Forms of Business Organisations Test

Result

Forms of Business Organisations Test - 8

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Weekly Quiz Competition

Question 1
1 / -0

To form a partnership, the parties should share ________.

A
Only losses

B
Only profits

C
Both profits and losses

D
Profits and losses but some partners may get a share only in the profits
Question 2
1 / -0

Which of the following act is within the implied authority?

A
Acquire immovable property on behalf of the firm

B
Borrowing money on behalf of the firm

C
Enter into partnership on behalf of the firm

D
Transfer immovable property belonging to the firm
Question 3
1 / -0

Application for registration of firms should be signed by _____________.

A
All the partners or their agents

B
Majority partners or their agents

C
All working partners or their agents

D
All minor partners
Question 4
1 / -0

Where the continuing partners carry on the business of the firm, the outgoing partner whose claim is not settled.
X. is entitled to share of profits since date of cessation as partner.
Y. is not entitled to claim anything other than unsettled amount
Z. is entitled to $$6\%$$ interest p.a. on the unsettled amount.
Select the correct answer from the options given.

A
Y is correct

B
Only X is correct

C
Only Z is correct

D
Either X or Z at his option
Question 5
1 / -0

Which of the following is not required to be given in an application for registration of a Firm?

A
Firm name

B
Place of business or principal place of business

C
Names of any other places where the firm carries on business

D
Details of capital contribution of partners
Question 6
1 / -0

Which of the following can be treated as advantage of HUF form of business?
I. The liability of the co-parceners is limited, except for that of karta which makes the karta to manage the business in the most efficient manner.
II. A HUF business is not affected by the insolvency or death of any member including that of karta.
Select the correct answer from the options given below:

A
I only

B
II only

C
Both I and II

D
Neither I nor II
Question 7
1 / -0

As per _____ of the Companies Act, 2013 "company" means a company incorporated under Companies Act, 2013 or under any previous company law.

A
Section 2(3)

B
Section 2(20)

C
Section 2(12)

D
Section 2)25)
Question 8
1 / -0

Each member of firm is individually known as ________________.

A
Partner

B
Co-parceneres

C
Managers

D
Director
Question 9
1 / -0

In which of the following case there is no bar on the right of unregistered firm or any partner of its partner?

A
A suit for the dissolution of a firm

B
A suit for rendering of accounts of a dissolved firm

C
A suit for realization of the property of a dissolved firm

D
All of the above
Question 10
1 / -0

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

A
Earning lot of profit

B
Competition with private sectors enterprises instead of mutual help

C
Self help in place of dependence

D
All of above

Solution

Those who want to work together with some common economic objective can form a society which is termed as 'cooperative society'. It works on the principle of self-help as well as mutual help. The main objectives of co-operative society are:
a) Earning lot of profit
b) Competition with private sectors enterprises instead of mutual help
c) Self help in place of dependence.

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Re-Attempt Weekly Quiz Competition

Forms of Business Organisations Test - 8

Result

Forms of Business Organisations Test - 8

Score

-

Rank

-

SHARING IS CARING

Question 1

Only losses

Only profits

Both profits and losses

Profits and losses but some partners may get a share only in the profits

Question 2

Acquire immovable property on behalf of the firm

Borrowing money on behalf of the firm

Enter into partnership on behalf of the firm

Transfer immovable property belonging to the firm

Question 3

All the partners or their agents

Majority partners or their agents

All working partners or their agents

All minor partners

Question 4

Y is correct

Only X is correct

Only Z is correct

Either X or Z at his option

Question 5

Firm name

Place of business or principal place of business

Names of any other places where the firm carries on business

Details of capital contribution of partners

Question 6

I only

II only

Both I and II

Neither I nor II

Question 7

Section 2(3)

Section 2(20)

Section 2(12)

Section 2)25)

Question 8

Partner

Co-parceneres

Managers

Director

Question 9

A suit for the dissolution of a firm

A suit for rendering of accounts of a dissolved firm

A suit for realization of the property of a dissolved firm

All of the above

Question 10

Earning lot of profit

Competition with private sectors enterprises instead of mutual help

Self help in place of dependence

All of above

Solution

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