Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 62

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Weekly Quiz Competition

Question 1
1 / -0

Who is the 'karta' in a Joint Hindu Family Business?

A
By voting of members

B
Senior-most male member

C
Most Educated member of the family

D
Any member can become

Solution

The Joint Hindu Family Business is managed and controlled by the senior-most member of the family who is called Karta. Only the Karta has legal rights to enter into contracts with outsiders. He alone takes all the decisions of a business.
Question 2
1 / -0

Which clause of MoA explains the powers and restrictions of a corporation?

A
Name clause

B
Objective clause

C
Liability clause

D
Domicile clause

Solution

The objectives clause is one of the clauses of the Memorandum of Association. It contains the main objective and power of the company. This clause defines the scope and limitation of the activities of the company.
Question 3
1 / -0

Who elects the Board of Directors of a company?

A
Employees

B
Debenture holders

C
Government

D
Shareholders

Solution

The company form of business is owned by the shareholders. They elect their representatives who are called directors of the company. The directors manage and control the activities of the company by appointing professional experts.
Question 4
1 / -0

Which document is an invitation to general public to subscribe to the securities of a company?

A
MoA

B
AoA

C
Prospectus

D
Certificate of Incorporation

Solution

According to the Companies Act, 2013, 'a prospectus is any document (including any notice, circular, advertisement, or other documents) that invites deposits or offers from the public for the subscription or purchase of any shares or debentures of a body corporate.'
Question 5
1 / -0

Which clause of the Memorandum of Association defines powers and limitation of a company?

A
Name clause

B
Object clause

C
Liability clause

D
Situation clause

Solution

Object Clause - It contains the main objective of the company and the secondary objectives which the company may pursue. This clause defines the scope and limitation of the activities of the company.
Question 6
1 / -0

The government declared _____ public sector undertakings as Navaratnas.

A
16

B
9

C
14

D
12

Solution

As of 2021, there are 7 Maharatna, 16 Navratna, and 71 Miniratna CPSEs. The Navratna Companies are Public Sector Enterprises (PSEs) that can invest up to Rs. 1000 crore or 15% of their net worth on a single project without seeking approval from the government.
Question 7
1 / -0

Which document is known as the charter of a company?

A
Memorandum of Association

B
Articles of Association

C
Prospectus

D
Registration certificate

Solution

The Memorandum of Association (MOA) of a company defines the constitution and the scope of powers of the company. In simple words, the MOA is the foundation on which the company is built. Hence, it is called the charter of the company.
Question 8
1 / -0

According to section 32(1) of the partnership Act a partner may retire

A
With the consent of all the existing partners

B
In accordance with an express agreement

C
In the case of partnership at will, by giving notice in writing to all the partners

D
In any of the above three ways

Solution

Option D is the correct answer.
Question 9
1 / -0

Which of the following are the conditions needed to prove an act of a partner is an act of a partnership firm?

A
Such an act be done in a ordinary course of a partnership firm

B
It must be related to the business of the firm

C
Act must have been done in the name and on behalf of the firm

D
All of the above

Solution

Every act of the partners must be done according to and related to the firm. Partner is an agent of the firm and his other partners for the purpose of the business of the partnership, and the acts of every partner who does any act for carrying on in the usual way business of the kind carried on by the firm of which he is a member bind the firm and his partners, so it should be done according to the business. An act or instrument relating to the business of the firm done or executed in the firm name, or in any other manner showing an intention to bind the firm, by any person thereto authorized, whether a partner or not, is binding on the firm and all the partners.
Hence, option D is correct.
Question 10
1 / -0

When is a company said to have been registered?

A
When it files the memorandum of association with the Registrar of Companies

B
When it gets the certificate of incorporation

C
When it gets the certificate of commencement of business

D
When it actually starts its business

Solution

Option B is the correct answer.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 62

Result

Forms of Business Organisations Test - 62

Score

-

Rank

-

SHARING IS CARING

Question 1

By voting of members

Senior-most male member

Most Educated member of the family

Any member can become

Solution

Question 2

Name clause

Objective clause

Liability clause

Domicile clause

Solution

Question 3

Employees

Debenture holders

Government

Shareholders

Solution

Question 4

MoA

AoA

Prospectus

Certificate of Incorporation

Solution

Question 5

Name clause

Object clause

Liability clause

Situation clause

Solution

Question 6

16

9

14

12

Solution

Question 7

Memorandum of Association

Articles of Association

Prospectus

Registration certificate

Solution

Question 8

With the consent of all the existing partners

In accordance with an express agreement

In the case of partnership at will, by giving notice in writing to all the partners

In any of the above three ways

Solution

Question 9

Such an act be done in a ordinary course of a partnership firm

It must be related to the business of the firm

Act must have been done in the name and on behalf of the firm

All of the above

Solution

Question 10

When it files the memorandum of association with the Registrar of Companies

When it gets the certificate of incorporation

When it gets the certificate of commencement of business

When it actually starts its business

Solution

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