Steps involved in Establishing Business Test 21

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Steps involved in Establishing Business Test 21

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Weekly Quiz Competition

Question 1
1 / -0

The money contributed to the company by its members is its __________ and is known as the member's __________.

A
assets, share

B
profit, investment

C
capital, share

D
none of the above

Solution

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

____________ is the most flexible kind of business Organisation.

A
Sole Proprietorship

B
Partnership

C
Co-Operatives and Trusts

D
Limited Liability Partnership

Solution

A sole proprietorship is the most flexible kind of business Organisation because it is a one man show, i.e. right to run the business and to make all the decisions, lies absolutely with the sole proprietor. He is the one who will take all the decisions and can change them as well.
Thus the correct answer is A.
Question 3
1 / -0

Which of the following are a form of a business enterprise?

A
Partnership

B
Cooperative

C
Joint hindu family

D
All of the above

Solution

Partnership- A partnership is a business that is formed by two or more people. Much like a sole proprietorship, setting up a general partnership has very few start-up fees.
Cooperative- It is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".
The Joint Hindu Family Business is a distinct form of organisation peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members.
Question 4
1 / -0

Compared to licensing, franchising is a more advantageous entry mode because ________________________.

A
It generates economies of scale in marketing to international customers

B
It is low-risk and low-cost

C
It offers greater control

D
All the above

Solution

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

Following are the elements which constitute a partnership _____________.

A
there must be a contact regarding a partnership

B
there must be an association of two or more persons

C
there should be $$7$$ persons

D
both a & b

Solution

The following are the elements which constitute a partnership:
1. There must be a contract regarding a partnership.
2. There must be an association of two or more persons.
3. Profit-making motive etc.
Thus the correct option is D.
Question 6
1 / -0

Limited Liability Partnership form of business organization has been introduced in India by ________.

A
Indian Companies Act, $$1956$$

B
Limited Liability Partnership Act, $$2008$$

C
Indian Contract Act

D
Limited Liability Partnership Act, $$2006$$

Solution

Limited Liability Partnership form of business organization has been introduced in India by the Limited Liability Partnership Act, 2008 which was enacted by the Parliament of India to introduce and legally sanction the concept of LLP. A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability.
Thus the correct answer is B.
Question 7
1 / -0

Whoever a new partner is added to the firm the firm is ____________.

A
dissolved

B
continued

C
not effected

D
reorganized
Question 8
1 / -0

One of the hardships of a sole proprietorship is that _________________.

A
Capital is limited to owner's savings and bank loans

B
It has to complete too many registration fomalities

C
As they are government owned there is no profit motive

D
More tax is charged on them

Solution

Option A is the correct answer.
One of the hardships of sole proprietorship is that the capital that it can contribute is very limited .Public funds cannot be raised in sole proprietorship.
Question 9
1 / -0

Which of the following cases, a partnership firm may be dissolved?
X. On the death of a partner
Y. On the insolvency of a partner
Z. On the retirement of a partner
Correct option is __________.

A
X and Y

B
X and Z

C
Y and Z

D
X, Y and Z
Question 10
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.
Correct option is __________.

A
I and II

B
II and III

C
I and III

D
I, II and III

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Re-Attempt Weekly Quiz Competition

Steps involved in Establishing Business Test 21

Result

Steps involved in Establishing Business Test 21

Score

-

Rank

-

SHARING IS CARING

Question 1

assets, share

profit, investment

capital, share

none of the above

Solution

Question 2

Sole Proprietorship

Partnership

Co-Operatives and Trusts

Limited Liability Partnership

Solution

Question 3

Partnership

Cooperative

Joint hindu family

All of the above

Solution

Question 4

It generates economies of scale in marketing to international customers

It is low-risk and low-cost

It offers greater control

All the above

Solution

Question 5

there must be a contact regarding a partnership

there must be an association of two or more persons

there should be $$7$$ persons

both a & b

Solution

Question 6

Indian Companies Act, $$1956$$

Limited Liability Partnership Act, $$2008$$

Indian Contract Act

Limited Liability Partnership Act, $$2006$$

Solution

Question 7

dissolved

continued

not effected

reorganized

Question 8

Capital is limited to owner's savings and bank loans

It has to complete too many registration fomalities

As they are government owned there is no profit motive

More tax is charged on them

Solution

Question 9

X and Y

X and Z

Y and Z

X, Y and Z

Question 10

I and II

II and III

I and III

I, II and III

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