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FORMS OF BUSINESS ORGANIZATIONS

Total questions: 50

Worksheet time: 50mins

Name
Class
Date
1.

Members of Joint stock company are called?

a)

Partners

b)

Shareholders

c)

Directors

d)

Members

2.

Maximum number of members in Public Limited company

a)

No limit

b)

100

c)

50

d)

200

3.

Minimum number of members in Private company

a)

7

b)

10

c)

2

d)

1

4.

Which of the following is feature of Joint Stock Company?

a)

One man control

b)

Two or more person

c)

Service Motive

d)

Voluntary Association

5.

Governing law for Joint Stock company

a)

Hindu succession Act

b)

Indian Companies Act

c)

Partnership Act

d)

Indian co-operative society Act

6.

How many representative OPC can have

a)

1

b)

2

c)

3

d)

4

7.

A small business owned by one person.

a)

sole proprietorship

b)

corporation

c)

nonprofit organization

d)

partnership

8.

Partnership: This form of ownership gives businesses more capital and a better chance of success.

a)

advantage

b)

disadvantage

9.

What is a business co-owned by two or more people?

a)

Corporation

b)

Partnership

c)

Sole Proprietorship

10.
In a general partnership,
a)
the business continues even if one partner dies
b)
partners must pay specific business taxes on stock they issue
c)
partners usually draw up legal papers called articles of partnership.
d)
partners are only liable for the business' debt up to the amount of their investment
11.
Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a 
a)
partnership
b)
corporation
c)
sole proprietorship
d)
monopoly
12.
Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a 
a)
partnership.
b)
corporation.
c)
sole proprietorship.
d)
stock.
13.
Mr. Simpson is liable for all the debts of his company. Mr.Simpson has which type of business organization?
a)
sole proprietorship
b)
monopoly
c)
perfect competition
d)
corporation
14.
Bernice owns her own local gift shop. She acquired the necessary loans to open it, assumes all the financial risk herself, and makes all the decisions. It sounds like Bernice's business is a/an
a)
partnership
b)
franchise
c)
corporation
d)
sole proprietorship
15.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
16.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
17.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
18.

(a)   is the main document of every company.

19.

Which is the first step of formation of a company?

a)

subscription of capital

b)

promotion

c)

incorporation

d)

none of these

20.

Who enjoys a fiduciary position that one must not misuse?

a)

Promoter

b)

Owner

21.

This clause contains the name of the state,in which the registered office of the company is proposed to be situated.Name?

a)

registered office clause

b)

city clause

c)

name clause

d)

objects clause

22.

Every business activity requires funds.

The promoters have to estimate the

fund requirements for the identified

business opportunity.Which feasibility studies is this part of?

a)

technical feasibility

b)

economic feasibility

c)

financial feasibility

23.

Private company as against

the public limited company is prohibited

to raise funds from public, it does not

need to issue a prospectus and complete

the formality of ___________

a)

promotion

b)

minimum subscription

c)

incorporation

24.

No company can legally

undertake activities that are not

contained in its ________________

a)

Memorandum of association

b)

articles of association

25.

It is compulsory for a company to submit AOA.

a)

true

b)

false

26.

__________________ is the most important clause in MOA.

a)

capital clause

b)

association clause

c)

objects clause

d)

registered office clause

27.
If the required outlay for the project is so large that it cannot easily be arranged within the available means, the project has to be given up. Whch aspect has been highlighted by aforesaid statement.
a)
Techincal feasibility
b)
Economic feasibility
c)
Financial feasibility
d)
Professional feasibility
28.

When the Registrar is satisfied about the completion of formalities for registration, a …......... is issued to the company, which signifies the birth of the company

a)

Certificate of Incorporation

b)

Certificate of formation

c)

Certificate of promotion

d)

Certificate of commencement of business

29.

…............ is an enterprise with only one person as a member which avails all the benefits of a private limited company such as separate legal entity, protecting personal assets from business liability and perpetual succession.

a)

One person company

b)

Sole Proprietorship

c)

Company

d)

Cooperative society

30.
Stages in the formation of a public company are in the following order:
a)
Promotion, commencement, incorporation and capital subscription
b)
Incorporation, capital subscription, commencement, promotion
c)
Capital subscription, promotion, incorporation, commencement.
d)
Promotion,incorporation, capital subscription, commencement.
31.
A prospectus is issued for:
a)
Inviting public for rising share capital
b)
Seeking permission to start business operations
c)
Inform public about the formation of the company
d)
Appointing Board of directors
32.

A proposed name of 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 exiting company

c)

It is an emblem of government in India, united nations etc.

d)

In case of any of the above

33.

Application for approval of name of a company is to be made to:

a)

SEBI

b)

Registrar of Companies

c)

Government of India

d)

Company Law Board

34.

A ...........partner is one whose association with the firm is unknown to the general public.

a)

Active

b)

Sleeping

c)

Secret

d)

Nominal

35.

It is optional for a partnership firm to get registered

a)

True

b)

False

c)

Partly true

d)

None of the above

36.

Partnership firms in India are governed under the Partnership Act (a)  

37.

Minors can be admitted to share only (a)   of the firm

38.

Partnership deed does not include the following

a)

Name of the partners

b)

Capital contributed by each partner

c)

Method of resolving dispute

d)

Rules for who can be admitted as a partner

39.

Who among the following partners does not contribute capital

a)

Active

b)

Sleeping

c)

Secret

d)

Partner by Estoppel

40.

Which are the partners who share profits and losses

a)

Active partner

b)

Sleeping partner

c)

Secret partner

d)

Partner by estoppel

41.

Two construction firms joined together to complete building a flyover in Noida. What type of partnership have they formed?

(a)  

42.

The Karta in Joint Hindu family business has

a)

Limited liability

b)

Unlimited liability

43.

The head of the Joint Hindu family is called

a)

Karta

b)

Propriter

c)

Director

44.

Registration is compulsory in —

a)

Sole proprietorship

b)

Partnership

c)

Cooperative Society

d)

Joint Hindu Family

45.

In a cooperative society, the power to take decisions lies in the hands of-

a)

Elected Managing Committee

b)

Members

c)

Partners

d)

Board of Directors

46.

Which of the following business organisation has service motive?

a)

Sole Proprietorship

b)

Partnership

c)

Cooperative Society

d)

Joint Hindu Family

47.

In a co-operative society, the principle followed is

a)

One man one vote

b)

Multiple votes

c)

No vote

d)

One share one vote

48.
One important advantage of forming a partnership is that this form of business organization gives each owner sole control over the business.
a)
True
b)
Fale
49.
Walmart is an example of what type of business organization?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
50.

No paperwork (charter or agreement) is required to start which type of business?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

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