Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 21

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Weekly Quiz Competition

Question 1
1 / -0

Which of these rights are available to a transferee under the partnership Act.

A
to inspect books of account

B
to interfere in firms day to day business

C
to transfer immovable property of the firm in his name.

D
to receive share of assets to which the transferor is entitled at the time of dissolution of the firm.

Solution

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

Company is a/an ______ association of persons

A
voluntary

B
compulsory

C
legal

D
chance

Solution

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

A person is liable as a partner of a firm on the principle of holding out where he....

A
declare himself to be a partner of the firm

B
represent himself to be a partner of the firm

C
knowingly permit others to represent him as a partner.

D
all the cases

Solution

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

Subject to the contract between the partners the property of the firm can be held or used _______

A
For the common benefit of the partners

B
Exclusively for the purpose of firms business

C
For payment of liability of the firm

D
All the three

Solution

Option A is the correct answer.
Question 5
1 / -0

According to Partnership Act, every partner of the firm is a/an ........ of each other.

A
Friend

B
Agent

C
Brother

D
Relative

Solution

Option B is the correct answer.
Question 6
1 / -0

What is the real test of existence of a Partnership ________

A
mutual agency relationship

B
sharing of profit and loss

C
existence of business

D
all the three

Solution

Option A is the correct answer.
Question 7
1 / -0

A partners current capital a/c can have-

A
Debit balance only

B
Credit balance only

C
Debit or credit balance

D
No balance at all

Solution

Option B is the correct answer.
Question 8
1 / -0

Which of these rights is/are available to a partner in a partnership firm

A
To transfer his share

B
To demand partition of property

C
Inheritance of property

D
Take part in business

Solution

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

What is one of the hardships of a sole proprietorship?

A
Capital is limited to owners savings and bank loans

B
It has to complete too many registration formalities

C
As they are government owned there is no profit motive

D
More tax is charged on them

Solution

A business which is owned and managed by a single person is called as sole proprietorship. As the owner is a single person he/she has limited capital with him/her to invest in the business. Hence, it is one of the hardships of a sole proprietorship. The limited capital might be due to very low internal sources of finance and/or banks or other external sources of finance will also be unavailable.
Question 10
1 / -0

A, B, C, and D are partners A retires, B dies, the status of partnership ______.

A
remains unchanged

B
comes to an end

C
reconstituted

D
all of the above

Solution

False.
If A retires and B dies, the status of partnership will be reconstituted as 2 partners C and D remain and then can form a new partnership agreement after giving A and B their respective shares and revaluating the assets and liabilities on the basis of previous of previous agreement.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 21

Result

Forms of Business Organisations Test - 21

Score

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Rank

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SHARING IS CARING

Question 1

to inspect books of account

to interfere in firms day to day business

to transfer immovable property of the firm in his name.

to receive share of assets to which the transferor is entitled at the time of dissolution of the firm.

Solution

Question 2

voluntary

compulsory

legal

chance

Solution

Question 3

declare himself to be a partner of the firm

represent himself to be a partner of the firm

knowingly permit others to represent him as a partner.

all the cases

Solution

Question 4

For the common benefit of the partners

Exclusively for the purpose of firms business

For payment of liability of the firm

All the three

Solution

Question 5

Friend

Agent

Brother

Relative

Solution

Question 6

mutual agency relationship

sharing of profit and loss

existence of business

all the three

Solution

Question 7

Debit balance only

Credit balance only

Debit or credit balance

No balance at all

Solution

Question 8

To transfer his share

To demand partition of property

Inheritance of property

Take part in business

Solution

Question 9

Capital is limited to owners savings and bank loans

It has to complete too many registration formalities

As they are government owned there is no profit motive

More tax is charged on them

Solution

Question 10

remains unchanged

comes to an end

reconstituted

all of the above

Solution

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