Steps involved in Establishing Business Test 3

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Steps involved in Establishing Business Test 3

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following purpose is permissible in a partnership?

A
Business purpose

B
Social purpose

C
Religious purpose

D
Charitable purpose
Question 2
1 / -0

The Loss arising out of Partners insolvency shall be borne by_________ according to Garner vs Murray case.

A
all the Partners equally

B
solvent Partners in Capital Ratio

C
all the Partners in Profit and Loss Sharing Ratio

D
none of the above.
Question 3
1 / -0

Where the continuing partners carry on the business of the firm, the outgoing partner whose claim is not settled.
X. is entitled to share of profits since date of cessation as partner.
Y. is not entitled to claim anything other than unsettled amount
Z. is entitled to $$6\%$$ interest p.a. on the unsettled amount.
Select the correct answer from the options given.

A
Y is correct

B
Only X is correct

C
Only Z is correct

D
Either X or Z at his option
Question 4
1 / -0

Persons who have entered into partnership with one another are collectively called ____________.

A
Firm

B
Co-owner

C
Firm name

D
Partner
Question 5
1 / -0

Where a Partner's Capital Account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called ________.

A
Loss on Dissolution of Firm

B
Loss on Dissolution of Partnership

C
Loss arising out of piecemeal distribution of assets

D
Loss arising out of Partner's insolvency.
Question 6
1 / -0

Any change in the relations of partners due to admission, retirement or death of partner is called _______________.

A
Dissolution of partnership

B
Dissolution of firm

C
Reconstitution of firm

D
Dissolution of firm name
Question 7
1 / -0

Loss arising out of Partners' insolvency shall be made up by ___________.

A
that Partners' estate

B
that Partners' Legal Heirs

C
the Firm itself

D
the Solvent Partners.
Question 8
1 / -0

Each member of firm is individually known as ________________.

A
Partner

B
Co-parceneres

C
Managers

D
Director
Question 9
1 / -0

Mission and Vision statements are NOT commonly used to__________.

A
Guide management's thinking on strategic issues, especially during times of significant change

B
Create wider linkages with customers suppliers and alliance partners

C
Help establish a framework for ethical behaviour

D
Inspire employees to work more productively by providing focus and common goals
Question 10
1 / -0

In which of the following case, the Court may, at the suit of a partner, dissolve a firm?

A
If a partner has become of unsound mind, the firm is dissolved on a petition made by any of the other partners or by the next friend of the insane partner

B
A partner becomes permanently incapable of performing his duties as a partner

C
If a partner is found guilty of conduct which is likely to affect the carrying on of business of the firm then application to Court shall be made by any partner who is not guilty of misconduct for dissolution of firm

D
All of the above

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Steps involved in Establishing Business Test 3

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Steps involved in Establishing Business Test 3

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SHARING IS CARING

Question 1

Business purpose

Social purpose

Religious purpose

Charitable purpose

Question 2

all the Partners equally

solvent Partners in Capital Ratio

all the Partners in Profit and Loss Sharing Ratio

none of the above.

Question 3

Y is correct

Only X is correct

Only Z is correct

Either X or Z at his option

Question 4

Firm

Co-owner

Firm name

Partner

Question 5

Loss on Dissolution of Firm

Loss on Dissolution of Partnership

Loss arising out of piecemeal distribution of assets

Loss arising out of Partner's insolvency.

Question 6

Dissolution of partnership

Dissolution of firm

Reconstitution of firm

Dissolution of firm name

Question 7

that Partners' estate

that Partners' Legal Heirs

the Firm itself

the Solvent Partners.

Question 8

Partner

Co-parceneres

Managers

Director

Question 9

Guide management's thinking on strategic issues, especially during times of significant change

Create wider linkages with customers suppliers and alliance partners

Help establish a framework for ethical behaviour

Inspire employees to work more productively by providing focus and common goals

Question 10

If a partner has become of unsound mind, the firm is dissolved on a petition made by any of the other partners or by the next friend of the insane partner

A partner becomes permanently incapable of performing his duties as a partner

If a partner is found guilty of conduct which is likely to affect the carrying on of business of the firm then application to Court shall be made by any partner who is not guilty of misconduct for dissolution of firm

All of the above

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