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Forms of Business Organisations Test - 13

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Forms of Business Organisations Test - 13
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Profits do not have to be shared. This statement is true in the case of ______________.
    Solution
    In sole proprietorship, a proprietor is the only owner of the business and manages the business single-handedly and therefore, he is not required to share its profit with anyone.
  • Question 2
    1 / -0
    Which of the following statements is incorrect ?
    Solution
    The statement of option D is not correct because members of H.U.F. who carry on business and share profits among them can not be treated as partners. HUF means Hindu Undivided Family, a Hindu family can come together and form a HUF because it cannot be created by one person, it can only be formed by a family. It consists of a common ancestor and all of his lineal descendants, including their wives and unmarried daughters.
    Thus the correct answer is D.
  • Question 3
    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 4
    1 / -0
    The head of the Joint Hindu family business is called ____________.
    Solution
    The head of the joint hindu family business is known as Karta. Karta is usually the senior most male member of the joint family and he has the power to control the whole business.
  • Question 5
    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 6
    1 / -0
    Which of the following is not a feature of a cooperative society?
    Solution
    Members of the cooperative society have a limited liability i.e. their personal assets cannot be used to pay off the debts of society as it is a democratic form of business.
  • Question 7
    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 8
    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 9
    1 / -0
    A co-operative society must have minimum ______ members. 
    Solution
    To form a cooperative society, minimum 10 people needs to voluntarily come together to meet their economic, social and cultural needs through a democratically controlled enterprise.
  • Question 10
    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. 
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