Steps involved in Establishing Business Test 27

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Steps involved in Establishing Business Test 27

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Weekly Quiz Competition

Question 1
1 / -0

A entered into partnership agreement with B, in which A makes an advance to the firm in addition of his capital to be contributed by him, after dissolution of firm _________.

A
A is not entitled to claim interest on his advances.

B
After dissolution of firm A's right is retained to his capital only not to advances.

C
A will be entitled to interest till firm earn profits.

D
A is entitled to claim interest till the date of dissolution.
Question 2
1 / -0

In case of sole proprietorship there is a _______ between _________.

A
Direct link, effort and reward

B
Indirect link; Profit and loss

C
Direct link; Profit and loss

D
Indirect link; effort and reward

Solution

Option A is the correct answer.
In sole proprietorship, there is only person who is entitled to all the profits and losses. Therefore it creates a direct link between efforts and rewards. The scale of profit is dependent upon the efforts put in by owner.
Question 3
1 / -0

Which of the following are the essentials of partnership?

A
Association of two or more persons

B
Agreement/contract

C
Carrying on business

D
All of above

Solution

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

Persons who have entered into partnership with one another are called individually __________________.

A
Firm

B
Co-owner

C
Firm name

D
Partner
Question 5
1 / -0

The business started by a group of persons can be ________.

A
Company

B
Hindu Undivided Family

C
Partnership

D
Any of the above
Question 6
1 / -0

In order that persons may become partners, it is essential that _________.
I. There must be at least two persons
II. There must be a relationship arising out of status between two or more persons.
III. The agreement must be to share the profits of a business
Select the correct answer from the options given:

A
I & II only

B
II & III only

C
III only

D
I & III only

Solution

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

In which of the following case there is NO partnership?
A. The members of a HUF carrying on a family business
B. Burmese Buddhist Husband and wife carrying on business.
Select the correct answer from the options given.

A
B only

B
A only

C
Both A and B

D
Neither A nor B

Solution

Option C is the correct anwer.
Question 8
1 / -0

Section $$5$$ of the Act states that the relation of partnership arises from ___________.

A
Status

B
Contract

C
Birth

D
Offer

Solution

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

Persons entering into partnership contract may be.
$$(1)$$ Natural persons
$$(2)$$ Artificial persons
Select the correct answer from the options given:

A
$$(1)$$ only

B
$$(2)$$ only

C
Combination of $$(1)$$ and $$(2)$$

D
$$(1)$$ or $$(2)$$ or combination of $$(1)$$ and $$(2)$$

Solution

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

N and Z, the co-owners of a house, use the house as a hotel managed either by themselves or by a duly appointed manager for their common profit. Is there a partnership relation between the parties?

A
Yes

B
No

C
Partly yes

D
Can't say

Solution

If N and Z, the co-owners of the house, use the house for hotel management purposes then it will not be considered as any partnership relation because there is no contract between them in any manner, either it is verbal or written regarding the partnership agreement.
Hence, option (B) is the correct answer.

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Steps involved in Establishing Business Test 27

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Steps involved in Establishing Business Test 27

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Question 1

A is not entitled to claim interest on his advances.

After dissolution of firm A's right is retained to his capital only not to advances.

A will be entitled to interest till firm earn profits.

A is entitled to claim interest till the date of dissolution.

Question 2

Direct link, effort and reward

Indirect link; Profit and loss

Direct link; Profit and loss

Indirect link; effort and reward

Solution

Question 3

Association of two or more persons

Agreement/contract

Carrying on business

All of above

Solution

Question 4

Firm

Co-owner

Firm name

Partner

Question 5

Company

Hindu Undivided Family

Partnership

Any of the above

Question 6

I & II only

II & III only

III only

I & III only

Solution

Question 7

B only

A only

Both A and B

Neither A nor B

Solution

Question 8

Status

Contract

Birth

Offer

Solution

Question 9

$$(1)$$ only

$$(2)$$ only

Combination of $$(1)$$ and $$(2)$$

$$(1)$$ or $$(2)$$ or combination of $$(1)$$ and $$(2)$$

Solution

Question 10

Yes

No

Partly yes

Can't say

Solution

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