Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 47

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

The basic aim of the co-operative society is _______ help.

A
Mutual

B
Self

C
(A) or (B)

D
Poor peoples

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interests and in order to achieve common goals. These societies are incorporated with some social motives and they often have separate legal bodies and common seals. The main aim 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
1 / -0

Which of the following is/ are not disadvantage of co-operatives?

A
Lack of capital

B
Mutual help instead of competition

C
Difficult to maintain business secrecy

D
Unwanted interference by the departmental personnel

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interests and in order to achieve common goals. These societies are incorporated with some social motives and they often have separate legal bodies and common seals. 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 (B) is the correct answer.
Question 3
1 / -0

The advantages of co-operative society is/ are ______________________.

A
It is very expensive and difficult to form co-operative society as compared to a joint stock company

B
The co-operative societies work on the principle of open membership

C
"One share one vote" is the rule and thus members having maximum share can dominate the management

D
All of above

Solution

The biggest advantage of a cooperative society is that it works upon the principle of open membership to all. Therefore, no member can detect the terms and conditions of the society, and all the terms and conditions are selected democratically with one man approved of one vote.
Hence, option (B) is the correct answer.
Question 4
1 / -0

The co-operative society has perpetual succession because it is not affected due to __________________.

A
Death of any members

B
Insolvency of any member

C
Lunacy of any member

D
Any of above

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interests and in order to achieve common goals. These societies are incorporated with some social motives and they often have separate legal bodies and common seals.
Since the corporate society has a separate legal entity. Therefore, it is not affected by the death, insolvency, and lunacy of any of its members.
Hence, option (D) is the correct answer.
Question 5
1 / -0

Statement $$1$$:
The liability of members of co-operative society remains limited to the extent of capital contributed by them.
Statement $$2$$:
The members of co-operative society are personally liable of co-operative society.
Select the correct answer from the options given below.

A
Both $$1$$ and $$2$$ are true

B
$$2$$ is true but $$1$$ is false

C
$$1$$ is true but $$2$$ is false

D
Both $$1$$ and $$2$$ are false

Solution

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interests and in order to achieve common goals. The liability of the members of the cooperative societies is limited to the extent of their capital contribution in the society and in case of any insolvency no creditors can claim the personal assets of its members.
Hence, option (C) is the correct answer.
Question 6
1 / -0

According to Indian Co-operative Societies Act, $$1912$$, may distribute maximum up to ______ of its surplus as dividend to its members.

A
$$100$$ per cent

B
$$90$$ per cent

C
$$50$$ per cent

D
$$25$$ per cent

Solution

According to Indian Cooperative Societies Act, 1912, the cooperative society can distribute a maximum of up to 90 percent of its overall surplus to its members in the form of dividends.
Hence, option (B) is the correct answer.
Question 7
1 / -0

LLP can raise funds from public.

A
True

B
False

C
Partly true

D
None of above

Solution

False.
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. Therefore, LLP cannot raise funds from public in any form.
Question 8
1 / -0

Which of the following is/ are advantages of LLP?

A
Personal assets of the partners are liable in all cases

B
Much more difficult to dissolve or wind-up

C
No requirement to maintain statutory records excepts books of account

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 business, there is no requirement to maintain statutory records but books to accounts is compulsory.
Question 9
1 / -0

A partnership firm has no separate existence apart from its members. Whereas a company is a ___________ distinct from its member.

A
Do not have separate legal entity

B
Separate legal entity

C
Non-profit making organization

D
None of the above

Solution

A company has a separate legal artificial body with a name and common seal by the law. Therefore, its existence does not depend upon the existence of its owners that is the shareholders and the company is not affected by the death, disability and insolvency of its shareholders. Therefore, company has a separate legal entity.
Question 10
1 / -0

Identify which of the following statement is true and which is false?
(i) As relations of partners inter se are that of agency, no consideration is required to create the partnership,
(ii) Partnership and Joint Hindu Family both are created by status.
(iii) There is no restriction as to maximum number of members for HUF.
(iv) Registration is also required for HUF.
Select the correct answer from the options given.

A
(i)-True, (ii)-False, (iii)-True, (iv)-False

B
(i)-False, (ii)-True, (iii)-False, (iv)-True

C
(i)-True, (ii)-False, (iii)-False, (iv)-True

D
(i)-False, (ii)-True, (iii)-True, (iv)-False

Solution

(i) According to the partnership act, 1932, it is not necessary for the partners to register under any type of act.
(ii) Both partnership and joint hindu family business is created by the relations between the members of the business.
(iii) In joint hindu family business, there is no restriction for the maximum number of members in the business.
(iv) In joint hindu family business registration depends upon the members of the business as there is no compulsory registration under this business by any law.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 47

Result

Forms of Business Organisations Test - 47

Score

-

Rank

-

SHARING IS CARING

Question 1

Mutual

Self

(A) or (B)

Poor peoples

Solution

Question 2

Lack of capital

Mutual help instead of competition

Difficult to maintain business secrecy

Unwanted interference by the departmental personnel

Solution

Question 3

It is very expensive and difficult to form co-operative society as compared to a joint stock company

The co-operative societies work on the principle of open membership

"One share one vote" is the rule and thus members having maximum share can dominate the management

All of above

Solution

Question 4

Death of any members

Insolvency of any member

Lunacy of any member

Any of above

Solution

Question 5

Both $$1$$ and $$2$$ are true

$$2$$ is true but $$1$$ is false

$$1$$ is true but $$2$$ is false

Both $$1$$ and $$2$$ are false

Solution

Question 6

$$100$$ per cent

$$90$$ per cent

$$50$$ per cent

$$25$$ per cent

Solution

Question 7

True

False

Partly true

None of above

Solution

Question 8

Personal assets of the partners are liable in all cases

Much more difficult to dissolve or wind-up

No requirement to maintain statutory records excepts books of account

All of above

Solution

Question 9

Do not have separate legal entity

Separate legal entity

Non-profit making organization

None of the above

Solution

Question 10

(i)-True, (ii)-False, (iii)-True, (iv)-False

(i)-False, (ii)-True, (iii)-False, (iv)-True

(i)-True, (ii)-False, (iii)-False, (iv)-True

(i)-False, (ii)-True, (iii)-True, (iv)-False

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.