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Joint Stock Company Test 3

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Joint Stock Company Test 3
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Weekly Quiz Competition
  • Question 1
    1 / -0
     Joint Stock Company enjoys _______status.
    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 2
    1 / -0
    The liability of shareholders 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 and members are not required to pay debts from their personal assets.
  • Question 3
    1 / -0
    The business organisation which enjoys a separate legal existence is a___________.
    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 4
    1 / -0
    A person who purchases share of Joint Stock Company is called __________.
    Solution
    A person who purchases the shares of a company is known as Shareholder and they are also considered as the owners of Company. They are given dividends out of profits and are given voting powers in the decision making process of business.
  • Question 5
    1 / -0
    Fill in the blanks and rewrite the sentence:
    The organisation which enjoys a separate legal status is a ___________.
    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 6
    1 / -0
    The form of commercial organisation suitable to carry on large scale business is called ______________.
    Solution
    The large scale business can be easily carried out by Joint stock company as capital can be easily accumulated by inviting subscriptions from the general public in the form of shares and companies have a long and stable life i.e. perpetual succession.
  • Question 7
    1 / -0
    The Act which regulates the joint stock company is the __________.
    Solution
    Earlier, the Act which regulated the Joint stock company is the Companies Act 1956. But this Act has been amended recently in the year 2013, known as Companies Act 2013.
  • Question 8
    1 / -0
    The business organisation, where there is a separation of ownership and management is a __________. 
    Solution
    In joint stock company there is separation of ownership and management and it involves placing the management of the firm under the responsibility of professionals who are not its owners. Owners of a company may include shareholders, directors, government entities and initial founders.
  • Question 9
    1 / -0
    An association of individuals for profit, having its capital divided into a large number of shares is a _______. 
    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 a  _______ life/existence.
    Solution
    One of the feature of joint stock company is that it has a perpetual existence that implies death or insanity of any of its member, board of directors, employees or shareholder cannot lead to the closure of company. It has a long business life i.e. cannot be easily diluted.
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