WorksheetsMCQ
Total questions: 22
Worksheet time: 10mins
Partnership is the relation which subsists between persons who have agreed to combine their property,
labour or skill in some business and to share the profits there from between them.
True
False
Partly true
None of the above
It is optional for a partnership firm to get registered
True
False
Partly true
None of the above
Tick all the types of partners in India
Active
Dormant
Still
Sleeping
What is a Sole Proprietorship?
Business owned by president
Business owned by several companies
Business owned by one person
Business owned by a company
A Sole proprietor concern is free from regulation by
Indian Contract Act
Government
Private Indian
Indian Law
This is the cash that is generated by the business when it operates successfully
Retained profits
Share capital
Angel investor
Owner savings
A short-term source of finance from a bank that usually is only used in an emergency/when needed
Overdraft
Loan
Share capital
Credit card
Which means the same as human resources
Personnel
Knowledge
People
skills
people
What is the key goal of proper Human Resources Planning?
to avoid firms from incurring high cost because of negligent hiring
to avoid firms from getting sued by employees due to unfair labor practice
to get the right number of people with the right skills in the right jobs at the right time and cost
to ensure qualified candidates go through every process of selection before they are actually hired
Which of the following does not characterise business activity?
(i) Production of goods and services
(ii) Presence of risk
(iii) Sale or exchange of goods and services
(iv) Salary or wages
A type of business organisation where a person individual responsible for capital, bearing risk & management is called (a)
Which is not limitation of sole proprietorship form of business?
Limited Resources
Limited Managerial Skill
Limited liability
Lack of continuity
Meaning of Unlimited liability is
unlimited resources may be use
Unlimited payment is to be done
Personal property of proprietor will be use to pay business debt
unlimited time for business
Name the partner who does not contribute capital for business but held liable to outsiders.
Partner by estoppel
Secret Partner
Active Partner
Dormant Partner
