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Forms of Business Organisations Test - 1

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Forms of Business Organisations Test - 1
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Weekly Quiz Competition
  • Question 1
    1 / -0

    A person who allows the use of his name by a firm, but does not contribute to its capital is called ___________

    Solution

    Nominal Partner is actually not a partner but allows the firm to project him/her as a business partner. He/she neither contributes capital nor has any share in business profits or losses. Has unlimited liability in business.

     

  • Question 2
    1 / -0

    In _______ type of partnership, the liability of at least one partner is unlimited

    Solution

    In Limited Partnership, the liability of at least one partner is ulimited. All othher partners may have limited liability. Continuity of Limited Partnership does not get affected by thhe death, lunacy or insolvency of the partner with limited liability.  Registration compulsory.

     

  • Question 3
    1 / -0

    The cooperative society is compulsorily required to be registered under the Cooperative Societies Act ________

    Solution

    The Indian Cooperatives Act 1912 defines Cooperative Societies

    "As a society whch has its objectives for the pormotion of economic interest of its members in accordance with cooperative principles."

     

  • Question 4
    1 / -0

    The karta in Joint Hindu family business has

    Solution

    This means the self-acquired property of Karta may be attached to pay business debts.

     

  • Question 5
    1 / -0

    A person contributes capital but do not take part in the day to day activities of the business is called _____________

    Solution

    A sleeping partner may not contribute in business decision making but is bound by acts of all other partners. He has unlimited liability in business.

     

  • Question 6
    1 / -0

    _________ is not a separate entity in the eyes of law

    Solution

    A sole proprietorship has no legal existence, i.e. in the eyes of the law, no distinction is made between the firm and the proprietor. As a result, owner is held responsible for all the activities of the business.

     

  • Question 7
    1 / -0

    In case of ___________ Registration is compulsory

    Solution

    A Compay must be registered under Companies act, 1956.

     

  • Question 8
    1 / -0

    A person who contributes capital, takes part in management, shares profits/losses and has unlimited liability towards the creditors but unknown to the general public is called ____________

    Solution

    A secret partner is associated with the business but outsiders have no knowledge about his status in the business. He carries business activities on behalf of other partners and is bound by activities of other partners as well.

     

  • Question 9
    1 / -0

    The board of directors of a joint stock company is elected by

  • Question 10
    1 / -0

    The structure in which there is separation of ownership and management as per law is called______________.

    Solution

    Corporations allow for the separation of ownership and management. That means that owners do not need to be managers and managers do not need to be owners. It is often the case that someone is both. In most small corporations, the owners typically manage the company but it is not necessary that owners run the company or are even involved in the day-to-day operations of the company.

     

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