Forms of business organisations Quiz-2

Forms of business organisations Quiz-2

Quiz

 

1. Cooperative Societies are compulsorily registered under which of the following Act:
   1.   The Companies Act, 2013
   2.   The Cooperative Societies Act, 1922
   3.   The Indian Contract Act, 1872
   4.   The Cooperative Societies Act, 1912
2. The liability of the Karta is______, while that of the other members is _______:
   
   1.   Limited; unlimited
   2.   Unlimited; limited
   3.   Limited; limited
   4.   Unlimited; unlimited
3. The most popular form of business organisation is:
   1.   Sole proprietorship
   2.   Company
   3.   Partnership
   4.   Joint Hindu Family business
4. It is ________ for a partnership firm to get registered:
   1.   Mandatory
   2.   Optional
   3.   Necessary
   4.   None of these
5. Which of these types of partners does not participate in the management of the firm:
   1.   Sleeping partner
   2.   Partner by estoppel
   3.   Partner by holding out
   4.   All of these
6. Possibility of conflicts is a limitation of which type of business organisation:
   1.   Sole proprietorship
   2.   Partnership
   3.   Company
   4.   Joint Hindu Family business
7. Satish lost his job during the Covid-19 pandemic now he wants to start a business of his own in his hometown, Satish had limited finance available with him and he does not want many legal formalities to start a business, suggest Satish which forms of business organisation he should go for:
   1.   Partnership
   2.   Sole proprietorship
   3.   Joint hindu family business
   4.   Cooperative society
8. Why does the cooperative societies has a merit of government support:
   1.   Because these societies exemplifies the idea of democracy
   2.   Because these societies are formed for the welfare of the members
   3.   Because these societies help in the development of the country
   4.   Because government wants to increase the number of such societies
9. Is it compulsory for a private company to have index of members:
   
   1.   Yes
   2.   Partially yes
   3.   Partially no
   4.   No
10. Minimum number of members required to form a public company is:
    1.   12
    2.   1
    3.   7
    4.   No limit
11. Which of the following is not an advantage of a partnership firm:
    
    1.   Secrecy
    2.   Ease of Formation and Closure
    3.   Limited liability of members
    4.   More fund
12. A company named Narayan pvt ltd wants to issue its shares to the general public. Can the company do so:
    1.   Yes
    2.   Yes, after taking permission from the government
    3.   Yes but there will be a few restrictions
    4.   No
13. ________ is an example of a cooperative society in India
    1.   Amul
    2.   Infosys
    3.   Wipro
    4.   All of these
14. The person in the Joint Hindu Family business who carries on the business and is the head of the family is called the _______:
    1.   Head of the business
    2.   Director
    3.   Sole proprietor
    4.   None of these
15. A company being an artificial person can:
    1.   Enter into contracts
    2.   Can sue the third party or its members
    3.   Can be sued by its members or any other third party
    4.   All of these
16. Minimum number of directors required in a public company is____and in a private company is_____:
    1.   7; 2
    2.   3; 2
    3.   1; 1
    4.   10; 5
17. Which of the following is a demerit of a partnership firm:
    1.   Unfair distribution of profits
    2.   Unlimited liability
    3.   Limited managerial ability
    4.   Dominance of one partner
18. Which type of organisation is not bound to show its accounts to anyone:
    1.   Company
    2.   Partnership
    3.   Sole proprietorship
    4.   Cooperative society
19. Gokuldham society is made by a group of people in which these members are able to construct/buy houses at reasonable cost. This is an example of:
    1.   Cooperative credit society
    2.   Marketing cooperative society
    3.   Cooperative housing society
    4.   Producer’s cooperative society
20. Narayan is performing a business activity in which he enjoys all the profits and bears all the risk alone, which type of organisation do you think Narayan is running:
    
    1.   Partnership
    2.   Company
    3.   Sole proprietorship
    4.   Joint stock company
21. The partners of a partnership firm have unlimited liability, this means that:
    1.   Partner’s personal assets cannot be used for repaying the firm’s debt
    2.   Partner’s personal assets can be used to repay the firm’s debt/liability
    3.   Partners will enjoy unlimited profits
    4.   Profit is distributed according to the amount of their capital contribution.
22. On the basis of duration partnership are classified into:
    1.   Partnership at will and particular partnership
    2.   General partnership and limited partnership
    3.   Long partnership and short partnership
    4.   None of these
23. Partner who does not take part in the day to day activities of the business is a ________
    1.   Active
    2.   Dormant
    3.   Secret
    4.   None of these
24. Document that is made during the formation of a partnership is:
    1.   Partnership agreement
    2.   Partnership deed
    3.   Partnership registration
    4.   Partnership document
25. Which of the following is a limitation of a Cooperative society:
    1.   Unlimited resource
    2.   Government Control
    3.   Complexity in formation
    4.   Delay in decision making
26. Minimum number of members required to form a cooperative society is:
    
    1.   5
    2.   4
    3.   10
    4.   1
27. A private company is one which:
    1.   Limits the number of members
    2.   Restricts the transferability of shares
    3.   Prohibits the public to subscribe to its securities
    4.   All of these
28. Priyansh formed a private company named ABC pvt ltd. After the death of Priyansh the company continued its operations because of its_______ feature:
    1.   Common seal
    2.   Limited liability
    3.   Artificial person
    4.   Perpetual succession
29. Which of the following forms of business organisation has limited liability to his members:
    
    1.   Partnership
    2.   Company
    3.   Sole proprietorship
    4.   Joint Hindu Family business
30. How many types of Cooperative Societies are there:
    
    1.   5
    2.   4
    3.   6
    4.   8