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WorksheetsWeekend practice quiz - 1
Total questions: 30
Worksheet time: 29mins
A type of business organisation where a person individual responsible for capital, bearing risk & management is called (a)
The most important document used in partnership business is (a) .
In a general partnership liability of partners is (a)
The liability of members of a cooperative society is (a) to the extent of their capital contribution.
The cooperative society lays emphasis on (a) motive.
The capital of company is divided into number of parts and each part is known as __
Capital
Borrowing
Shares
None of these
In which of the following forms there exists unlimited liability?
Partnership
Private Company
Government Company
Cooperative Society
In which of the following forms there exists no sharing of profit or loss?
Partnership
Joint stock Company
Hindu Undivided Family
Sole Proprietorship
OPC stands for:
One Person Company
One Partner Company
One Part Company
One Person Cooperation
In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?
corporation
partnership
proprietorship
corporation
Which of the following is an advantage of sole proprietorship?
There are almost no requirements to start up a sole proprietorship.
The owner keeps all the profits.
The owner makes all the decisions.
All of the above statements are true.
Which of the following is a disadvantage of sole proprietorship?
They're hard to start up
Personal property is protected under bankruptcy
The owner takes all the risk and responsibility
The owner doesn't get to keep all the profits
In case of a company is limited by _____________, the liability of its members is limited to the unpaid amount of shares they hold.
Shares
Guarantee
Directors
Shareholders
In the case of a company is limited by shares, the liability of its members is limited to ____________________.
the amount of each members' contribution towards the assets of the company.
the unpaid amount of shares they hold
the entire liability of the company
All of the above
In the case of a company is limited by guarantee, the liability of its members is limited to ____________________.
the amount of each members' contribution towards the assets of the company.
the unpaid amount of shares they hold
the entire liability of the company
All of the above
In the case of a company is limited by guarantee, the liability of its members is limited to ____________________.
the amount of each members' contribution towards the assets of the company.
the unpaid amount of shares they hold
the entire liability of the company
All of the above
In case of a company is limited by _____________, the liability of its members is limited to the amount of each members' contribution towards the assets of the company.
Shares
Guarantee
Directors
Shareholders
Which of the following details is not included in the Memorandum of a company?
Registered office address
Objects of the company
Liability of various members of the company
Shares of the shareholders
To start the working for a Private Companies , they need :
certificate of commencement of business
certificate of incorporation
Both of the above.
Private Company have the right to transfer its shares.
This statement is ..?
True
False
Full Form of OPC (a)
Can a company own a Property in their own name ?
Yes
No
A Company is an artificial person created by .... .
Law
Human Being
Result of an commercial activity
Section – 8 is for what kind of company .
Trading company
Formation of companies with charitable objects, etc
Angle investors
A company with one director and one shareholder is called ____________
OCP
OPC
CSR
OPP
Reliance industries which is headed by Mukesh Ambani is an example of ___________
Chartered Company
Registered Company
One Person Company
Statutory Company
WHICH OF THE FOLLOWING ARE NOT THE CHARACTERISTIC OF A COMPANY?
IT EXIST ONLY IN CONTEMPLATION OF LAW
THE MEMBERS CANNOT BE SUED FOR THE DEBTS OF A COMPANY
IT COMES TO AN END ON THE DEATH OF ALL ITS MEMBERS
WHAT IS THE MAXIMUM NUMBER OF MEMBERS REQUIRED FOR FORMATION OF A PRIVATE COMPANY?
100
50
200
250
Unlimited liability means
the business is closed down because of too much debt
the owners' personal possessions can be used to cover the firm's debts
the bank will refuse to give loans to the business
the business will struggle to attract investors
