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Revision quiz

Total questions: 50

Worksheet time: 27mins

Name
Class
Date
1.

What is the full form of LLP?

a)

last limited partnership

b)

Little liability partnership

c)

Limited liability partnership

d)

None of the above

2.

WHAT IS THE MINIMUM NUMBER OF MEMBER REQUIRED TO FORM A PUBLIC COMPANY?

a)

2

b)

4

c)

7

d)

9

3.

The memorandum of association contains the objectives of the company

a)

True

b)

False

4.

A company is distinct from its members.

a)

True

b)

False

5.

A company is free to go beyond its objectives mentioned in the memorandum of association.

a)

True

b)

False

6.

Address of the registered office is situated in

a)

AOA

b)

MOA

c)

Prospectus

d)

None of the above

7.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
8.

What is the full form of LLP?

a)

last limited partnership

b)

Little liability partnership

c)

Limited liability partnership

d)

None of the above

9.

WHAT IS THE MINIMUM NUMBER OF MEMBER REQUIRED TO FORM A PUBLIC COMPANY?

a)

2

b)

4

c)

7

d)

9

10.

The memorandum of association contains the objectives of the company

a)

True

b)

False

11.

A company is distinct from its members.

a)

True

b)

False

12.

A company is free to go beyond its objectives mentioned in the memorandum of association.

a)

True

b)

False

13.

Address of the registered office is situated in

a)

AOA

b)

MOA

c)

Prospectus

d)

None of the above

14.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
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.

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

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

18.

Which type of business allows the owner to keep all of the profit for him/herself?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

19.

Someone who wants to control every aspect of their business should form this type of business.

a)

Sole Proprietor

b)

Partnership

c)

Corporation

20.

Maria is using her savings to open a shop selling clothing from Mexico. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

21.

Max's Cupcake Shop is probably an example of a ...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

22.

Lillian receives all of the profits and is personally responsible of all of the losses of her business; what type of business does she have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

23.

WHAT IS THE MINIMUM NUMBER OF MEMBER REQUIRED TO FORM A PUBLIC COMPANY?

a)

2

b)

4

c)

7

d)

9

24.

Private Company have the right to transfer its shares.

This statement is ..?

a)

True

b)

False

25.

A Private company must have a paid-up share capital of minimum

a)

5 Lakh

b)

1 Lakh

c)

3 Lakh

d)

10 Lakh

26.

A public company has a minimum paid-up share capital of ........... rupees or more

a)

10 Lakh

b)

5 Lakh

c)

15 Lakh

d)

3 Lakh

27.

A Company is an artificial person created by .... .

a)

Law

b)

Human Being

c)

Result of an commercial activity

28.

Can a company own a Property in their own name ?

a)

Yes

b)

No

29.

A ___________ is a legal entity which has a separate identity from it shareholders, whose liability for the company’s debts is limited.

a)

Limited liability

b)

Limited company

c)

Partnership

d)

Unlimited liability

30.

---------- is the constitution of the company

a)

Memorandum

b)

Articles

c)

Prospectus

d)

Agenda

31.

Articles of Association is the foundation upon which the whole structure of the company is built up

a)

True

b)

False

32.

Doctrine of constructive notice do not affect the company but only the third party

a)

True

b)

False

33.

Doctrine of indoor management safeguards----

a)

Company

b)

Director

c)

Third party

d)

Ignorant stranger

34.

What are the exception to the doctrine of indoor management ?

a)

Knowledge or irregularity

b)

Negligence

c)

Perpetual succession

d)

Limited liability

35.
What two documents constitute the 'constitution of a company'?
a)
An article of association & contract. 
b)
Memorandum of association & letter of application. 
c)
Memorandum of association & article of association.
d)
I need to study more. 
36.
Who issues a certificate of incorporation? 
a)
The company itself. 
b)
A governental authority. 
c)
It's issues automatically. 
d)
I need to study more. 
37.

Memorandum of Association contains–

a)

Objective clause

b)

Name clause

c)

Capital clause

d)

All of the above

38.

The process of forming a company including where it becomes a legal entity is known as ______.

a)

Incorporation

b)

A franchise

c)

Liquidity

d)

Goodwill

39.

DIN stands for

a)

Director identification number

b)

Directive identification Nil

c)

Decisive information number

d)

Director information numerical

40.

The minimum number of shareholders in a private company

a)

2

b)

7

c)

50

d)

200

41.

--------- is the first stage of formation of a company

a)

Registration

b)

Promotion

c)

Commencement of business

d)

Application

42.

-----Document contains the rules and regulations regarding the internal management

a)

Memorandum

b)

Articles

c)

Certificate of incorporation

d)

Minutes

43.

Memorandum of Association deals with

a)

Insiders

b)

Outsiders

c)

Directors

d)

Employees

44.

1. The term ‘ultra vires’ means------------------

a)

with the power

b)

Beyond the power

c)

Directors power

d)

Shareholders power

45.

Property of the company belongs to

a)

Shareholders

b)

company

c)

members

d)

promoters

46.

ROC stands for

a)

Regional office certificate

b)

Registrar of Companies

c)

Region of corpus

d)

Register of companies

47.

The following clause " The resistered office of the company is situated in Karnataka" in the MOA is known as:

a)

Situation clause

b)

Location clause

c)

Registered office clause

d)

None of the above

48.

One of the following is not covered in the Articles of Association

a)

Transfer and Transmission of Shares

b)

Borrowing Powers of Directors

c)

Capital Clause

d)

Meetings

49.

Doctrine of indoor management is also known as

a)

Turquand's rule

b)

Royal British rule

c)

Both of the above

d)

None of the above

50.

Which is the website for registration of the companies?

a)

www.registeringcompanies.com

b)

www.mca.gov.in

c)

www.mca.gov.com

d)

none of the above

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