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Steps involved in Establishing Business Test 14

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Steps involved in Establishing Business Test 14
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Which of the following is not a form of organisation?
    Solution
    Partners are the members who come together to form partnership. They are not the form of organisation, They are just the members of the organisation.
  • Question 2
    1 / -0
    Mr. Varun is a rich man with ample amount of working capital. He wants to go for a business of chain of 5 star hotels. What kind of business organization you will suggest him?
  • Question 3
    1 / -0
    The choice of an appropriate form of business organisation largely depends upon:
    I. Ease of formation
    II. Continuity and stability
    III. Liability aspects
    Solution
    Whenever a business organisation is formed it always focuses on the following points :
    1. Ease of formation.
    2. Continuity and stability.
    3. Liability aspects.
    If these points are found in the business organization a busness can be efficiently managed.
  • Question 4
    1 / -0
    A sub-partner is a person __________.
    Solution
    When a partner enters into a contract with a third party to share his profit, the third party is called a sub partner. " The right to receive profits and bear losses becomes the asset of the sub partnership. A sub partnership which is in the receipt of the share of profit of a partner is the main partnership, has to be deemed to be a partner in the main partnership for the limited purpose of section 10(2-A) of the Income Tax act ".
  • Question 5
    1 / -0
    Partnership at will can be dissolved by any partner by ________.
    Solution
    If a partnership is at will, it can be dissolved by any partner giving a notice to other partners. The notice for dissolution must be in writing. The dissolution will be effective from the date of the notice. In case no date is mentioned in the notice, and then it will be dissolved from the date of receipt of notice. A notice once given can not be withdrawn without the consent of all the partners.
  • Question 6
    1 / -0
    In a partnership firm of $$5$$, four became insolvent. Therefore, the firm  ___________.
    Solution
    Dissolution of the firm means to discontinue all the business activities within the firm. A firm is compulsorily dissolved by operation of law when all the partners except one become insolvent. As for partnership there should be 2 minimum number of member if all the 4 become insolvent then there will be no partnership left.
  • Question 7
    1 / -0
    The members of partnership firm are individually called as ________.
    Solution
    Persons who have entered into partnership with one another to carry on a business are individually called "partners". But the liability of partners with regard to its business is just like a proprietorship, is not limited to their share in business but also personal properties of the partners are at stake.
  • Question 8
    1 / -0
    Partnership is formed with an object to ________.
    Solution
    In all the business undertakings in the private sector, the main motive is to earn profit. Profit is the driving force before and after entering into the business field. In fact profit is the oil which drives the wheels of a business. Members in a partnership firm enters a business with a expectation of high profit. Profit is the total revenue from sales minus the total cost of resources employed by the partners.
  • Question 9
    1 / -0
    Investments in partnership is made by introducing ________.
    Solution
    When a partnership is formed or a partner is added and contributes assets other than cash , the partnership establishes the net realisable or fair market value for the assets . For example - if the walking partners company adds a partner who contributes accounts receivable and equipment the partnership evaluates the collectibility of the account receivable and records them at their net realisable value.
  • Question 10
    1 / -0
    Changes in the partnership firm mean  ___________________.
    Solution
    When a new partner is admitted in the partnership and in the consideration of a new partner towards the capital of the partnership of the partners. From the date new partner subject to the terms and conditions of the partnership deed, the profit and loss sharing ratio changes, the old partnership shall be liable for all the old debts and liabilities they shall be indemnity and also all the assets and rights of partnership firm against such debts and liabilities and against all proceedings cost, claims in respect thereof.
    Where a partner in a firm is adjudicated insolvent he ceases to be a partner on the date on which the order of adjudication is made whether or not the firm is thereby dissolved.
    Hence, option C is correct.
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