Steps involved in Establishing Business Test 22

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Steps involved in Establishing Business Test 22

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Weekly Quiz Competition

Question 1
1 / -0

The most suitable definition of a sole trader form of business organization is ____________________.

A
The business who manufacture only one product.

B
The business is owned by one person.

C
The firm has a single buyer.

D
There is a single seller is the industry.

Solution

Briefly sole proprietorship is the business where there is a single owner and he will be entitled to all the profits and losses of the business.
Question 2
1 / -0

A, B, C & D are partners A retires, B dies, the status of partnership _____________.

A
Remains unchanged

B
Comes to an end

C
Reconstituted

D
All of the above

Solution

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

At the time when a new partner enters, Good will _________________________.

A
belongs to all partners, new and old

B
belongs only to the new partner who is going to be admitted.

C
belongs only to the old partner who have credited it

D
none of the above
Question 4
1 / -0

Mr. X is planning to take a business of manufacturing cheap medicines in India. The most suitable type of organization will be_______________.

A
company

B
corporation

C
partnership

D
society
Question 5
1 / -0

Where a partner cannot be clear his debts on dissolution, the other partners must clear these debts in the following manner ___________________.

A
Partnership profit/loss sharing ratio

B
Debts are shared equally

C
In the ratio of their last agreed capital balance

D
Both a & b
Question 6
1 / -0

It is NOT UNCOMMON in partnership firm _______.

A
co-owner can ask for the division of property

B
co-owner can transfer his rights without the consult of others.

C
co-owner has no. lien on property of business

D
all the above

Solution

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

The main purpose of business organization is to______________.

A
conduct business

B
earn profit

C
establish relationship between men and material

D
all of the above

Solution

Although the main objective of business is to earn profit but it is not be the sole objective of business. Business has many other objectives to accomplish.
Question 8
1 / -0

A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in _____________.

A
The name of the firm

B
In the name of partner

C
Both a & b

D
None of the above
Question 9
1 / -0

An ordinary partnership business can not have ___________________.

A
more than $$50$$ partners.

B
not more than $$20$$ partners.

C
any number of partners.

D
any number than $$2$$partners.

Solution

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

An idea of operating as a partnership would include ________________.

A
greater power than a sole trader for decision making

B
being able to raise capital through share issues

C
access to larger amount of initial capital

D
limited liability for all partners

Solution

Option C is the correct answer.

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Steps involved in Establishing Business Test 22

Result

Steps involved in Establishing Business Test 22

Score

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Rank

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SHARING IS CARING

Question 1

The business who manufacture only one product.

The business is owned by one person.

The firm has a single buyer.

There is a single seller is the industry.

Solution

Question 2

Remains unchanged

Comes to an end

Reconstituted

All of the above

Solution

Question 3

belongs to all partners, new and old

belongs only to the new partner who is going to be admitted.

belongs only to the old partner who have credited it

none of the above

Question 4

company

corporation

partnership

society

Question 5

Partnership profit/loss sharing ratio

Debts are shared equally

In the ratio of their last agreed capital balance

Both a & b

Question 6

co-owner can ask for the division of property

co-owner can transfer his rights without the consult of others.

co-owner has no. lien on property of business

all the above

Solution

Question 7

conduct business

earn profit

establish relationship between men and material

all of the above

Solution

Question 8

The name of the firm

In the name of partner

Both a & b

None of the above

Question 9

more than $$50$$ partners.

not more than $$20$$ partners.

any number of partners.

any number than $$2$$partners.

Solution

Question 10

greater power than a sole trader for decision making

being able to raise capital through share issues

access to larger amount of initial capital

limited liability for all partners

Solution

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