Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 35

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Weekly Quiz Competition

Question 1
1 / -0

The partners have a ___________ relationship.

A
family

B
principal and agent

C
business

D
none of the above

Solution

The partners have a relationship like a Principal and Agent, a partner is an agent to the other partner as his acts bind the other partners. He is principal as he can be held liable for the acts of the other partners. So we can say the partners have a principal and agent relationship.
Thus the correct answer is B.
Question 2
1 / -0

Even a single partner may be called upon to pay the debts of a partnership firm.

A
Partly true

B
True

C
Partly false

D
False

Solution

The statement is true because even a single partner may be called upon to pay the debts of a partnership firm. As per the partnership Act, every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done by them. The Partners will be held personally responsible for another partner's carelessness.
Thus the correct answer is B.
Question 3
1 / -0

The sole proprietorship form of business discourages self employment.

A
True

B
False

C
Partly true

D
Partly false

Solution

The statement is False as a sole proprietorship form of business does not discourage self-employment even 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 as it is not necessary for these types of business.
Thus the correct answer is B.
Question 4
1 / -0

In HUF business, all the members own the business jointly.

A
Partly true

B
True

C
Partly false

D
False

Solution

The HUF form of business all the members of a hindu undivided family own the business jointly. A Hindu family can come together and form a HUF as one person cannot form HUF, 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 B.
Question 5
1 / -0

The risk of the sole proprietorship business is shared with the employees of the business _______________.

A
Partly true

B
True

C
Partly false

D
False

Solution

The statement is False as the risk of the sole proprietorship business is not shared with the employees of the business, it will only be bear by sole proprietor because he is the only one who will take the risk of the Business.
Thus the correct answer is D.
Question 6
1 / -0

The written agreement to enter into a partnership is known as _______.

A
partnership deed

B
partnership agreement

C
partnership contract

D
all of the above

Solution

The written agreement to enter into a partnership is known as the partnership deed. It is a contract between two or more individuals who decide to manage and operate a business together for profit-making. The deed defines the management roles and once the Partnership deed is completed, all of the Partners will sign and date the deed and keep copies of the deed for their records.
Thus the correct answer is A.
Question 7
1 / -0

The business affairs of an HUF is managed by _______.

A
managing director

B
parents of minors

C
karta

D
eldest male and female member of the family

Solution

The affairs of the business are managed by the head of the family, who is known as the KARTA, he is the senior-most male member of the family who is responsible for handling the affairs of the family. He has the power of managing all assets and other financial matters of the family.
Thus the correct answer is C.
Question 8
1 / -0

What is the minimum number of members required to form a co-operative society?

A
$$5$$

B
$$7$$

C
$$10$$

D
$$15$$

Solution

As per the Co-operative societies Act, a minimum of ten members are required to form a cooperative society but this act does not specify the maximum number of members for any co-operative society. So it states that at least ten members should be there to form a cooperative society.
Thus the correct answer is C.
Question 9
1 / -0

The main objective of the co-operative society are ________.

A
rendering service rather than earning profit

B
mutual help instead of competition

C
self help in place of dependence

D
all of the above
Question 10
1 / -0

The liability of a shareholder of a company is to the extent of ________.

A
face value of shares

B
unpaid value of shares

C
both

D
none of the above

Solution

Option B is the correct answer.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 35

Result

Forms of Business Organisations Test - 35

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Rank

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SHARING IS CARING

Question 1

family

principal and agent

business

none of the above

Solution

Question 2

Partly true

True

Partly false

False

Solution

Question 3

True

False

Partly true

Partly false

Solution

Question 4

Partly true

True

Partly false

False

Solution

Question 5

Partly true

True

Partly false

False

Solution

Question 6

partnership deed

partnership agreement

partnership contract

all of the above

Solution

Question 7

managing director

parents of minors

karta

eldest male and female member of the family

Solution

Question 8

$$5$$

$$7$$

$$10$$

$$15$$

Solution

Question 9

rendering service rather than earning profit

mutual help instead of competition

self help in place of dependence

all of the above

Question 10

face value of shares

unpaid value of shares

both

none of the above

Solution

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Question Analysis

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