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WorksheetsForms of Business Organisation
Total questions: 70
Worksheet time: 52mins
which of the following is NOT a form of business organisation
Co-operative Societies
Companies
Trusts
Partnerships
which is NOT a feature of Sole Proprietorship
Less legal formalities
Limited Liability
Sole Risk Bearer
Receiver of all profits
which is NOT a merit of Sole Proprietorship
Direct beneficiary of profits and incentives
quick decision making
confidentiality of business information
Lack of Continuity of Business
which is NOT a demerit of Sole Preprietorship
Limited life of business
unlimited liability
unlimited resources
limited managerial ability
which is a form of business organisation found only in India
Sole Proprietorship
Partnership
Hindu Undivided Family
Joint stock company
Hindu Undivided Family Business is governed by ….. Act
Partnership Act
Sole Proprietorship Act
Hindu Succession Act
Hindu Marriage Act
membership in an HUF business is obtained by……
purchasing shares
contributing capital
entering into an agreement
by birth in a Hindu Undivided Family
members in a HUF business is called as …..
Co-partners
Coparceners
Shareholders
Co-operators
All members of a HUF business will have …….right over the ancesteral property
proportinal right of their capital contribution
proportional to their personal assets
equal rights
differential right for male and female members
The liability of Karta or Karanavar in a HUF business is …..
Limited to their share of coprcenery property
unlimited liability
Limited to the capital contributed
None of the above
which statement is FALSE in respect of HUF business
HUF business will have continuity
If Karta dies, the next elder member will assue the role of Karta
Minor can become a member in HUF
Minor Cannot be a member
which is NOT a demerit of HUF business
Unlimited liability of Karta
Limited Resouces
Increased loyalty from all members
Dominance of Karta in decision making
Partnership Act was passed in the year …..
2013
1956
1932
1986
which statement is TRUE in respect of Partnership business
agreement between persons
agree to share profits /losses
carried on by all or any of them acting for all
All of the above
which is FALSE in repect of Partnership
Joint and Several Liability
Each partner is an agent and principal for each others
decision making through mutual consent anf joint effort
Continuity of Partnership will be there
which is TRUE in respect of number of members in partnership
Minimum 7, Maximum 50
Minimum 2, Maximum 50
Minimum 7, Maximum 200
Minimum 2 , Maximum 200
which is NOT a Merit of Partnership
Ease of formation anf closure
Sharing of risks
decision making through mutual consent anf joint effort
possibility of conflicts between partners
which one is NOT a type of Partner in Partnership firms
Active Partner
Sleeping Partner
Nominal Partner
Social Partner
whih is NOT correct in respect of sleeping partner
Contributes Capital
Actively participates in the management of firm
Unlimited Liability
Shares Profits or Losses
which is TRUE in respect of Active Partner
Contributes Capital
Actively participates in the management of firm
Unlimited Liability
All of the above
whih is NOT correct in respect of secret partner
Contributes Capital
publically participates in the management of firm
Unlimited Liability
Shares Profits or Losses
which is TURE about Nominal Partner
Contributes Capital
Actively participates in the management of firm
Unlimited Liability
Shares Profits or Losses
A person who allowes the use of his name by the firm but not contributes capital is called …..
Active Partner
Sleeping Partner
Nominal Partner
Social Partner
which is TRUE about Partner by Estoppel
the person gives an impression to others that he is a partnrer in a firm
liable to the third parties and has unlimited liablity
Does not contribute capital
All of the above
which is TRUE about Partner by Holding out
allows to be represented himself as partner in a firm
liable to the third parties and has unlimited liablity
Does not contribute capital
All of the above
Partnership at will means …..
Partnership exists at the will of partners
Firm will continue as long as partners wants
Partnership is terminated when any partner gives notice of withdrawal
All of the above
which is NOT applicable to Particular Partnership
formed for accomplishng particular project
activity to be carried on for a particular time period
dissolves automatically when the project or time completes
Firm will continue as long as partners wants
which is NOT TRUE about Limited Partnership
liability of at least one partner is Unlimited
other partners liability can be limited
Registration of Partnership is Optional
Death of limited partners will not affect the continuity of the firm
LLP stands for ….
Limited Labour Partnership
Liked Liability Partneership
Linked Liability Partnership
Limited Liability Partnership
Which is NOT Correct in repect of LLP
Liability of all partners are limited
hybrid form of business combining features of partnerships and companies
Registratio is Optional
has perpetual succession
The written agreement between partners are called as ….
Partnership Document
Partnership Articles
Partnership Charter
Partnership Deed
Registration of General Partnership Firm will be done by …..
Registrar of Companies
Registrar og Industries
Registrar of Firm
Registrar of Co-operative Societies
which one is CORRECT in repect of consequence of Non Registration of Firms
unregistered firm cannot file a suit against third parties
unregistered firm cannot file a suit against the partners
Partners in an unregistered firm cannot file a suit against the firm
All of them are correct
Which of the following is NOT correct in respect of Minor as a Partner
Minor Can be admitted to the benefits and profits of a Firm
Liability is limited to the capital contributed by minor
Minor cannot activiely take ppart in the management of Firm
Status of minor partner will not change even after attaining majority age
which one NOT a content of Partnership Deed
Nature and location of Busuness
Profit sharing ratio
Capital contribution of each partners
List of Personal Property of partners
Online Registration portal for Partnership Firms in Kerala is called as .....
E DROPS
E GROOPS
E FIRMS
E POSTS
which one is NOT applicable to Co-operative Societies
working together
self help through mutual help
Service motive
Profit Motive
In India, Co-operative Societies Act was enacted in the year ......
1947
1950
1912
1921
Kerala co-operative societies Act was passed in the year .....
1960
1956
1969
1979
which is NOT a feature of Co-operative societies
Limited liability
Autocratic member control
seperate legal status
voluntary membership
which one is NOT a principle of co-operation
Open Membership
Concern for community
copetition among co-operatives
member economic participation
which one is a co-operative values
Self help and self responsibility
equality and equity
solidarity
All of the above
which one is NOT a merit of co-operative societies
inequality in voting rights
support from Government
Limited Liability
Stable existence
which one is NOT a demerit of co-operatives
Lack of secrecy
Government control
Difference of opinion among members
Efficiency in management
which one of the following is a glaring example for the success of co-opertive societies
NESTLE
Hindustan Uniliver Limited
AMUL
MALABAR CEMENT
which of the following comes under the type of co-operative societies
Consumer co-operatives
producer co-operatives
credit co-operative societies
all of the above
which is an example of credit co-operatives in Kerala
Thriveni Super Markets
Milma
Service Co-operative Banks
Hantex
which one is an example of consumer co-operative societies
Thriveni Super Market
College Co-operative Stores
Neethi Medical Stores
All of these
The prevailing Companies Act was enacted in the year .....
1956
1947
1985
2013
Previous companies Acts does NOT include ......
Indian Comanies Act of 1913
Companies Act 1956
Indian Companies Act 1882
Companies Act 2013
capital of a company is divided in to small units called ....
Debentures
Drafts
Coupons
Shares
In companies, shareholders being the owners excercise control ........
directly
indirectly through Board of Directors
Personally
None of the above
The collective forum of all shareholders are called .....
Board of Directors
General Body
Association
None of the above
Board of Directors will be elected by .......
Government
Employess of the company
Shareholders of the company
Creditors of the company
which one is NOT a feature of company
Perpetual succession
limited liability
body corporate
Natural Person
which one is NOT a featre of company
Seperation of Ownership and Control
Common Seal
Registration/ Incorporation is optional
Legal person created by law
which one is NOT a merit of company
Large finanial resources
perpetual existence
free transferability of shares
unlimited liability
which one is a limitation of companies
complexity in formation
delay in decision making
numerous regulations
All of the above
OPC as a type of company means
Oil Producing Company
One Person Company
Oxygen Producing Company
None of these
which of the following is NOT a feature of Private Company
Restriction on transferability of shares
Probition on raising capital from public
Restricts the maximum number of membership
Uses the word "Limited " after its name
Minimum nember of members for forming a private company is ........
5
2
7
25
Maximum number of members in a private limited company is ......
100
50
7
200
which one is CORRECT inrespect of number of members in public company
Minimum 7 , Maximum 200
Minimum 2 , Maximum 200
Minimum 7 , Maximum no limit
minimum 2 , Maximum no limit
which one is FALSE in respect of a public company
Minium number of directors is 3
free transferability of shares
Prohibition on making public subscription of shares capital
Can isuue capital to the public
....... is considered as the birth certificate of company
Certificate of Incorporation
Memorandum
Articles
Prospectus
