Forms of business organisation Quiz-2

At least 10 adults, no maximum limit in case of ________

• Cooperative Society

• Joint Hindu Family

• Partnership

• Company

Answer explanation

In case of a Cooperative Society, there is no maximum limit on the number of adults. This makes it the correct choice.

What is the minimum limit of members in case of a Private Company?

• 2

• 7

• 10

• 50

Answer explanation

The minimum limit of members in case of a Private Company is 2, as stated in the correct answer choice.

Provision of residential accommodation to the members at reasonable rates is the objective of

• Consumers cooperative

• Credit cooperative

• Housing cooperative

• Producers cooperative

Answer explanation

The objective of a housing cooperative is to provide residential accommodation at reasonable rates.

The capital of a company is divided into number of parts each one of which are called

• Share

• Dividend

• Profit

• Interest

Answer explanation

The correct choice is 'Share' because it refers to the parts into which the capital of a company is divided.

In a cooperative society the principle followed is

• One share one vote

• One man one vote

• No vote

• Multiple votes

Answer explanation

In a cooperative society, the principle followed is 'One man one vote', where each member has an equal voting right.

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

• Company

• All business organisations

• Partnership

• Sole proprietorship

Answer explanation

A company is a structure that separates ownership and management as per law.

Which of the following is a characteristic of a co-operative?

• profits are not subject to income tax.

• one vote per share.

• dividends are paid on a per share basis.

• all of the above.

Answer explanation

A co-operative is characterized by profits not being subject to income tax.

8. A__________ provides for the greatest degree of continuity:

• general partnership.

• joint venture.

• corporation.

• sole proprietorship.

Answer explanation

A corporation provides the greatest degree of continuity.

A _______partner is an owner who has unlimited liability and is active in managing the firm:

• senior partner.

• general partner.

• silent partner.

• limited partner.

Answer explanation

A general partner is an owner who has unlimited liability and is active in managing the firm.

Hindu Succession Act was passed in _____________

• 1952

• 1960

• 1932

• 1956

Answer explanation

The Hindu Succession Act was passed in 1956, making it the correct choice.