Steps involved in Establishing Business Test 34

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Steps involved in Establishing Business Test 34

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Question 1
1 / -0

Persons who have entered into partnership with one another are individually known as.

A
Co-owner's

B
Firm

C
Partnership

D
Partner

Solution

Persons involved in partnership are individually known as partners.
Question 2
1 / -0

Upon dissolution, which is the proper order for application of the Firm's assets?
I. Payment of partners loan
II. In paying the debts of the firm to third parties
III. Distribution of surplus to partners in profit sharing ratio
IV. Payment of partners capital
Select the correct answer from the options given.

A
I, IV, III, II

B
II, I, IV, III

C
II, I, III, IV

D
I, II, III, IV

Solution

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

The number of partners in firm carrying an banking business should not exceed ________.

A
$$25$$

B
$$20$$

C
$$50$$

D
$$100$$

Solution

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

If two or more persons have made a joint promise, they are known as.

A
Joint venturer

B
Joint promisee

C
Joint partners

D
Joint promisor

Solution

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

Matrix organization combines ________________

A
Functional departmentation with line and staff organization

B
Functional departmentation with product or project organization

C
Product or project organization with informal organization

D
informal organization with Functional departmentation
Question 6
1 / -0

Which of the following statement is not correct in relation to 'Franchise'?

A
Franchising is the practice of using another firm's successful business model.

B
It is the business relationship between two organizations where a franchiser, who is the owner of a brand name, product, or system of a business, permits a franchisee to use its brand, product, or business process for a fee,

C
The franchisor provides training and continuous assistance to the franchisee.

D
Franchiser shares all business and trade secrete with franchisee

Solution

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

Which of the following is/are disabilities of unregistered firm?

A
No suit between partners and firm

B
No suit by firm on a third party

C
No claim of set-off

D
All of the above
Question 8
1 / -0

After dissolution of firm, any partner or his representative may restrain any other partner or his representative from carrying of similar business in the Firm Name or by using Firm's property for own benefit until _______________.

A
The affairs of the firm are fully wound up

B
Public notice of dissolution is given

C
Dissolution deed is signed by all partners

D
All of the above
Question 9
1 / -0

In which of the following case Garner Vs Murray rule is NOT applicable?
$$1$$. Only one partner is solvent.
$$2$$. All partners are insolvent.
$$3$$. When partnership deed provides a specific method to be followed in case of insolvency of a partner
Select the correct answer from the options given.

A
$$1$$ only

B
$$1$$ & $$2$$ only

C
$$3$$

D
$$1, 2$$ & $$3$$
Question 10
1 / -0

Sole traders operate mostly on a small-scale basis and their number is large. Identify the particular advantages.

A
Ease of formation and closure

B
Secrecy of information

C
Social utility

D
All of the above

Solution

Sole traders operate mostly on a small-scale basis and their number is large. Social utility is one of the advantages of sole proprietorship or sole trader. Sole trader can be referred as the single individual who takes all initiatives and run the business. 'Sole' means singe and 'proprietorship' means ownership. The business organization in which the single owner owns, manages and controls all the activities of the business is known as sole proprietorship form of business organization.

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Steps involved in Establishing Business Test 34

Result

Steps involved in Establishing Business Test 34

Score

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Rank

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SHARING IS CARING

Question 1

Co-owner's

Firm

Partnership

Partner

Solution

Question 2

I, IV, III, II

II, I, IV, III

II, I, III, IV

I, II, III, IV

Solution

Question 3

$$25$$

$$20$$

$$50$$

$$100$$

Solution

Question 4

Joint venturer

Joint promisee

Joint partners

Joint promisor

Solution

Question 5

Functional departmentation with line and staff organization

Functional departmentation with product or project organization

Product or project organization with informal organization

informal organization with Functional departmentation

Question 6

Franchising is the practice of using another firm's successful business model.

It is the business relationship between two organizations where a franchiser, who is the owner of a brand name, product, or system of a business, permits a franchisee to use its brand, product, or business process for a fee,

The franchisor provides training and continuous assistance to the franchisee.

Franchiser shares all business and trade secrete with franchisee

Solution

Question 7

No suit between partners and firm

No suit by firm on a third party

No claim of set-off

All of the above

Question 8

The affairs of the firm are fully wound up

Public notice of dissolution is given

Dissolution deed is signed by all partners

All of the above

Question 9

$$1$$ only

$$1$$ & $$2$$ only

$$3$$

$$1, 2$$ & $$3$$

Question 10

Ease of formation and closure

Secrecy of information

Social utility

All of the above

Solution

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