Business studies Class XI Quiz-5

The industries which provide support services to other industries are known as:

• Primary industries

• Secondary industries

• Commercial industries

• Tertiary industries

A business firm in India buy toys from China to sell it to Nepal. Identify the type of trading activity mentioned above?

• Entrepot

• Export

• Import

• Retail trade

Name the auxiliary to trade which removes the hindrance of time:

• Warehousing

• Trade

• Transportation.

• Banking

Satish lost his job during the Covid-19 pandemic now he wants to start a business of his own in his hometown, Satish had limited finance available with him and he does not want many legal formalities to start a business, suggest Satish which forms of business organisation he should go for:

• Partnership

• Sole proprietorship

• Joint Hindu family business

• Cooperative society

Assertion (A) In a partnership firm the liability of all the partners is unlimited. Reason (R) The partners are individually as well as jointly responsible for paying off business debts.

• Both A and R are true. R is the correct explanation of A

• Both A and R are true, but R is not the correct explanation of A

• A is correct, but R is incorrect

• A is incorrect, but R is correct

Ramesh is presenting himself as a partner of ABC Associates through his conduct or behaviour. Clients dealing with the firm accept him as a partner due to his self-acclaimed attitude of being a partner of the firm. Which type of partner Mr. Ramesh is referred to in the above case?

• Active Partner

• Sleeping Partner

• Secret Partner

• Partner by Estoppel

The funding of which of the following enterprises comes directly from the government treasury, is under an annual appropriation from the budget of the government, and the revenue earned by it is also paid into the treasury?

• Departmental undertaking

• Statutory corporation

• Government company

• Cooperatives

Stages in the formation of a public company are in the following order

• Capital Subscription, Promotion, Incorporation, Commencement of Business

• Incorporation, Capital of Business, Capital Subscription Commencement of Business, Promotion

• Promotion, Incorporation, capital subscription, commencement of business

• Promotion, commencement of business

Janaklal insured his property with two insurers, AIG Ltd. for Rs 200,000 and Shreekrishnan General Insurance for Rs. 600,000. His loss of property actually was for Rs. 400,000. What amount he can claim from both the insurers?

• AIG Ltd- 200,000, Shreekrishnan General Insurance-200,000

• AIG Ltd- 100,000, Shreekrishnan General Insurance-300,000

• AIG Ltd- 300,000, Shreekrishnan General Insurance-100,000

• AIG Ltd- 280,000, Shreekrishnan General Insurance-120,000

........ is a temporary arrangement under which a depositor is allowed to draw by cheque more than the amount available to his credit up to a specified limit.

• Cash credit

• Term loan

• Bank overdraft

• Consumer credit