Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 28

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Weekly Quiz Competition

Question 1
1 / -0

Transfer of share in the partnership firm is _____________.

A
restricted

B
freely transferable

C
prohibited

D
none of these

Solution

A partnership firm, is not a legal person and hence cannot be a shareholder of a company however they can not issue shares to the public and if there are no share, transfer of shares is also not possible but the firm can purchase shares of a company in the individual names of its partners.
Thus the correct answer is A.
Question 2
1 / -0

There can not be any partnership where a business is carried on ____________.

A
with a benevolent purpose

B
where any one of the partners is entitled to total profit

C
a and b

D
where there is only one partner

Solution

Option C is the correct answer.
Question 3
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 4
1 / -0

For the existence of a partnership there must be an association of _________.

A
two or more persons

B
one person only

C
minimum 5 persons

D
minimum 7 persons

Solution

For the existence of a partnership, there must be an association of two or more persons, this statement is true, it is a legal form of business operation between two or more individuals who share management and profits. All members share both profits and liabilities equally and the individuals are personally responsible for the debts of the partnership.
Thus the correct answer is A.
Question 5
1 / -0

In which of the following cases a partnership firm is re-constituted?

A
Admission

B
Retirement

C
Death

D
All of the above

Solution

The Partnership will be reconstituted if the following cases occur in a firm:
1. Admission of a new partner
2. Retirement of a partner
3. Expulsion of any partner
4. Death of a partner
5. Insolvency of a partner
6. Transfer of share of a partner
Thus the correct answer is D.
Question 6
1 / -0

An idea of operating as a partnership would include _________.

A
greater power than a sole trader for decision-making

B
being able to raise capital through share issues

C
access to large amount of initial capital

D
limited liability for all partners

Solution

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

It is NOT UNCOMMON in partnership firm _______________.

A
Co-owner can ask for the division of property

B
Co-owner can transfer his rights without the consult of others

C
Co-owner has no lien on property of business

D
All of the above

Solution

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

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?

A
Manufacturing process

B
Product price

C
Names of suppliers of raw materials

D
Physical plant

Solution

The administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff, and other necessary items are procured and ready to create finished products according to the schedule specified in the production planning plan, the focus is on inputs and process, i.e., plant and machinery used, material to be used, suppliers details, the process of manufacturing.
Hence, option B is correct.
Question 9
1 / -0

A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called ___________.

A
Partner in profits only

B
Sleeping partner

C
Active partner

D
Dummy partner

Solution

A partner sharing the profits of the business without making himself responsible for losses, if any, is known as a partner in profits only. He contributes capital and is also liable to third parties like other partners. Such partners are not allowed to take part in the management and administration of the business.
Hence, option (A) is the correct answer.
Question 10
1 / -0

Which of the following are the rights of a partner in a partnership firm?
X. To take art in the conduct and management of the business.
Y. To receive remuneration for active working in the firm.
Z. To receive interest on the capital invested in the firm W. To receive share in the profit.
Correct option is _______________.

A
X and Y

B
X and Z

C
X and W

D
X,Z and W

Solution

In the partnership, the partners enter into a partnership deed which generally defines all the rights and responsibilities of partners. The following are the rights of a partner in a partnership firm:
1. To take part in the conduct and management of the business.
2. To receive interest on the capital invested in the firm
3. To receive a share in the profit.
4. Accessing the books of accounts
5. Indemnification rights etc
Thus the correct answer id D.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 28

Result

Forms of Business Organisations Test - 28

Score

-

Rank

-

SHARING IS CARING

Question 1

restricted

freely transferable

prohibited

none of these

Solution

Question 2

with a benevolent purpose

where any one of the partners is entitled to total profit

a and b

where there is only one partner

Solution

Question 3

list of directors

registered address of company

list of shareholders

all of the above

Solution

Question 4

two or more persons

one person only

minimum 5 persons

minimum 7 persons

Solution

Question 5

Admission

Retirement

Death

All of the above

Solution

Question 6

greater power than a sole trader for decision-making

being able to raise capital through share issues

access to large amount of initial capital

limited liability for all partners

Solution

Question 7

Co-owner can ask for the division of property

Co-owner can transfer his rights without the consult of others

Co-owner has no lien on property of business

All of the above

Solution

Question 8

Manufacturing process

Product price

Names of suppliers of raw materials

Physical plant

Solution

Question 9

Partner in profits only

Sleeping partner

Active partner

Dummy partner

Solution

Question 10

X and Y

X and Z

X and W

X,Z and W

Solution

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