Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 52

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following act is within the implied authority?

A
Enter into partnership on behalf of the firm

B
Submit to arbitration, a dispute relating to the business of the firm

C
Pledging goods of the firm as security

D
Open a bank account on behalf of the firm in the partner's own name
Question 2
1 / -0

N & Z are partners in a firm dealing in stationery. N placed order in the firm's name and on the firm's letter pad for $$10$$ bags of wheat to be supplied at his residence _______________.

A
The firm is not liable for N's act

B
The firm is liable for N's act

C
A has acted within his implied authority

D
A has acted within his implied authority and hence firm is liable to pay
Question 3
1 / -0

Who can give Public Notice of retirement of partner?

A
All the partners of the reconstituted firm

B
By the retiring partner or nay partner of the reconstituted firm

C
Any partner of the reconstituted firm

D
Retiring partner only
Question 4
1 / -0

Firm may be dissolved :
A. With the consent of all the partners.
B. In accordance with the contract between them.
Select the correct the answer from the options given.

A
Neither A nor B

B
B only

C
Either A or B

D
A only

Solution

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

Nitin, a partner of a firm dealing in computers gives an order for win worth Rs. $$10,000$$ in firm's name. Discuss the liability?

A
The firm is liable to pay Rs. $$10,000$$

B
The firm can sale the wine to other

C
It does not relate to normal business of the firm. The firm will not be bound by it as act is not within implied authority of a partner

D
The firm is liable to pay Rs. $$10,000$$ and if firm fails to pay then only Nitin will be liable to pay the amount

Solution

Implied Authority is the authority that is not conferred by the mutual agreement between the partners and which is not binding on other partners.
This authority is acted on the ordinary course of business and the firm is bound by such authority when the act is done in a normal way of carrying on the firm's business.
This authority is also known as an ostensible authority or apparent authority. Since the act is not related to the ordinary business of the firm. The firm is not liable to pay the amount.
Hence, C is the correct option.
Question 6
1 / -0

_____________ are formed by small producers and manufacturers who find it difficult to sell their products individually.

A
Producers Co-operative Societies

B
Co-operative Marketing Societies

C
Housing Co-operative Societies

D
Consumers Co-operative Societies
Question 7
1 / -0

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
Question 8
1 / -0

Which of the following sentence in relation to "Cooperative Societies" are correct?
(1) There should be minimum of 20 members to for cooperative society but there is no maximum limit for the membership.
(2) According to Indian Cooperative Societies Act,1912,each society must transfer at least one-third of its profits to general reserve.
(3) Cooperative Societies may distribute maximum up to 90 per cent of its surplus as dividend to its members and can spent another 10 per cent for the welfare of the members.

A
(1) only

B
(1) & (2) only

C
(3) only

D
(2) & (3) only
Question 9
1 / -0

Persons who have entered into partnership with one another are individually known as.

A
Co-owner's

B
Firm

C
Partnership

D
Partner

Solution

Persons involved in partnership are individually known as partners.
Question 10
1 / -0

The number of partners in firm carrying an banking business should not exceed ________.

A
$$25$$

B
$$20$$

C
$$50$$

D
$$100$$

Solution

Option C is the correct answer.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 52

Result

Forms of Business Organisations Test - 52

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Rank

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SHARING IS CARING

Question 1

Enter into partnership on behalf of the firm

Submit to arbitration, a dispute relating to the business of the firm

Pledging goods of the firm as security

Open a bank account on behalf of the firm in the partner's own name

Question 2

The firm is not liable for N's act

The firm is liable for N's act

A has acted within his implied authority

A has acted within his implied authority and hence firm is liable to pay

Question 3

All the partners of the reconstituted firm

By the retiring partner or nay partner of the reconstituted firm

Any partner of the reconstituted firm

Retiring partner only

Question 4

Neither A nor B

B only

Either A or B

A only

Solution

Question 5

The firm is liable to pay Rs. $$10,000$$

The firm can sale the wine to other

It does not relate to normal business of the firm. The firm will not be bound by it as act is not within implied authority of a partner

The firm is liable to pay Rs. $$10,000$$ and if firm fails to pay then only Nitin will be liable to pay the amount

Solution

Question 6

Producers Co-operative Societies

Co-operative Marketing Societies

Housing Co-operative Societies

Consumers Co-operative Societies

Question 7

Cash and Credit

Cash and Carry

Credit and Carry

Cash and Carry Forward

Question 8

(1) only

(1) & (2) only

(3) only

(2) & (3) only

Question 9

Co-owner's

Firm

Partnership

Partner

Solution

Question 10

$$25$$

$$20$$

$$50$$

$$100$$

Solution

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