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Forms of Business Organisations Test - 43

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Forms of Business Organisations Test - 43
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Weekly Quiz Competition
  • Question 1
    1 / -0
    In order that persons may become partners, it is essential that _________.
    I. There must be at least two persons
    II. There must be a relationship arising out of status between two or more persons.
    III. The agreement must be to share the profits of a business
    Select the correct answer from the options given:
    Solution
    Option D is the correct answer.
  • Question 2
    1 / -0
    In which of the following case there is NO partnership?
    A. The members of a HUF carrying on a family business
    B. Burmese Buddhist Husband and wife carrying on business.
    Select the correct answer from the options given.
    Solution
    Option C is the correct anwer.
  • Question 3
    1 / -0
    Persons who have entered into partnership with one another are called individually __________________.
  • Question 4
    1 / -0
    _________ business is a form of business organization found only in India.
    Solution
    Joint Hindu family business is a specific form of business organisation found only in India. It is one of the oldest forms of business organisation in the country.
  • Question 5
    1 / -0
    Section $$5$$ of the Act states that the relation of partnership arises from ___________.
    Solution
    Option B is the correct answer.
  • Question 6
    1 / -0
    Persons entering into partnership contract may be.
    $$(1)$$ Natural persons
    $$(2)$$ Artificial persons
    Select the correct answer from the options given:
    Solution
    Option D is the correct answer.
  • Question 7
    1 / -0
    The partnership deed is also called as _______________.
    Solution
    According to the Partnership Act, 1932 the relationship between the partners of a partnership firm can only be created through a mutual agreement between the partners which will be presented in the manner of contract that can be verbal as well as written also. But nowadays written is given more preference due to legal requirements. The written partnership agreement which has all rules and regulations implied on all the partner's mention thereof is called a partnership deed. A partnership deed is also called partnership agreement or the constitution of partnership or articles of partnership.
    Hence, option (D) is the correct answer.
  • Question 8
    1 / -0
    Which of the following does not reflect the mutual agency principle in partnership?
    Solution
    Mutual agency relationship which refers to the mutual relationship and understanding between the partners of a business where every partner acts as an agent as well as a boss for the other partner. So it is not necessary for all the partners to participate in the business. Even an act by one partner is bound on all other partner. 
  • Question 9
    1 / -0
    Statement X :
    Karta is the custodian of the income and assets of the HUF
    Statement Y:
    An adopted son who is the eldest in the family can be qualified to be a Karta of HUF.
    Solution
    Option D is the correct answer.
  • Question 10
    1 / -0
    Which of the following can be treated as disadvantage of HUF form of business?
    Solution
    The Hindu Undivided Family (HUF) is defined under Indian law as a family that consists of all people lineally descended from a common ancestor, including wives and unmarried daughters. 
    Every business has its own advantages and disadvantages. The disadvantages of HUF form of business are:
    1. HUF business has generally limited financial and managerial resources.
    2. There is a lack of motivation among the members to work hard.
    3. Since karta has absolute freedom to manage the business, there is scope for him to misuse it for his personal gains.
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