratna, and 71 Miniratna CPSEs. The Navratna Companies are Public Sector Enterprises (PSEs) that can invest up to Rs. 1000 crore or 15% of their net worth on a single project without seeking approval from the government.
Question 3
1 / -0

Who elects the Board of Directors of a company?

A
Employees

B
Debenture holders

C
Government

D
Shareholders

Solution

The company form of business is owned by the shareholders. They elect their representatives who are called directors of the company. The directors manage and control the activities of the company by appointing professional experts.
Question 4
1 / -0

Which document is known as the charter of a company?

A
Memorandum of Association

B
Articles of Association

C
Prospectus

D
Registration certificate

Solution

The Memorandum of Association (MOA) of a company defines the constitution and the scope of powers of the company. In simple words, the MOA is the foundation on which the company is built. Hence, it is called the charter of the company.
Question 5
1 / -0

Perpetual succession indicates______

A
Registration of partnership firm is compulsory.

B
Limited scope for rising fund

C
Separate legal entity, separate from its members

D
Liability of the partners is limited to his contributes to capital

Solution

Perpetual succession indicates separate legal entity, separate from its members.

Reason: Insolvency or death of member does not affect the existence of the company. This means perpetual succession.

Hence, the correct option is C.
Question 6
1 / -0

A holding company set up only to unite and control its subsidiaries is called a

A
Proprietary holding company

B
Primary holding company

C
Political holding company

D
Pure holding company

Solution

Option D is the correct answer.
Question 7
1 / -0

Which of the following is the recently introduced form of business organization in INDIA wide companies Act $$2013$$ ?

A
LLP

B
Sole proprietorship

C
OPC

D
Private limited company

Solution

One person company (OPC) is a recently introduced form of business organization in INDIA wide companies Act, $$2013$$.

Hence, C is the correct option.
Question 8
1 / -0

To help individuals and business realize their full potential. Is the vision of

A
Cognizant

B
Apple

C
Microsoft

D
Walmart

Solution

"To help people and business throughout the world realize their full potential." is a vision statement of Microsoft Corporate.

$$\therefore $$ Option C. Microsoft is correct answer.
Question 9
1 / -0

When is a company said to have been registered?

A
When it files the memorandum of association with the Registrar of Companies

B
When it gets the certificate of incorporation

C
When it gets the certificate of commencement of business

D
When it actually starts its business

Solution

Option B is the correct answer.
Question 10
1 / -0

The board must hold an extraordinary general meeting, within_______days of having received a valid requisition for it.

A
14

B
21

C
30

D
45

Solution

Option D is the correct answer.

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Re-Attempt Weekly Quiz Competition

Joint Stock Company Test 11

Result

Joint Stock Company Test 11

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SHARING IS CARING

Question 1

Name clause

Object clause

Liability clause

Situation clause

Solution

Question 2

16

9

14

12

Solution

Question 3

Employees

Debenture holders

Government

Shareholders

Solution

Question 4

Memorandum of Association

Articles of Association

Prospectus

Registration certificate

Solution

Question 5

Registration of partnership firm is compulsory.

Limited scope for rising fund

Separate legal entity, separate from its members

Liability of the partners is limited to his contributes to capital

Solution

Question 6

Proprietary holding company

Primary holding company

Political holding company

Pure holding company

Solution

Question 7

LLP

Sole proprietorship

OPC

Private limited company

Solution

Question 8

Cognizant

Apple

Microsoft

Walmart

Solution

Question 9

When it files the memorandum of association with the Registrar of Companies

When it gets the certificate of incorporation

When it gets the certificate of commencement of business

When it actually starts its business

Solution

Question 10

14

21

30

45

Solution

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