Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 41

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Weekly Quiz Competition

Question 1
1 / -0

A was an Employee in a Partnership Firm with a Salary of Rs. 50,000 per month and he will get a Share of 30% in Profits if the Profits ot the Firm exceed Rs.5,00,000. Now W is called ________.

A
partner of the firm

B
not a partner of the firm

C
he cannot take share in profits

D
is not entitled to any salary.

Solution

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

As per the agreement, Profits should be shared equally but Loss shall be borne by one Partner. Then the Partnership agreement is_____.

A
lawful

B
illegal

C
void

D
voidable

Solution

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

The Mode of determining the existence of Partnership is __________.

A
real relation between them.

B
sharing of profits.

C
ubsiness is to be carried on by all or any of them acting for all.

D
all of the above.

Solution

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

In which of the following, the Partnership duration is not fixed?

A
Particular Partnership

B
Partnership at will

C
Fixed term Partnership

D
None of these.

Solution

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

Sharing of profits is _________ evidence of existence of Partnership.

A
collaborative

B
confirmative

C
conclusive

D
not a conclusive

Solution

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

Partnership at Will means ___________.

A
no duration Period is Fixed

B
dissolved at the will of the Creditors

C
dissolved at the will of the Debtors

D
none of the above.

Solution

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

Which of these acts are within the implied authority?

A
Settlement of accounts with third parties who deal with the Firm.

B
Open a bank account on behalf of the Firm in the Partner's own name.

C
Compromise or relinquish any claim or portion of claim by the Firm.

D
Submit to arbitration, a dispute relating to the business of the Firm.
Question 8
1 / -0

Application for Registration of Firms should be signed by ____________.

A
all the Partners or their agents.

B
majority of the Partners or their agents.

C
all Working Partners or their agents.

D
all Minor Partners.
Question 9
1 / -0

Which is true statement regarding the including of the minor in partnership firm?

A
A minor may be admitted to the benefits of partnership with the consent of all other partners.

B
A minor may be admitted to the benefits of partnership with no consent of other partners.

C
A minor may be admitted to the benefits of the consent of his partners.

D
A minor may be admitted to the benefits of partnership with the guarantee of his parents.

Solution

Option A is the correct answer.
Question 10
1 / -0

To admit a new Partner, unless there is a contract to the contrary, consent is required from _________.

A
all the existing Partners.

B
majority of the existing Partners.

C
any one of the existing Partner.

D
all the working Partners.

Solution

Option a is the correct answer.

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Forms of Business Organisations Test - 41

Result

Forms of Business Organisations Test - 41

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SHARING IS CARING

Question 1

partner of the firm

not a partner of the firm

he cannot take share in profits

is not entitled to any salary.

Solution

Question 2

lawful

illegal

void

voidable

Solution

Question 3

real relation between them.

sharing of profits.

ubsiness is to be carried on by all or any of them acting for all.

all of the above.

Solution

Question 4

Particular Partnership

Partnership at will

Fixed term Partnership

None of these.

Solution

Question 5

collaborative

confirmative

conclusive

not a conclusive

Solution

Question 6

no duration Period is Fixed

dissolved at the will of the Creditors

dissolved at the will of the Debtors

none of the above.

Solution

Question 7

Settlement of accounts with third parties who deal with the Firm.

Open a bank account on behalf of the Firm in the Partner's own name.

Compromise or relinquish any claim or portion of claim by the Firm.

Submit to arbitration, a dispute relating to the business of the Firm.

Question 8

all the Partners or their agents.

majority of the Partners or their agents.

all Working Partners or their agents.

all Minor Partners.

Question 9

A minor may be admitted to the benefits of partnership with the consent of all other partners.

A minor may be admitted to the benefits of partnership with no consent of other partners.

A minor may be admitted to the benefits of the consent of his partners.

A minor may be admitted to the benefits of partnership with the guarantee of his parents.

Solution

Question 10

all the existing Partners.

majority of the existing Partners.

any one of the existing Partner.

all the working Partners.

Solution

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