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WorksheetsCL XI BST CH2
Total questions: 70
Worksheet time: 36mins
Name
Class
Date
1.
The maximum number of partners in a partnership firm is ........................
a)
10
b)
20
c)
50
d)
100
2.
What do you meant my OPC?
a)
Opposite pay cheque
b)
On Payment by cheque
c)
One Person Company
d)
One Person Commerce
3.
‘Profit do not have to be shared.’ This statement refers to
a)
Partnership
b)
JHF
c)
Sole Trader-ship
d)
Company
4.
Which of the following is not covered under the non-incorporated category of private sector?
a)
Sole Proprietorship
b)
Joint Stock Company
c)
Partnership
d)
All
5.
Which of the following is not the feature of the sole trade?
a)
Individual Ownership
b)
Limited Liability
c)
Secrecy
d)
Undivided Risk
6.
Which of the following is not the advantage of the sole trade?
a)
Easy Formation
b)
Unlimited Liability
c)
Quick Decision
d)
Personal Control
7.
Which of the following is not the limitation of the ‘Sole Trade’?
a)
Unlimited Liability
b)
Limited Source of Capital
c)
Unbalanced Management
d)
Quick Decision
8.
The head of the JHF or HUF Business is popularly known as
a)
Proprietor
b)
Director
c)
Karta
d)
Manager
9.
The maximum number of members in a Private company is ..........................
a)
50
b)
100
c)
200
d)
500
10.
The ‘Karta’ in the JHF Business has ……………………
a)
Limited Liability
b)
No Liability
c)
Joint Liability
d)
Unlimited Liability
11.
In which of the following states the ‘Dayabhag’ school of the Hindu Law applicable
a)
Assam-Bengal-Punjab
b)
Bengal-UP-Odisha
c)
Odisha-Bengal-Chhattisgarh
d)
Bengal-Odisha-Assam
12.
Which of the following is not the advantage of the JHF Business
a)
Easy to Start
b)
Limited Resource
c)
Secrecy
d)
Direct Contact with Customers
13.
‘Limited Managerial Skill’ is the …………………… of JHF Business
a)
Feature
b)
Advantage
c)
Limitation
14.
Every Partner is ………………..
a)
Both principal and agent
b)
Only principal
c)
Only agent
d)
None
15.
A partner whose association with the firm is unknown to the general public is called
a)
Active Partner
b)
Sleeping Partner
c)
Nominal Partner
d)
Secret Partner
16.
Which of the following can be a partner?
a)
Firm
b)
Company
c)
Individual
d)
All
17.
Which of the following is not the advantage of partnership
a)
More Financial resources
b)
Easy formation
c)
Secrecy
d)
Limited managerial skill
18.
Which of the following is not covered under the category of Full Fledged Partner?
a)
Active Partner
b)
Sleeping Partner
c)
Partner by Holding out
d)
Secret Partner
19.
The partner who neither invests money nor has a share in the profit and loss and also has no role in the administration of the firm is known as
a)
Nominal Partner
b)
Partner by Holding out
c)
Limited Partner
d)
Minor Partner
20.
Which of the following is the liability of a minor partner
a)
Unlimited
b)
limited
c)
None of these
d)
No Liability
21.
Who issues the ‘Certificate of Registration’ to a firm?
a)
State Government
b)
Registrar of the Firms
c)
Central Government
22.
In a co-operative society the principal followed is
a)
One share one vote
b)
One man one vote
c)
One share Multiple Votes
d)
One man Multiple Votes
23.
Name the business organisation which has the features of ‘Separate Legal Entity.’
a)
Sole Proprietorship
b)
Co-operative Society
c)
Partnership
d)
JHF or HUF
24.
Provision of residential accommodation to the members at reasonable rates is the objective of
a)
Producer’s Co-operative
b)
Consumer’s Co-operative
c)
Housing Co-operative
d)
Credit Co-operative
25.
The basic principle of co-operative ‘Each for all and all for each’ is followed by one of these business organizations. Which is that?
a)
Sole Proprietorship
b)
Partnership
c)
Company
d)
Co-operative Society
26.
The minimum numbers of members allowed in a co-operative society is
a)
2
b)
5
c)
10
d)
7
27.
Which co-operative society aims at ‘providing regular market to the members?
a)
Consumers’ Co-operative
b)
Producers’ Co-operative
c)
Co-operative Marketing Society
d)
Co-operative Credit Society
28.
Which of the following is not the advantage of co-operative societies?
a)
Stability
b)
Political Interference
c)
Democratic Management
d)
Tax advantage
29.
Which of the following is not the limitation of co-operative societies
a)
Lack of Capital
b)
Incomplete Management
c)
Economic Decentralization
d)
Cash Trading
30.
The structure in which there is separation of ownership and management is called
a)
Sole Proprietorship
b)
Co-operative Society
c)
Partnership
d)
Company
31.
The capital of the company is divided into number of parts, each one of which is called
a)
Dividend
b)
Profit
c)
Interest
d)
Share
32.
Minimum number of members to form a private company is
a)
2
b)
3
c)
5
d)
10
33.
Minimum number of members to form a public company is
a)
2
b)
3
c)
5
d)
7
34.
Which of the following is not an advantage of company organisation?
a)
Difficulty in formation
b)
Huge financial resources
c)
Limited liability
d)
Efficient management
35.
Which of the following has the advantage of ‘continuity’
a)
Sole Proprietorship
b)
Partnership
c)
Co-operative Society
d)
Company
36.
The minimum amount of paid-up capital for a public company is determined at
a)
Rs. One Lakh
b)
Rs. Five Lakh
c)
Rs. Ten Lakh
d)
Rs. One Crore
37.
The minimum amount of paid-up capital for a private company is determined at
a)
Rs. One Lakh
b)
Rs. Five Lakh
c)
Rs. Ten Lakh
d)
Rs. One Crore
38.
In which type of company there is no restriction on the transfer of shares?
a)
Public company
b)
Private company
39.
Which is the minimum number of the directors in a public company?
a)
2
b)
3
c)
4
d)
5
40.
The board of directors of a Joint Stock Company is elected by
a)
Shareholders
b)
General Public
c)
Employees
d)
Government
41.
Application for approval of name of a company is to be made to
a)
SEBI
b)
Govt. of India
c)
Govt. of state
d)
Registrar of companies
42.
A proposed name of the company is considered undesirable if:
a)
It is identical with the name of an existing company
b)
It resembles closely with the name of an existing company
c)
It is an emblem of the Govt. of India, the United Nations etc.
d)
Any of these
43.
A prospectus is issued by
a)
A Public Ltd. Company
b)
A Private Ltd. Company
c)
A One Person Company
d)
A public company seeking investment from public
44.
Stages in the formation of a public company are in the following order
a)
Promotion, Commencement of business, Incorporation, Capital Subscription
b)
Incorporation, Capital Subscription, Commencement of Business
c)
Promotion, Incorporation, Capital Subscription, Commencement of Business
d)
Capital Subscription, Promotion, Incorporation, Commencement of Business
45.
In the absence of Articles of Association ……………… applies
a)
Table A
b)
Table B
c)
Table C
d)
Table D
46.
From the point of view of ‘Liability’ which of the following business organisation suitable?
a)
Sole Proprietorship
b)
Co-operative Society
c)
Partnership
d)
Company
47.
Which of the following business organisation is the most suitable from the point of view of ‘continuity’
a)
Sole Proprietorship
b)
Co-operative Society
c)
Partnership
d)
Company
48.
Which of the following organization is not governed by a special act:
a)
Sole Proprietorship
b)
Co-operative Society
c)
Partnership
d)
Company
49.
Which of the following statement is true:
a)
It is compulsory to get a partnership firm registered
b)
The liability of a partner in a partnership firm is limited to the extent of his share
c)
An unregistered firm cannot be sued by a third party
d)
Every partner is both principal and agent of the firm
50.
Which of the following statements is true?
a)
Sole tradership is governed by the Partnership Act.
b)
The liability of a sole trader is limited to the extent of capital introduced by him in the business.
c)
The important clues of business developed by the sole trader by his tact, skills and foresight can be kept a closely guarded secret.
d)
The sole tradership is subject to the same government regulations which are applicable to a joint stock company
51.
Which of the following is not correct about One Person Company?
a)
The Companies Act 2013 provides provision for one person company
b)
Any person shall be eligible to incorporate more than one OPC
c)
No person shall be eligible to become nominee in more than one OPC
d)
OPC to compulsory convert itself into public or private company in certain cases.
52.
OPC to compulsory convert itself into public or private company in certain cases. Which of the following is included in these cases:
a)
Where the paid share capital of an OPC exceeds 10 lakh rupees.
b)
Where the paid share capital of an OPC exceeds 25 lakh rupees.
c)
Where the paid share capital of an OPC exceeds 50 lakh rupees.
d)
Where the paid share capital of an OPC exceeds 1 Crore rupees.
53.
OPC to compulsory convert itself into public or private company in certain cases. Which of the following is included in these cases:
a)
Its average annual turnover during the relevant period exceeds 1 crore.
b)
Its average annual turnover during the relevant period exceeds 2 crore.
c)
Its average annual turnover during the relevant period exceeds 5 crore.
d)
Its average annual turnover during the relevant period exceeds 10 crore.
54.
The following activity is not a part of company promotion stage:
a)
finding of business ideas
b)
feasibility study
c)
entering into preliminary contracts
d)
Incorporation of the company
55.
The objectives of the company are specified by:
a)
Articles of Association
b)
Memorandum of Association
c)
Prospectus
d)
Certificate of Incorporation
56.
A public company can commence business after obtaining:
a)
Licence
b)
Certificate of incorporation
c)
Name approval
d)
Certificate to commence business
57.
Qualification shares are subscribed by
a)
Directors of the company
b)
Bankers of the company
c)
Employees of the company
d)
Auditors of the company
58.
Which document is issued by a company to invite public to purchase its shares?
a)
Articles of Association
b)
Memorandum of Association
c)
Prospectus
d)
No such document is required
59.
The best organization for risky business is
a)
Company
b)
Partnership
c)
Sole trader
d)
HUF
60.
“A sole trader is the owner of all the properties and bears whole risk.” Who said this:
a)
L.H. Haney
b)
Charles S. Tippets
c)
C.W. Gerstenberg
d)
Kimberle
61.
The future of sole trade business in India is:
a)
In dark
b)
Pessimistic
c)
Bright
d)
None of these
62.
.................... is a contract between the persons who agree to run the business for mutual profits jointly or one person acting on behalf of others
a)
co-operative society
b)
co-ownership
c)
Hindu Undivided Family
d)
Partnership
63.
In the absence of partnership deed, the duties and rights of the partners are determined by
a)
Partners themselves
b)
with mutual consent
c)
Under the partnership act
d)
By court
64.
The registration of partnership firm is
a)
not compulsory
b)
compulsory
c)
Statutory
d)
None of the above
65.
Company is an artificial person formed by
a)
Man
b)
GOD
c)
Law
d)
Nature
66.
A joint stock company cannot be formed without ..................
a)
MOA
b)
AOA
c)
Prospectus
67.
The cooperative societies are compulsorily required to be registered under:
a)
The partnership act, 1932
b)
The Companies act, 1956
c)
The cooperative societies act, 1912
d)
The cooperative societies act, 1922
68.
Which of the following is not a privilege to the private company:
a)
A private company can be formed by only two members whereas seven people are needed to form a public company
b)
A private company needs to have only two directors as against the minimum of three directors in the case of a public company
c)
A private company is required to keep an index of members while the same is necessary in the case of a public company
d)
Allotment of shares can be done without receiving the minimum subscription
69.
The consequences of non-registration of a firm are as follows:
a)
A partner of an unregistered firm can file a suit against the firm or other partners
b)
The firm cannot file a suit against third parties
c)
The firm can file a case against the partners
d)
None of these
70.
The liabilities of the shareholders are mentioned in the ................
a)
MOA
b)
AOA
c)
Prospectus
d)
Certificate of Incorporation
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