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Forms of Business Organisations Test - 39

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Forms of Business Organisations Test - 39
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A co-operative society can promise maximum _________ amount of interest on the money contributed by its members.
  • Question 2
    1 / -0
    The main purpose of business organization is to______________.
    Solution
    Although the main objective of business is to earn profit but it is not be the sole objective of business. Business has many other objectives to accomplish. 
  • Question 3
    1 / -0
    Who has the power to transfer the joint porperty of HUF so as to bind the interest of both adult and minor coparceners?
    Solution
    Option D is the correct answer.
  • Question 4
    1 / -0
    Invariable _________ is the disadvantage of co-operative society.
  • Question 5
    1 / -0
    If the objective for the business organization is self help as well as mutual help. It is ________ of organization.
  • Question 6
    1 / -0
    The maximum number of partners in a partnership firm can be ______.
    Solution
    Option D is the correct answer.
  • Question 7
    1 / -0
    Business is treated as a separate entity accounts for ______________.
    Solution
    Accounting is based on certain basic concepts. One of the concept is "Separate Entity Concept". This defines that, for all accounting purposes, the business is considered to be a separate entity distinct from its owners. The transactions of business are recorded in the books of the business and the position of owner in his business will be like other creditors. 
    This concept applies to all the forms of businesses.
  • Question 8
    1 / -0
    Partnership Deed is also called as ______.
  • Question 9
    1 / -0
    The Minimum Number of Members in a Private Company and Public Company are _______________.
    Solution
    Option B is the correct answer.
  • Question 10
    1 / -0
    LLP shall have atleast ___ Partners
    Solution
    An LLP need to have atleast two designated partners (DPs) who was responsible for working of an LLP. The designated partners need to have DIN or DPIN. So if the LLP has 3 partners out of which 2 are DPs, each one of the DPs needs to have a DIN / DPIN. To start an LLP, you require at least two partners.
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