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Forms of Business Organisations Test - 10

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Forms of Business Organisations Test - 10
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Name the Head of Joint Hindu Family Business.
    Solution
    The Joint Hindu Family Business is managed and controlled by the senior-most member of the family, who is the called Karta. Every other member of such business is known as a co-parcener.
  • Question 2
    1 / -0
    In a cooperative society, the power to take decisions lies with ___________.
    Solution
    The decisions relating to the business of the co-operative society is taken by the Elected Managing Committee. This committee is elected by the members of the society.
  • Question 3
    1 / -0
    Which form of business organisation is popular and appropriate for small businesses?
    Solution
    A sole proprietorship is a suitable form of business organization for small-scale enterprises.  It is suitable for enterprises that require personal attention and limited capital like local grocery shops.
  • Question 4
    1 / -0
    ___________ must have atleast 10 adults as members and does not have any maximum limit on the number of members.
    Solution
    A minimum of 10 persons (adults) is required to form a cooperative society. It does not have any limit on the maximum number of members. The registration of a cooperative society is compulsory and the capital is contributed by its members in the form of share capital.
  • Question 5
    1 / -0
    A cooperative society is required to be registered under the Cooperative Societies Act __________.
    Solution
    Cooperative societies are the oldest form of business organization. The registration of a cooperative society is compulsory under the Cooperative Societies Act, 1912.
  • Question 6
    1 / -0
    The act which governs the formation of a partnership business is the Indian Partnership Act _________.
    Solution
    The partnership form of business is governed by the Indian Partnership Act, 1932. A partnership comes into existence by a legal agreement between the partners called a Partnership Deed.
  • Question 7
    1 / -0
    In which of the following business organisations, minor can also be a member?
    Solution
    In a joint hindu family business, a child becomes a member by birth in the hindu undivided family. So, there is no restriction for a minor to become a member of such a business.
  • Question 8
    1 / -0
    ______________ is not a limitation of a sole proprietorship.
    Solution
    There are minimum formalities required for the commencement and winding up of a sole proprietorship firm. There is no separate law governing it. Therefore, easy formation is not a limitation.
  • Question 9
    1 / -0
    The life of sole proprietorship business is _________.
    Solution
    The survival and continuity of sole proprietorship firm depend upon one person only. If the proprietor falls ill or becomes insolvent then the business may come to an end.
  • Question 10
    1 / -0
    Who undertakes the management and control of the affairs of the company on behalf of owners?
    Solution
    The company form of business is owned by the shareholders. These shareholders elect their representatives who are called the directors of the company. These directors are collectively called the Board of Directors. The board manages and controls the activities of the company by appointing professional experts.
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