Steps involved in Establishing Business Test 11

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Steps involved in Establishing Business Test 11

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Weekly Quiz Competition

Question 1
1 / -0

A retiring partner is not liable to any 3rd party in which of the following circumstances

A
Who deals with the firm without knowing that he was a partner

B
Who deals with the firm fully knowing that he was not a partner

C
Who does not know about the partners particulars

D
Who is strange to the contract

Solution

Option A is the correct answer.
Question 2
1 / -0

Tick the correct statement

A
No public notice is required at the time of death of a partner

B
A firm is compulsorily dissolved upon death of a partner

C
If no public notice is given estate of the deceased partner is liable for debts of the firm

D
A firm cannot carry on its business after death of a partner

Solution

Option A is the correct answer.
Question 3
1 / -0

A partnership firm can be formed with a minimum share capital of

A
Rs. 100,000

B
Rs. 51,000

C
Rs. 500,000

D
No such limit prescribed

Solution

Option D is the correct answer.
Question 4
1 / -0

Which of these partner does not contribute capital in the firm.

A
Nominal partner

B
Active partner

C
Sleeping partner

D
All the three

Solution

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

An insolvent partner ceases to be a partner of firm......

A
On the date on which order of adjudication is made

B
On dissolution of the firm

C
30 days after dissolution f the firm

D
30 days from the date of adjudication order

Solution

Option A is the correct answer.
Question 6
1 / -0

Which of these rights are available to a transferee under the partnership Act.

A
to inspect books of account

B
to interfere in firms day to day business

C
to transfer immovable property of the firm in his name.

D
to receive share of assets to which the transferor is entitled at the time of dissolution of the firm.

Solution

Option D is the correct answer.
Question 7
1 / -0

Subject to the contract between the partners the property of the firm can be held or used _______

A
For the common benefit of the partners

B
Exclusively for the purpose of firms business

C
For payment of liability of the firm

D
All the three

Solution

Option A is the correct answer.
Question 8
1 / -0

According to Partnership Act, every partner of the firm is a/an ........ of each other.

A
Friend

B
Agent

C
Brother

D
Relative

Solution

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

A person is liable as a partner of a firm on the principle of holding out where he....

A
declare himself to be a partner of the firm

B
represent himself to be a partner of the firm

C
knowingly permit others to represent him as a partner.

D
all the cases

Solution

Option B is the correct answer.
Question 10
1 / -0

What is the real test of existence of a Partnership ________

A
mutual agency relationship

B
sharing of profit and loss

C
existence of business

D
all the three

Solution

Option A is the correct answer.

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Steps involved in Establishing Business Test 11

Result

Steps involved in Establishing Business Test 11

Score

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Rank

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SHARING IS CARING

Question 1

Who deals with the firm without knowing that he was a partner

Who deals with the firm fully knowing that he was not a partner

Who does not know about the partners particulars

Who is strange to the contract

Solution

Question 2

No public notice is required at the time of death of a partner

A firm is compulsorily dissolved upon death of a partner

If no public notice is given estate of the deceased partner is liable for debts of the firm

A firm cannot carry on its business after death of a partner

Solution

Question 3

Rs. 100,000

Rs. 51,000

Rs. 500,000

No such limit prescribed

Solution

Question 4

Nominal partner

Active partner

Sleeping partner

All the three

Solution

Question 5

On the date on which order of adjudication is made

On dissolution of the firm

30 days after dissolution f the firm

30 days from the date of adjudication order

Solution

Question 6

to inspect books of account

to interfere in firms day to day business

to transfer immovable property of the firm in his name.

to receive share of assets to which the transferor is entitled at the time of dissolution of the firm.

Solution

Question 7

For the common benefit of the partners

Exclusively for the purpose of firms business

For payment of liability of the firm

All the three

Solution

Question 8

Friend

Agent

Brother

Relative

Solution

Question 9

declare himself to be a partner of the firm

represent himself to be a partner of the firm

knowingly permit others to represent him as a partner.

all the cases

Solution

Question 10

mutual agency relationship

sharing of profit and loss

existence of business

all the three

Solution

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