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Joint Stock Company Test 2

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Joint Stock Company Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The capital of a company is divided into number of parts each one of which is called ___________
    Solution
    Share refers to a part of capital of a company which is divided among a number of people. People who purchase the shares of a company are known as the shareholders and are also considered as the owners of a company.
  • Question 2
    1 / -0
    Which of the following is not an essential characteristic of a company?
    Solution
    A company is a separate legal entity different from its members or shareholders. It is an artificial person created by law that can enter into an agreement in its own capacity, can sue and also be sued. It also has a common seal. As a company is an artificial person and not a natural person, it has a perpetual succession. Death of any member or shareholder does not affect its existence. 
    Thus, the correct answer is C.
  • Question 3
    1 / -0
    The Structure in which there is separation of ownership and management is called ______________.
    Solution
    Company is the form of business organisation in which there is a separation of ownership and management. Company has a separate legal entity from its members. Management professionals of the firm are not considered as the owners of the firm.
  • Question 4
    1 / -0
    The liability of the members in a Joint Stock Company is __________.
    Solution
    The liability of the members in a joint stock company is limited while company itself has unlimited liability since it has its existence in the eyes of law and is considered as an artificial person.
  • Question 5
    1 / -0
    A Joint Stock Company has ___________life.
    Solution
    A joint stock company has a continuous life. It implies death, insanity, insolvency or retirement of any of its shareholders, owners, board of directors or employees cannot lead to the closure of company. Company can run for a longer period of time.
  • Question 6
    1 / -0
    A public company need to have minimum ___________ members.
    Solution
    Under the Companies Act 2013, minimum 7 members are required to start a public company. 
  • Question 7
    1 / -0
    A Joint Stock Company is managed by __________.
    Solution
    A joint stock company is managed by the board of directors who are elected by the shareholders. All the shareholders are entitled to vote in the decision making process. Board of directors have powers in the management of the business.
  • Question 8
    1 / -0
    A Joint Stock Company is _______ person.
    Solution
    A joint stock company has an independent status i.e. it has a separate legal entity from its members. It has an independent existence in the eyes of law and can also purchase and sell property in its own name.
  • Question 9
    1 / -0
    A Joint Stock Company collects __________ capital.
    Solution
    The joint stock company collects huge capital from public by dividing its capital in a small unit called shares and inviting subscription from general public on these shares. Holding these shares ensures dividend to the shareholders and provides them voting powers in the decision making process of the business.
  • Question 10
    1 / -0
    A Joint Stock Company has independant________. 
    Solution
    A joint stock company has an independent status i.e. it is a separate legal entity from its members. It has an independent existence in the eyes of law and can also purchase and sell property in its own name.
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