Steps involved in Establishing Business Test 5

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Steps involved in Establishing Business Test 5

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Weekly Quiz Competition

Question 1
1 / -0

Identify incorrect statement.

A
Companies at all stages of development need to prepare business plan

B
Business plan should emphasize people not ideas or concepts

C
Business plan must be concise and well written

D
None of the above
Question 2
1 / -0

Interest on calls in arrears is charged according to Table A of Schedule I to the Companies Act 1956 at the rate of __________.

A
5% p.a.

B
6% p.a.

C
12% p.a.

D
10% p.a.

Solution

Interest on calls in arrears is charged according to Table A of Schedule I to the Companies Act 1956 at the rate of 5 % per annum. Interest on call on arrears is the income of the company. Interest on call on arrears is charge on the amount which defaulter shareholders have not paid on the amount called up by company.
Question 3
1 / -0

A partnership may be dissolved __________________.

A
On death of partner

B
On completion of work or venture

C
On expiry of term

D
All the above

Solution

Dissolution of partnership implies not only a complete closure or termination of partnership business but it also includes any change in the existing agreement among the partners due to a change in the number of partners. A partnership may be dissolved under following conditions:
a) on death of partner
b) On completion of work or venture
c) On expiry of term.
Question 4
1 / -0

In which of the following case there is no bar on the right of unregistered firm or any partner of its partner?

A
A suit for the dissolution of a firm

B
A suit for rendering of accounts of a dissolved firm

C
A suit for realization of the property of a dissolved firm

D
All of the above
Question 5
1 / -0

Which form of business organisation is popular and appropriate for small businesses?

A
Joint Hindu Family Business

B
Partnership

C
Sole proprietorship

D
Cooperative Society

Solution

A sole proprietorship is a suitable form of business organization for small-scale enterprises. It is suitable for enterprises that require personal attention and limited capital like local grocery shops.
Question 6
1 / -0

Which of the following business enterprises, places the most risk on a single person?

A
Joint Hindu family

B
Cooperative society

C
Partnership

D
Sole proprietor

Solution

In a sole proprietorship firm, the whole risk is undertaken by a single individual and that person is the sole beneficiary of all the rewards. Likewise, if there are losses, he/she alone has to bear them.
Question 7
1 / -0

The act which governs the formation of a partnership business is the Indian Partnership Act _________.

A
1932

B
1956

C
1949

D
1912

Solution

The partnership form of business is governed by the Indian Partnership Act, 1932. A partnership comes into existence by a legal agreement between the partners called a Partnership Deed.
Question 8
1 / -0

______________ is not a limitation of a sole proprietorship.

A
Limited resources

B
Limited life of Business

C
Easy formation

D
Limited managerial skill

Solution

There are minimum formalities required for the commencement and winding up of a sole proprietorship firm. There is no separate law governing it. Therefore, easy formation is not a limitation.
Question 9
1 / -0

Profits do not have to be shared. The statement refers to ____________.

A
Partnership

B
Joint Hindu Family Business

C
Sole Proprietorship

D
Company

Solution

In a sole proprietorship firm, the whole risk is borne by a single individual only and that person is the sole beneficiary of all the rewards/returns.
Question 10
1 / -0

The life of sole proprietorship business is _________.

A
Uncertain

B
Very short life

C
Long life

D
Certain

Solution

The survival and continuity of sole proprietorship firm depend upon one person only. If the proprietor falls ill or becomes insolvent then the business may come to an end.

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Re-Attempt Weekly Quiz Competition

Steps involved in Establishing Business Test 5

Result

Steps involved in Establishing Business Test 5

Score

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Rank

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SHARING IS CARING

Question 1

Companies at all stages of development need to prepare business plan

Business plan should emphasize people not ideas or concepts

Business plan must be concise and well written

None of the above

Question 2

5% p.a.

6% p.a.

12% p.a.

10% p.a.

Solution

Question 3

On death of partner

On completion of work or venture

On expiry of term

All the above

Solution

Question 4

A suit for the dissolution of a firm

A suit for rendering of accounts of a dissolved firm

A suit for realization of the property of a dissolved firm

All of the above

Question 5

Joint Hindu Family Business

Partnership

Sole proprietorship

Cooperative Society

Solution

Question 6

Joint Hindu family

Cooperative society

Partnership

Sole proprietor

Solution

Question 7

1932

1956

1949

1912

Solution

Question 8

Limited resources

Limited life of Business

Easy formation

Limited managerial skill

Solution

Question 9

Partnership

Joint Hindu Family Business

Sole Proprietorship

Company

Solution

Question 10

Uncertain

Very short life

Long life

Certain

Solution

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