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Joint Stock Company Quiz-1
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Joint Stock Company Quiz-1
Joint Stock Company Quiz-1
Quiz
A joint stock company is a business entity in which:
The liability of the shareholders is unlimited.
The shares of the company's stock cannot be bought and sold by shareholders.
The shareholders are not able to transfer their shares to others.
The company has its own legal identity after its incorporation.
What is the primary advantage of an OPC?
Ability to raise capital from the public
Flexibility in decision-making and operations
Limited liability for the sole member
Ease of dissolution and closure of the company
Which of the following is a difference between a private company and a public company?
A private company can raise capital from the general public, while a public company cannot.
A private company has unlimited number of shareholders, while a public company has an limited number of shareholders.
A private company is not required to file financial statements with the Securities and Exchange Commission (SEC), while a public company is.
A private company is subject to more government regulation than a public company.
What is the meaning of a joint stock company?
A company owned by a single individual
A company owned by multiple shareholders
A company owned by the government
A company owned by a partnership
Which of the following is a correct statement about the Articles of Association (AOA)?
It cannot be amended.
It can be amended by the shareholders of the company.
It can be amended by the board of directors of the company.
It can only be amended by the government.
Which of the following statements best describes the advantage of transferability of shares in a joint stock company?
Shareholders cannot transfer their shares to other individuals or entities.
Shareholders have limited ownership rights in the company.
Shareholders have no control over the transfer of shares.
Shareholders have the ability to sell their shares and exit the company easily.
What is the legal status of a joint stock company?
It is not a separate legal entity from its shareholders
It is considered a separate legal entity from its shareholders
It is exempt from paying taxes
It cannot enter into contracts
Which of the following is a disadvantage of a joint stock company?
Difficult to raise capital
Difficult to dissolve
Difficult to manage
Unlimited liability for shareholders
Which of the following is a correct statement about the Memorandum of Association (MOA)?
It can be amended by the shareholders of the company.
It can be amended by the board of directors of the company.
It cannot be amended.
It can only be amended by the government.
Which of the following statements best describes the feature of limited liability in a joint stock company?
Shareholders are personally liable for the company's debts beyond their investment.
Shareholders are not liable for the company's debts beyond their investment.
Shareholders are jointly liable for the company's debts.
Shareholders are liable only for the company's debts in proportion to their shareholdings.
What is the primary motive of promoters in establishing a company?
serving the public interest
Personal gain and profit
Establishing a charitable organization
Meeting legal requirements for company formation
Which of the following is an advantage of a joint stock company?
Limited liability for shareholders
Limited ability to raise capital
Sole control and decision-making by the owner
Higher personal risk for shareholders
Which of the following statements best describes the relationship between promoters and the company?
Promoters have complete control over the company's operations and decision-making.
Promoters have no role or influence in the company once it is established.
Promoters are considered separate legal entities from the company.
Promoters have a fiduciary duty to act in the best interest of the company.
Which of the following is a feature of a joint stock company?
Unlimited liability for shareholders
Limited number of shareholders
Absence of legal formalities
Transferability of shares
Which of the following statements best describes the feature of perpetual succession in a joint stock company?
The company can exist indefinitely, even if the shareholders change.
The company has a limited lifespan and will dissolve after a specific period.
The company can be dissolved at any time by the shareholders.
The company's existence depends on the government's approval.
What advantage does a joint stock company offer in terms of raising capital?
Limited access to external funding sources
Limited ability to issue shares
Ability to raise large amounts of capital from multiple shareholders
Inability to take on debt or issue bonds
How does the feature of perpetual succession in a joint stock company provide an advantage?
It ensures that the company will never dissolve.
It allows the company to avoid legal formalities.
It allows the company to operate without a board of directors.
It ensures continuity and stability in the company's operations.
Which of the following statements best describes the disadvantage of public scrutiny in a joint stock company?
The company is not subject to any regulatory oversight.
Shareholders have no influence over the company's operations.
The company is not required to disclose any financial information.
The company is subject to public scrutiny and accountability.
Which of the following statements best describes a private company?
A company owned by the government
A company that offers its shares to the public for investment
A company with a limited number of shareholders
A company that operates solely for charitable purposes
Who are promoters in the context of a company?
Individuals who invest in the company
Shareholders who hold majority ownership in the company
Individuals who promote and establish the company
Directors appointed by the government
What is the maximum number of members allowed in an OPC?
5
10
15
1
Can an OPC be converted into a private or public company?
No, conversion is not allowed.
Yes, it can be converted into a private company but not a public company.
Yes, it can be converted into a public company but not a private company.
Yes, it can be converted into either a private or public company.
What is the role of promoters in the formation of a company?
They provide capital investment in the company
They oversee day-to-day operations of the company
They secure necessary approvals and registrations for company formation
They act as auditors for the company's financial statements
Which of the following is not a feature of a joint stock company?
It has a large capital base.
It has perpetual existence.
It has centralized management.
It has limited liability for shareholders.
Which of the following is a document that defines the purpose of a company and its powers?
Memorandum of Association
Articles of Association
Both Memorandum of Association and Articles of Association
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