business quiz-1

A Valid definition of a business purpose is to

• create a customer

• maximize profits

• serve the society

• increase wealth of firm

A Joint stock company is governed by

• Companies Act 2006

• Companies Act 1936

• Companies Act 2013

• Companies Act 2012

A Nominal Partner is

• Not liable for the acts of other partners

• Not able to third parties

• Not entitled to share the profits of the concern

• By insolvency of any of the partner

A membership of a co-operative is

• Not compulsory

• Voluntary

• Not essential

• compulsory

which of the following is not a manufacturing industry?

• Mining

• Flour mills

• iron and steel works

• fruit canning

Who is dormant partner?

• A working partner

• Minor partner

• One who takes no active part in business

• partner for profits

When a partnership is dissolved?

• insolvency of any customer

• by mutual consent

• by insolvency of any partner

• In any case of death of any of the partner

• None of the above

which is not an economic activity?

• A doctor practicing

• A student playing cricket

• A lawyer practicing law

• A professional cricketer playing cricket

Dividend on preference capital will be paid

• only when directors recommend

• only when share holders recommend

• only when there are profits

• even if there are no profits

The liability of members of a co-operative society is

• limited to the amount of nominal value of capital

• limited to the amount of paid up value of the capital held

• unlimited

• limited