Joint Stock Company Test 7

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Joint Stock Company Test 7

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Weekly Quiz Competition

Question 1
1 / -0

The Minimum Number of Members in a Private Company and Public Company are _______________.

A
Three and Seven respectively

B
Two and Seven respectively

C
Two and Nine respectively

D
None of the above

Solution

Option B is the correct answer.
Question 2
1 / -0

The management of the company is carried on by the elected __________.

A
Board of partners

B
Board of trustees

C
Board of directors

D
Board of shareholders

Solution

A company has a separate legal artificial body with a name and common seal by the law.
The company has a separate management body that handles the overall business of the company who are known as Board of directors.
They are elected by the owners that is the shareholders of the company in the general annual meeting of the company.
Question 3
1 / -0

The name of a company can be changed by

A
An ordinary resolution

B
A special resolution

C
The approval of the union government

D
A special resolution and with the approval of the union government

Solution

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

Characteristics of a company.

A
Artificial legal person

B
Incorporated body

C
Capital divisible into shares

D
All of above

Solution

Artificial persons such as companies, firms, institutions etc.
Legally, a company has got a personality of its own. Like human beings it can buy, own or sell its property. It can sue others for the enforcement of its rights and likewise be sued by others.
A company comes into existence the day it is incorporated/registered. In other words, a company cannot come into being unless it is incorporated and recognised by law. This feature distinguishes a company from partnership which is also a voluntary association of persons but in whose case registration is optional.
The capital of the company is divided into shares which is owned by the shareholders if the company.
Question 5
1 / -0

A company can hold its first AGM within ______ months from date of its incorporation.

A
12

B
15

C
9

D
None of these

Solution

A company can hold its first AGM within 9 months from date of its incorporation. Annual General Meeting can be hold by the directors of the company. First Annual General Meeting should be held by the directors of the company within the 9 months from the date of its incorporation.
Question 6
1 / -0

____________ are preferred when one needs to convey information in writing.

A
Office Order

B
Office Circular

C
Office Note

D
Memorandum

Solution

Option D is the correct answer.
Memorandum are preferred when one needs to convey information in writing.
Question 7
1 / -0

Which of the following is/are disadvantage of a company form of organization?

A
The window dressing of the prospectus often misleads the investors who are later on exploited by the promoters.

B
Lack of secrecy

C
Stock exchange speculation

D
All of above

Solution

Company can be defined as an association of persons for the purpose of carrying on business. Any entity engaging in business or corporation registered under Companies Act, 2013. Disadvantages of a company form of organization are:
a) The window dressing of the prospectus often misleads the investors who are later on exploited by the promoters.
b) Lack of secrecy
c) Stock exchange speculation.
Question 8
1 / -0

The shareholder's liability in a public company is limited to

A
The extent of their private estates

B
The nominal value of shares

C
The paid-up value of shares

D
The amounts called up on shares

Solution

Option B is the correct answer.
Question 9
1 / -0

A Model Form of Articles contained in Table "F" relates to a Company Limited by ________________.

A
Shares

B
Guarantee,

C
Shares and Guarantee

D
None of the above.
Question 10
1 / -0

Characteristics of a company.

A
Transferability of shares

B
Perpetual existence

C
Limited liability

D
All of above

Solution

Transferability of Shares:
Shares in a company are freely transferable, subject to certain conditions, such that no share-holder is permanently or necessarily wedded to a company. When a member transfers his shares to another person, the transferee steps into the shoes of the transferor and acquires all the rights of the transferor in respect of those shares.
Perpetual Succession:
A company does not cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life of the company. Insolvency or Death of member does not affect the existence of the company.
Limited Liability:
The liability of the members of the company is limited to contribution to the assets of the company upto the face value of shares held by him. A member is liable to pay only the uncalled money due on shares held by him. If the assets of the firm are not sufficient to pay the liabilities of the firm, the creditors can force the partners to make good the deficit from their personal assets.

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Re-Attempt Weekly Quiz Competition

Joint Stock Company Test 7

Result

Joint Stock Company Test 7

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SHARING IS CARING

Question 1

Three and Seven respectively

Two and Seven respectively

Two and Nine respectively

None of the above

Solution

Question 2

Board of partners

Board of trustees

Board of directors

Board of shareholders

Solution

Question 3

An ordinary resolution

A special resolution

The approval of the union government

A special resolution and with the approval of the union government

Solution

Question 4

Artificial legal person

Incorporated body

Capital divisible into shares

All of above

Solution

Question 5

12

15

9

None of these

Solution

Question 6

Office Order

Office Circular

Office Note

Memorandum

Solution

Question 7

The window dressing of the prospectus often misleads the investors who are later on exploited by the promoters.

Lack of secrecy

Stock exchange speculation

All of above

Solution

Question 8

The extent of their private estates

The nominal value of shares

The paid-up value of shares

The amounts called up on shares

Solution

Question 9

Shares

Guarantee,

Shares and Guarantee

None of the above.

Question 10

Transferability of shares

Perpetual existence

Limited liability

All of above

Solution

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