Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 34

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following sentence in relation to "Cooperative Societies" are correct?
(1) There should be minimum of 20 members to
for cooperative society but there is no
maximum limit for the membership.
(2) According to Indian Cooperative Societies
Act, 1912, each society must transfer at
least one-third of its profits to general
reserve.
(3) Cooperative Societies may distribute
maximum up to 90 per cent of its surplus
as dividend to its members and can spent
another 10 per cent for the welfare of the
members.

A
(1) only

B
(1) & (2) only

C
(3) only

D
(2) & (3) only
Question 2
1 / -0

The business in which only a single owner arranges the capital is ____________.

A
Partnership

B
Hindu joint family business

C
Sole proprietorship

D
NGOs

Solution

The business in which only a single owner arranges the capital is Sole proprietorship, it is the simple type of business that can be started by an individual and can be easily established due to a lack of government regulation. These types of businesses are very popular among sole owners of businesses, individual self-contractors, and consultants. Many sole proprietors do business under the registration of their own names is not necessary for these types of business.
Thus the correct answer is C.
Question 3
1 / -0

The partners enter into partnership through an agreement which may be _________.
(I) Verbal
(II) Written
(III) Implied
The correct answer is :-

A
(II) only

B
(I) or (II)

C
(II) or (III)

D
(I) or (II) or (III)
Question 4
1 / -0

Every business enterprise is an independent undertaking.

A
True

B
False

C
Partly True

D
Partly False

Solution

Every business enterprise is an independent undertaking because every business enterprise has separate identity, independent ownership, independent management and independent risk bearance.
Question 5
1 / -0

Partnership is an agreement between _______________.

A
entities in a business

B
two people

C
organisations

D
friends

Solution

Partnership is an agreement between entities in a business which arises out of an agreement, a Partnership Agreement is a contract between two or more individuals or entities who decides to manage and operate a business together for profit-making. The Agreement defines the management roles and once the Partnership Agreement is completed, all of the Partners will sign and date the Agreement and keep copies of the Agreement for their records.
Thus the correct answer is A.
Question 6
1 / -0

____________ is the most flexible kind of business Organisation.

A
Sole Proprietorship

B
Partnership

C
Co-Operatives and Trusts

D
Limited Liability Partnership

Solution

A sole proprietorship is the most flexible kind of business Organisation because it is a one man show, i.e. right to run the business and to make all the decisions, lies absolutely with the sole proprietor. He is the one who will take all the decisions and can change them as well.
Thus the correct answer is A.
Question 7
1 / -0

Which of the following are a form of a business enterprise?

A
Partnership

B
Cooperative

C
Joint hindu family

D
All of the above

Solution

Partnership- A partnership is a business that is formed by two or more people. Much like a sole proprietorship, setting up a general partnership has very few start-up fees.
Cooperative- It is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".
The Joint Hindu Family Business is a distinct form of organisation peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members.
Question 8
1 / -0

The members of an HUF are also known as _______.

A
family

B
partners

C
co-parceners

D
none of the above

Solution

Member in HUF other than KARTA is called as Coparcener, as per the Hindu Succession Act, 1956, any individual born in a Hindu Undivided Family (HUF) becomes a coparcener by birth. He is a person who acquires interest in the joint family property by birth. Both sons and daughters are the coparceners in the family and they have equal rights and liabilities over the property.
Thus the correct answer is C.
Question 9
1 / -0

Profit sharing among members in an HUF is done _______.

A
members status in family

B
amount of work done by a member

C
equally

D
according to the age of the member

Solution

Profit sharing among members in an HUF is done equally even In a HUF business all co-parceners have equal share in the profits of the business, when in any case HUF is dissolved, all the property held by them are divided equally among all members.
Thus the correct answer is C.
Question 10
1 / -0

An HUF continues to exist even upon the death of the Karta.

A
Partly false

B
False

C
Partly true

D
True

Solution

The statement is True as a HUF continues to exist even upon the death of the Karta as the HUF business can only be dissolved at any time through mutual agreement between members, by a partition, etc. but it keeps ongoing if the Karta dies,
Thus the correct answer is D.

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Every business enterprise is an independent undertaking because every business enterprise has separate identity, independent ownership, independent management and independent risk bearance.

Forms of Business Organisations Test - 34

Result

Forms of Business Organisations Test - 34

Score

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Rank

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SHARING IS CARING

Question 1

(1) only

(1) & (2) only

(3) only

(2) & (3) only

Question 2

Partnership

Hindu joint family business

Sole proprietorship

NGOs

Solution

Question 3

(II) only

(I) or (II)

(II) or (III)

(I) or (II) or (III)

Question 4

True

False

Partly True

Partly False

Solution

Question 5

entities in a business

two people

organisations

friends

Solution

Question 6

Sole Proprietorship

Partnership

Co-Operatives and Trusts

Limited Liability Partnership

Solution

Question 7

Partnership

Cooperative

Joint hindu family

All of the above

Solution

Question 8

family

partners

co-parceners

none of the above

Solution

Question 9

members status in family

amount of work done by a member

equally

according to the age of the member

Solution

Question 10

Partly false

False

Partly true

True

Solution

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