Steps involved in Establishing Business Test 37

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Steps involved in Establishing Business Test 37

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Weekly Quiz Competition

Question 1
1 / -0

Of the following organisations, the easiest to wind up is the

A
Public Limited Company

B
Multinational Corporation

C
Private Limited Company

D
Partnership Firm

Solution

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

One of the consequences of non-registration of a partnership firm is that _______________________________.

A
A partner cannot sue the other partner to enforce a right arising from a contract

B
The partner of such a firm cannot sue third parties

C
Third parties cannot sue the firm for claims exceeding Rs $$100$$

D
The official Assigner or Receiver will have no power on the property of the dissolved firm

Solution

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

Tick mark the correct answer.
In a functional organisation.

A
There are no advisers, the executives alone having the authority and competence

B
There are specialist advisers having no authority

C
The entire organisation is divided into functions with specific role for specialist

D
The organisation is divided into functions with specialities having authority

Solution

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

Partnership is a form of business organisation in which business debts can be recovered from

A
The managing partners

B
All the managers and partners

C
The firm and the managers

D
The firm and all the partners

Solution

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

While calculating the net present value under discounted cash flow method of return on investment analysis, the calculations involved are 1. Cash outflow
2. Discounted net cash flow
3. Cash inflow
4. Net present value
The correct sequence of these calculations is

A
4, 1, 3, 2

B
1, 3, 2, 4

C
1, 2, 3, 4

D
3. 1, 4, 2

Solution

Discounted cash flow can be defined as a valuation method used to estimate the value of an investment based on its future cash flow. While calculating the net present value under discounted cash flow method of return on investment analysis, the calculations involved are :
a) Cash outflow
b) Discounted net cash flow
c) Cash inflow
d) Net present value
Question 6
1 / -0

Tick mark the correct answer.
A nominal partner.

A
Receives a share in profits

B
Takes part in business activity

C
Does not receive a share in profits

D
None of the above

Solution

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

Identify the limitation of sole trading concern from the following.

A
Sense of accomplishment

B
Ease of formation and closure

C
Limited liability

D
Decision making may not be balanced in all the cases.

Solution

The main disadvantages to being a sole proprietorship are: Unlimited liability: Your small business, in the form of a sole proprietorship, is personally liable for all debts and actions of the company. Unlike a corporation or an LLC, your business doesn't exist as a separate legal entity.
Question 8
1 / -0

Which of the advantages of LLP states that one partner is not responsible or liable for another partners misconduct or negligence.

A
Flexible agreement

B
Separate legal entity

C
Fewer compliance requirements

D
Easy to wind-up

Solution

Separate legal entity of LLP states that one partner is not responsible or liable for another partners misconduct or negligence. Limited Liability Partnership can be defined as form of partnership where the partner or investor's liability is limited to the amount invested in the company.
Question 9
1 / -0

Gains on the sale of fixed assets that are not for sale in the ordinary course of business are known as _________________.

A
Capital gains

B
Revenue gains

C
Accounting profits

D
Benefit cost expenses

Solution

Gains on the sale of fixed assets that are not for sale in the ordinary course of business are known as capital gains. Capital gains can be referred as the amount earned from selling of any fixed assets or property or investment. Capital gains are incurred as the selling price exceeds the purchase price.
Question 10
1 / -0

The maximum number of partners for a firm carrying on banking business is _________.

A
10

B
20

C
7

D
0

Solution

Option A is correct One.
The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.

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Re-Attempt Weekly Quiz Competition

Steps involved in Establishing Business Test 37

Result

Steps involved in Establishing Business Test 37

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SHARING IS CARING

Question 1

Public Limited Company

Multinational Corporation

Private Limited Company

Partnership Firm

Solution

Question 2

A partner cannot sue the other partner to enforce a right arising from a contract

The partner of such a firm cannot sue third parties

Third parties cannot sue the firm for claims exceeding Rs $$100$$

The official Assigner or Receiver will have no power on the property of the dissolved firm

Solution

Question 3

There are no advisers, the executives alone having the authority and competence

There are specialist advisers having no authority

The entire organisation is divided into functions with specific role for specialist

The organisation is divided into functions with specialities having authority

Solution

Question 4

The managing partners

All the managers and partners

The firm and the managers

The firm and all the partners

Solution

Question 5

4, 1, 3, 2

1, 3, 2, 4

1, 2, 3, 4

3. 1, 4, 2

Solution

Question 6

Receives a share in profits

Takes part in business activity

Does not receive a share in profits

None of the above

Solution

Question 7

Sense of accomplishment

Ease of formation and closure

Limited liability

Decision making may not be balanced in all the cases.

Solution

Question 8

Flexible agreement

Separate legal entity

Fewer compliance requirements

Easy to wind-up

Solution

Question 9

Capital gains

Revenue gains

Accounting profits

Benefit cost expenses

Solution

Question 10

10

20

7

0

Solution

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