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WorksheetsForms of business organizations
Total questions: 27
Worksheet time: 29mins
It is an artificial being created by the operation of law, having right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called_________.
Cooperative
Corporation
Partnership
Sole Proprietorship
A concept which states that the transactions of the business must be distinguished and differentiated from the transactions of the owners is called ____.
Business entity concept
Business permit concept
Business tax concept
Business financial report concept
The following are rights of a Corporation, EXCEPT:
It can acquire property in its own name
It is required by the Corporation Code that 25% of the subscribed capital must be paid up to the Stockholders.
It is authorized to issue a certain number of stock
It can acquire property in the name of the owner
A business organization that has not less than five but not more than 15 members is called ____.
Cooperative
Corporation
Partnership
Sole Proprietorship
The following are disadvantages of a Partnership, EXCEPT:
Unlimited liability
Limited existence
mutual agency of the partners
larger sources of funds
The two forms of business ownership with unlimited liability are:
Sole trader
Public company
Partnership
Private company
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
It is a form of business ownership, where there is one owner who's responsible for the business.
SOLE PROPRIETORSHIP
PROPRIETORSHIP
SOLE PREPRIOTERSHIP
SOAL PROPREITORSHIP
Members of Joint stock company are called?
Partners
Shareholders
Directors
Members
Maximum number of members in Public Limited company
No limit
100
50
200
Which of the following is feature of Joint Stock Company?
One man control
Two or more person
Service Motive
Voluntary Association
Governing law for Joint Stock company
Hindu succession Act
Indian Companies Act
Partnership Act
Indian co-operative society Act
How many representative OPC can have
1
2
3
4
It is optional for a partnership firm to get registered
True
False
Partly true
None of the above
Minors can be admitted to share only (a) of the firm
Who among the following partners does not contribute capital
Active
Sleeping
Secret
Partner by Estoppel
Two construction firms joined together to complete building a flyover in Noida. What type of partnership have they formed?
(a)
In a cooperative society, the power to take decisions lies in the hands of-
Elected Managing Committee
Members
Partners
Board of Directors
No paperwork (charter or agreement) is required to start which type of business?
Partnership
Franchise
Sole Proprietorship
Corporation
Which of the following type of business is NOT a producer?
pharmacy
applicance factory
coal mine
chicken farm
The people who make the major policy and financial decisions for a corporation are called the
stockholders
owners
board of directors
partners
A unique business organized by two or more other businesses to operate for a limited time and for a specific project is called a
joint venture
limited liability partnership
limited liability company
nonprofit corporation
