Joint Stock Company Test 5

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Joint Stock Company Test 5

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Weekly Quiz Competition

Question 1
1 / -0

Write a word or a term or a phrase which can substitute each of the following statements:
A form of organisation where there is a separation of ownership from management ______________.

A
Joint Stock Company

B
Co-operative Society

C
Public Company

D
Private Company

Solution

Option A is the correct answer.
A form of organisation where there is a separation of ownership from management is Joint Stock Company.
Question 2
1 / -0

Who are the owners of a company

A
Promoters

B
Board of directors

C
Chairman of the Company

D
Shareholders

Solution

Option D is the correct answer.
Question 3
1 / -0

The liability of a shareholder of a company is to the extent of ________.

A
face value of shares

B
unpaid value of shares

C
both

D
none of the above

Solution

Option B is the correct answer.
Question 4
1 / -0

Limited liability is enjoyed by ________.

A
a general partnership

B
a corporation

C
a sole proprietorship

D
none of the above

Solution

A corporation is a group of people or company authorized to act as a legal entity which is recognized by Law. It has a limited liability distinct from its members. The owner and the company are two different persons.
Question 5
1 / -0

The maximum amount with which a company gets registered is called __________.

A
authorized share capital

B
issued share capital

C
subscribed share capital

D
paid up share capital

Solution

The Authorised share capital is the maximum amount of the capital for which shares can be issued by the Company to shareholders, the capital clause is mentioned in the Memorandum of Association of the Company. The Authorised capital can be increased at any time in the future by taking necessary steps as required by law or the Companies Act, 2013.
Thus the correct answer is A.
Question 6
1 / -0

In an annual return of a company which is filed with ROC, the particulars to be mentioned are _____________.

A
list of directors

B
registered address of company

C
list of shareholders

D
all of the above

Solution

In an annual return of a company which is filed with ROC in Form MGT-7, the following particulars to be mentioned are:
1. Capital of the Company
2. Shareholding of the members
3. List of Directors
4. Registered of the Company
5. Details of the meeting during the Financial Year, etc.
Thus the correct answer is D.
Question 7
1 / -0

The company can ___________.

A
Enter into contracts

B
Borrow money

C
Open banking account in its name

D
All of above

Solution

Company is a distinct as well as legal entity and would be liable for his own.
Therefore, a company can borrow money, enter into contracts, open bank account in its name, purchase its own shares.
Question 8
1 / -0

Characteristics of a company_________.

A
Artificial legal person

B
Incorporated body

C
Capital divisible into shares

D
All of above

Solution

A company as an entity has many distinct features which together make it a unique organization. The essential characteristics of a company are the following:
1. Separate legal entity.
2. Limited liability.
3. Perpetual succession.
4. Transferability of shares.
5. Incorporated body.
Question 9
1 / -0

A Company Secretary _____________________.

A
has nothing to do with the directors, of the company

B
is never in touch with any government department

C
occupies an important place in a corporate setup

D
does not have to correspond with the investors

Solution

Company secretary occupies an important place in a corporate set up. As per Companies Act 2013, a Company Secretary is a key managerial person.
Question 10
1 / -0

Managerial Personnel
Any corporate body or firm can be appointed as director of the company. This statement is

A
False

B
True

C
Partly true

D
Partly false

Solution

Option A is the correct answer.

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Re-Attempt Weekly Quiz Competition

Joint Stock Company Test 5

Result

Joint Stock Company Test 5

Score

-

Rank

-

SHARING IS CARING

Question 1

Joint Stock Company

Co-operative Society

Public Company

Private Company

Solution

Question 2

Promoters

Board of directors

Chairman of the Company

Shareholders

Solution

Question 3

face value of shares

unpaid value of shares

both

none of the above

Solution

Question 4

a general partnership

a corporation

a sole proprietorship

none of the above

Solution

Question 5

authorized share capital

issued share capital

subscribed share capital

paid up share capital

Solution

Question 6

list of directors

registered address of company

list of shareholders

all of the above

Solution

Question 7

Enter into contracts

Borrow money

Open banking account in its name

All of above

Solution

Question 8

Artificial legal person

Incorporated body

Capital divisible into shares

All of above

Solution

Question 9

has nothing to do with the directors, of the company

is never in touch with any government department

occupies an important place in a corporate setup

does not have to correspond with the investors

Solution

Question 10

False

True

Partly true

Partly false

Solution

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