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Steps involved in Establishing Business Test 6

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Steps involved in Establishing Business Test 6
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  • Question 1
    1 / -0
    Which organisation is known as scalar or military organisation?
    Solution
    Line organisation is known as military or scalar organisation as the authority in line organisation flows directly and vertically from the top level to middle level and then finally reach to lower level of management. The authority, responsibility and accountability are clearly defined in line organisation. 
  • Question 2
    1 / -0
    The oldest form of organisation is ______.
    Solution
    Line organisation is the oldest form of an organisation. It is the simplest form of organisation as it is very simple to understand and simple to operate. The personnel in line organisation is involved directly towards the achievement of organisational goals. 
  • Question 3
    1 / -0
    Line organisation is suitable for _______.
    Solution
    Line organisation is suitable for small concerns as it provides for greater control and discipline in the organisation. Rapid decision making is possible in line organisation as communication is very fast and easy and feedback can be acted upon faster making effective coordination possible. 
  • Question 4
    1 / -0
    The main advantage of functional organization is _________.
    Solution
    The functional organisation refers to the organisation formed by grouping of jobs of similar nature under major functions and organising these functions as separate departments such as human resource, finance etc, and it leads to simplicity in the working process.
  • Question 5
    1 / -0
    Functional organisation is suitable for _____.
    Solution
    Functional organisation is suitable for large and medium sized concerns because there is a grouping of the activities of an organisation into certain major functional departments like IT, finance or marketing. Under functional organisation, various specialists are for various functions performed in an organisation. 
  • Question 6
    1 / -0
    A partner whose association with the firm is unknown to the general public is called _____________.
    Solution
    Secret partner is the partner of the firm whose association is unknown to the general public but he takes part in the decision making and management of the business firm.
  • Question 7
    1 / -0
    Balu, Lalu and Kalu are partners in a firm. They admit Malu as a minor partner to the benefit of partnership. Within 6 months of his attaining majority, he fails to give a public notice of his intention that he has become a fullfledged partner. On the other hand all other partners refuse to take him as a partner. In this case, which of the following statement is correct ?
    Solution
    A Minor can be admitted into the partnership with the consent of all the existing for the benefits of a partnership. On attaining majority, the minor must decide within 6 months whether he would like to become a partner in the firm and give public notice of his decision if he remains silent and fails to give public notice, it will be implied that he has elected to be a partner in the firm.
    Hence option (B) is the correct answer.
  • Question 8
    1 / -0
    The maximum number of partners allowed in the banking business are ______________.
    Solution
    The maximum number of members that can exist in partnership is 10 in case of a firm carrying on banking business and 20 in case of any other business.
  • Question 9
    1 / -0
    Profits do not have to be shared. This statement is true in the case of ______________.
    Solution
    In sole proprietorship, a proprietor is the only owner of the business and manages the business single-handedly and therefore, he is not required to share its profit with anyone.
  • Question 10
    1 / -0
    The transfer by a company of one or more of its business divisions to another newly set up company is called _____________.
    Solution
    Demerged is the right answer.
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