Business Studies - Chapter 1, 2 and 3
Authored by Sitha Kavalur
Business
11th Grade
Used 3+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business Studies - Chapter 1, 2 and 3
The reward of risk is:
(a) Success
(b) Failure
(c) Profit
(d) Loss
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following does not characterize business activity ?
(a) Production of goods and services
(b) Presence of risk
(c) Sale or Exchange of goods and services
(d) Salary or wages
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following cannot be classified as an auxiliary to trade?
(a) Mining
(b) Insurance
(c) Warehousing
(d) Transport
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liability of partners in a partnership business is generally of unlimited nature. But Neha joined a partnership firm in the year 2018 as a partner. As per the provisions of the firm she joined, the liability of the partners is limited and its firm name consists of a specific word LLP in it. Which of the following types of partnership is referred to in the above case?
(a) Partnership at will
(b) Particular Partnership
(c) General Partnership
(d) Limited Liability Partnership
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assertion (A) Sole Trading Concern is treated as a “One Man Show”.
Reason (R) It is owned, controlled, managed, and operated by the owner all alone.
(a) Both A and R are true. R is the correct explanation of A
(b) Both A and R are true, but R is not the correct explanation of A
(c) A is correct, but R is incorrect
(d) A is incorrect, but R is correct
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ramesh is presenting himself as a partner of ABC Associates through his conduct or behavior. 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?
(a) Active Partner
(b) Sleeping Partner
l
(c) Secret Partner
(d) Partner by Estoppel
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transfer of ownership is easy in the case of _____________ whereas it is difficult in the case of:
(a) Joint-stock company, partnership
(b) Sole proprietorship, joint stock company
(c) Sole proprietorship, partnership
(d) Partnership, joint stock company
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