Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 46

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Weekly Quiz Competition

Question 1
1 / -0

The main objective(s) of co-operative society is/ are ________.

A
Earning profit

B
Competition with private sectors enterprises instead of mutual help

C
Self help in place of dependence

D
All of above

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interest and in order to achieve common goals. These society are incorporated with some social motives and they often have separate legal body and common seal. The main objective of such a society is to self help each other by using the resources gathered by the society and do not depend on anyone.
Hence, option (C) is the correct answer.
Question 2
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Which of the following is example of producers' co-operative society?

A
Haryana handloom

B
Gujarat co-operative milk marketing federation

C
Apna Bazar

D
Urban Cooperative Banks

Solution

Producers co-operative societies are an artificial voluntary association of people who work together to protect the interest of small producers by making available all the materials, tools, and equipment needed for production at a reasonable rate. For example- Haryana handloom.
Hence, option (A) is the correct answer.
Question 3
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The income of cooperative society is legally ________ as per the Income - tax Act, $$1961$$.

A
Not taxable

B
Taxable

C
Totally exempt

D
Taxable is State Government pass order

Solution

As per Income Tax Act, 1961 the income earned by any type of co-operative society is taxable with certain mentioned rates differ from organisation to organisation.
Hence, option (B) is the correct answer.
Question 4
1 / -0

Which of the following can be treated as characteristic of co-operative society?

A
Voluntary association

B
Separate legal entity

C
Democratic management

D
All of above

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interest and in order to achieve common goals.
These society is incorporated with some social motives and they often have separate legal bodies and a common seal. Even, all the members of a cooperative society can perform democratically in management.
Hence, option (D) is the correct answer.
Question 5
1 / -0

Lift-irrigation cooperative societies and pani-panchayats are some of the examples of ________.

A
Co-operative farming societies

B
Co-operative marketing societies

C
Co-operative credit societies

D
Consumers' co-operative societies

Solution

Co-operative farming societies are an artificial voluntary association of small farmers who work together to enjoy the benefits of large-scale farming. For example- Lift-irrigation cooperative societies and pani-panchayats.
Hence, option (A) is the correct answer.
Question 6
1 / -0

Village Service Co-operative Society and Urban Cooperative Banks are examples of _____________________.

A
Producers' co-operative societies

B
Co-operative marketing societies

C
Co-operative credit societies

D
Consumers' co-operative societies

Solution

A cooperative credit society is an artificial voluntary association of people who work together to provide financial support inclusion to its member. For example- Village Service Co-operative Society and Urban Cooperative Banks.
Hence, option (C) is the correct answer.
Question 7
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The co-operative society follows the principles of "_________".

A
Cash and credit

B
Cash and carry

C
Credit and carry

D
Cash and carry forward

Solution

The cooperative society transfers at least one-fourth of its income to the general reserve. Therefore, these kinds of societies operate on the principle of cash and carry.
Hence, option (B) is the correct answer.
Question 8
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Which of the following is/ are advantage of LLP?

A
Restrictions as to maximum number of partners

B
LLP and its partners are not distinct from each other

C
Partners are not liable for act of other partners

D
All of above

Solution

LLP stands for Limited liability partnership which refers to a company form of business where the only the partners contribute in the capital and their liability remains limited to the extent of their capital contribution in the business. In this form of partnership, the partners are not liable for the acts of other partners.
Question 9
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Which of the following is/ are advantage of LLP?

A
Perpetual existence

B
Internationally renowned form of business in comparison to Company

C
No requirement of minimum capital contribution

D
All of above

Solution

LLP stands for Limited liability partnership which refers to a company form of business where the only the partners contribute in the capital and their liability remains limited to the extent of their capital contribution in the business. LLP has perpetual existence due separate legal entity and their is no requirement minimum capital contribution by any partner. Moreover, it is the most internationally renowned form of business.
Question 10
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Which of the following is not the characteristic of LLP?

A
A legal entity having perpetual succession, separate from its partners

B
The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners shall be governed by an agreement between partners

C
Each partner is an equal member in a LLP company

D
Easy to establish than sole proprietorship

Solution

LLP stands for Limited liability partnership which refers to a company form of business where the only the partners contribute in the capital and their liability remains limited to the extent of their capital contribution in the business. The process of establishing LLP is just like a company which is very complicated.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 46

Result

Forms of Business Organisations Test - 46

Score

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Rank

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SHARING IS CARING

Question 1

Earning profit

Competition with private sectors enterprises instead of mutual help

Self help in place of dependence

All of above

Solution

Question 2

Haryana handloom

Gujarat co-operative milk marketing federation

Apna Bazar

Urban Cooperative Banks

Solution

Question 3

Not taxable

Taxable

Totally exempt

Taxable is State Government pass order

Solution

Question 4

Voluntary association

Separate legal entity

Democratic management

All of above

Solution

Question 5

Co-operative farming societies

Co-operative marketing societies

Co-operative credit societies

Consumers' co-operative societies

Solution

Question 6

Producers' co-operative societies

Co-operative marketing societies

Co-operative credit societies

Consumers' co-operative societies

Solution

Question 7

Cash and credit

Cash and carry

Credit and carry

Cash and carry forward

Solution

Question 8

Restrictions as to maximum number of partners

LLP and its partners are not distinct from each other

Partners are not liable for act of other partners

All of above

Solution

Question 9

Perpetual existence

Internationally renowned form of business in comparison to Company

No requirement of minimum capital contribution

All of above

Solution

Question 10

A legal entity having perpetual succession, separate from its partners

The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners shall be governed by an agreement between partners

Each partner is an equal member in a LLP company

Easy to establish than sole proprietorship

Solution

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