Which one of the following statements about business organisations is incorrect?

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  • Which one of the following statements about the company form of business Organisation is incorrect?
  • Which one of the following is not a type of business organization?
  • Which of the following statement is incorrect a person who receives the profit is always a partner?
  • What is a business Organisation?

  question_answer1)

  Which of the following is the popular form of business organisation?   

  A)

   Partnership

  B)

          Cooperative societies

  C)

          Joint stock Company

  D)

          Sole proprietorship

  View Solution play_arrow

• question_answer2)

  Which of the following business organisation requires less capital?

  A)

           Sole proprietorship

  B)

          Partnership     

  C)

          Joint stock Company

  D)

          Cooperative societies

  View Solution play_arrow

• question_answer3)

  Small scale economic activities such as beauty parlour, saloons, retail shops falls under which categories of business organisation?

  A)

           Cooperative society

  B)

          Sole proprietorship

  C)

          Partnership

  D)

          Joint Stock Company

  View Solution play_arrow

• question_answer4)

  Who among the following defined sole proprietorship as “sole trader is a type of business unit where a person is solely responsible for providing the capital, for bearing the risk of the enterprise and for the management of business”?

  A)

   TL Hanser                   

  B)

   LH Haney

  C)

          Henry Fayol                 

  D)

   None of the above

  View Solution play_arrow

• question_answer5)

  Which of the following is needed sometimes to start a sole proprietory business?

  A)

           Legal formalities

  B)

          License

  C)

          Capital in large amount

  D)

          None of the above

  View Solution play_arrow

• question_answer6)

  Consider the following statement.

  I. The sole proprietor firm is owned, managed and controlled by a single individual.

  II. All decisions are taken by him solely.

  III.Without any interference, he can carry out business plans.

  Which of the statement(s) given above is/are correct?

  A)

   I and II            

  B)

   II and III

  C)

          I and III                       

  D)

   All of these

  View Solution play_arrow

• question_answer7)

  Consider the following statement(s).

  I. There is separate laws that governs sole proprietorship.

  II. As sole proprietorship is the least regulated form of business,

  III.Its firms can be easily started and closed without any legal formalities.

  Which of the statement(s) given above is/are correct

  A)

   I and II            

  B)

   II and III

  C)

   I and III                       

  D)

   All of these

  View Solution play_arrow

• question_answer8)

  Who among the following make decisions about the business of a sole proprietorship?

  A)

   Owner of the business

  B)

          Along with partner

  C)

          Government of the country

  D)

          None of the above

  View Solution play_arrow

• question_answer9)

  Which among the following business type is not bound by law to publish account of the firm?

  A)

   Partnership

  B)

          Sole proprietorship

  C)

          Cooperative societies

  D)

          Joint Stock Company

  View Solution play_arrow

• question_answer10)

  By which of the following act, the partnership firm of business organisation in India is governed?

  A)

   The Indian Partnership Act, 1932

  B)

          The Government of India Act, 1935

  C)

          The Company Act, 2013

  D)

          None of the above

  View Solution play_arrow

• question_answer11)

  Which of the following is needed to form a partnership among the partners?      

  A)

           Membership

  B)

          Mutual agency

  C)

          Agreement containing terms and conditions

  D)

          None of the above

  View Solution play_arrow

• question_answer12)

  Consider the following statement(s).

  I. Partnership can be formed with a view to undertake lawful business activity.

  II. The partnership can be formed only for profit motive.

  III. Two persons coming together for charitable purpose will constitute a partnership.

  Which of the statement(s) given above is/are correct?

  A)

           I and II            

  B)

   II and III

  C)

          I and III                       

  D)

   All of these

  View Solution play_arrow

• question_answer13)

  Consider the following statement(s).

  I. Registration of the firm in general partnership is optional.

  II. General partnership is one in which liability of every partner is unlimited and joint.

  III. Every partner is entitle to take active part in management?

  Which of the statement(s) given above is/are correct?

  A)

           I and II            

  B)

   II and III  

  C)

          I and III                       

  D)

   All of the above       

  View Solution play_arrow

• question_answer14)

  In which types of partnership registration is compulsory?

  A)

  General partnership

  B)

         Limited partnership   

  C)

         Particular partnership

  D)

         Partnership at will

  View Solution play_arrow

• question_answer15)

  Which among the following partnership existence of the firm is not affected by death, insanity or insolvency of partners with limited liability?

  A)

  Limited partnership

  B)

         General partnership

  C)

         Partnership at wilt

  D)

         Particular partnership

  View Solution play_arrow

• question_answer16)

  Match the following

  List I	List II
  A.	Medical and legal corporation	1.	Legal partnership
  B.	Landscaping outfit company	2.	General partnership
  C.	Two partners decide to start some partnership	3.	Partnership at will
  D.	A partnership formed to produce an upcoming film	4.	Particular partnership

  Codes

  A)

           A\[\to \]1, B\[\to \]2, C\[\to \]3, D\[\to \]4     

  B)

          A\[\to \]2, B\[\to \]1, C\[\to \]3, D\[\to \]4

  C)

   A\[\to \]4, B\[\to \]3, C\[\to \]2, D\[\to \]1

  D)

          A\[\to \]4, B\[\to \]2, C\[\to \]1, D\[\to \]3

  View Solution play_arrow

• question_answer17)

  Match the following

  List I	List II
  A.	Eldest member of the family	1.	India except West Bengal
  B.	Equal ownership right over the property of an ancestor	2.	West Bengal
  C.	Dayabhaga system	3.	Co-Parceners
  D.	Mitakshara	4.	Karta

  Codes

  A)

           A\[\to \]4, B\[\to \]3, C\[\to \]2, D\[\to \]1     

  B)

          A\[\to \]1, B\[\to \]2, C\[\to \]3, D\[\to \]4

  C)

          A\[\to \]3, B\[\to \]2, C\[\to \]4, D\[\to \]1

  D)

          A\[\to \]1, B\[\to \]3, C\[\to \]2, D\[\to \]4

  View Solution play_arrow

• question_answer18)

  Match the following

  List I	List II
  A.	Tata iron and steel company limited	1.	Private company
  B.	Bharat sanchar Nigam limited	2.	Public company
  C.	Microsoft	3.	Foreign company
  D.	Times of India group	4.	Newspaper company

  Codes

  A)

           A\[\to \]1, B\[\to \]2, C\[\to \]3, D\[\to \]4     

  B)

          A\[\to \]2, B\[\to \]1, C\[\to \]3, D\[\to \]4

  C)

          A\[\to \]4, B\[\to \]3, C\[\to \]2, D\[\to \]1

  D)

          A\[\to \]2, B\[\to \]3, C\[\to \]4, D\[\to \]1

  View Solution play_arrow

• question_answer19)

  Consider the following statement(s).

  I. ‘Mutual agency’ relationship means that each partner is both an agent and principal.

  II. Liability of all the members of a partnership firm is unlimited.

  III. Personal assets may be used for repaying the debts in case business assets are insufficient.

  Which of the statement(s) given above is/are correct?

  A)

   I and II                        

  B)

   II and III

  C)

          I and III                       

  D)

   All of these

  View Solution play_arrow

• question_answer20)

  Consider the following statement(s)

  I. A cooperative society is managed by a committee consisting of office-bearers elected by the members.

  II. Their office bearers may not be competent and experienced.

  III. A cooperative society cannot afford to employ expert professional managers at high salaries due to limited funds.

  Which of the statement(s) given above is/are correct

  A)

   I and II            

  B)

   II and III

  C)

          I and III                       

  D)

   All of these

  View Solution play_arrow

• question_answer21)

  Maximum number of partners is changed to 50 from earlier 10 and 20 by.........

  A)

   Partnership Act, 1932

  B)

          Companies Act, 1956

  C)

          Companies Act, 2013

  D)

          None of the above

  View Solution play_arrow

• question_answer22)

  Which of the following organisation has limited liability?

  A)

   Sole proprietorship        

  B)

   Partnership

  C)

          Company                    

  D)

   All of the above

  View Solution play_arrow

• question_answer23)

  Which organisation Joes not require to be registered?

  A)

   Sole proprietorship        

  B)

   Partnership

  C)

          Company                    

  D)

   Both  and

  View Solution play_arrow

• question_answer24)

  Which of the following can issue shares to public?

  A)

   Public company

  B)

          Private company

  C)

          Cooperative societies     

  D)

          None of the above

  View Solution play_arrow

• question_answer25)

  Which of the following has perpetual succession?

  A)

   Private company          

  B)

   Public company

  C)

          Partnership       

  D)

   Both  and

  View Solution play_arrow

• question_answer26)

  Maximum number of members in a public company is

  A)

   200                 

  B)

   100

  C)

          50                               

  D)

   unlimited

  View Solution play_arrow

• question_answer27)

  Which of the following is a type of partnership?

  A)

   General partnership

  B)

          Limited partnership

  C)

          Particular partnership

  D)

          All of the above

  View Solution play_arrow

• question_answer28)

  Which of the following is not a limitation of partnership?

  A)

   Larger financial resources

  B)

          Lack of continuity

  C)

          Lack of public confidence

  D)

          Possibility of conflicts

  View Solution play_arrow

• question_answer29)

  Which of the following is a feature of cooperative society?

  A)

   Voluntary membership

  B)

          Limited liability

  C)

          Service motive

  D)

          All of the above

  View Solution play_arrow

• question_answer30)

  Which of the following is a business organisation?

  A)

   Sole proprietorship

  B)

          Partnership

  C)

          Joint Stock Company

  D)

          All of the above

  View Solution play_arrow

• question_answer31)

  Which of the following is the features of sole proprietorship?

  A)

   Easy formation and closure

  B)

          Full control

  C)

          No separate entity

  D)

          All of the above

  View Solution play_arrow

• question_answer32)

  Which of the following is not a benefit of sole proprietorship?

  A)

   Easy to form and close

  B)

          Quick decision-making

  C)

          Limited life of business

  D)

          Secrecy

  View Solution play_arrow

• question_answer33)

  Mutual Agency is the feature of which organisation?

  A)

   Sole proprietorship

  B)

          Partnership

  C)

          Company

  D)

          Cooperative societies

  View Solution play_arrow

• question_answer34)

  The eldest member of the joint Hindu family business is called as

  A)

   Karma             

  B)

   Karna

  C)

          Karta               

  D)

   Karuni

  View Solution play_arrow

• question_answer35)

  The definitions of cooperative society is mentioned under

  A)

   The Indian Cooperative Societies Act, 1922

  B)

          The Indian Cooperative Trust Act, 1912

  C)

          The Indian Cooperative Trust Act, 1923

  D)

          The Indian Cooperative Societies Act, 1912

  View Solution play_arrow

• question_answer36)

  Dayabhaga system of Hindu law prevalent in which state of India?

  A)

   Assam                         

  B)

   Orissa

  C)

          West Bengal     

  D)

   Maharashtra

  View Solution play_arrow

• question_answer37)

  Which of the following statement(s) is/are correct?

  I. A nominal partner is not liable for any liabilities or debtor to the shareholder of the company.

  II. A secret partner take active part in business.

  Select the correct answer using the codes given below

  A)

   Only I             

  B)

   Only II

  C)

          Both I and II    

  D)

   Neither I nor II

  View Solution play_arrow

• question_answer38)

  Which of the following is not the feature of cooperative society?

  A)

   Legal entity      

  B)

   Service motive

  C)

          Control            

  D)

   Unlimited liability

  View Solution play_arrow

• question_answer39)

  Which of the following is not the merit of partnership?

  A)

   Disbursement at risk

  B)

          Speedy decision-making

  C)

          Greater pool of financial resources

  D)

          Secrecy

  View Solution play_arrow

• question_answer40)

  Which of the following statement(s) is/are correct?

  I. In the partnership deed both verbal and non-verbal format agreement are valid.

  II. The agreement deed of partnership must subscribe to distribution of profit and loss.

  Select the correct answer using the codes given below

  A)

   Only I             

  B)

   Only II

  C)

          Both I and II   

  D)

   Neither I nor II

  View Solution play_arrow

• question_answer41)

  Boards of Directors of a company are elected by

  A)

   Public              

  B)

          Shareholders

  C)

          Debentureholders          

  D)

          Owner of the company

  View Solution play_arrow

• question_answer42)

  Which of the following statement(s) is/are correct?

  I. Liability of the members is limited to the extent of capital contributed by partner.

  II. Shareholders have the right to involve in the day-to-day running at the business.

  Select the correct answer using the codes given below

  A)

   Only I                         

  B)

   Only II

  C)

          Both I and II    

  D)

   Neither I nor II

  View Solution play_arrow

• question_answer43)

  The liquidation of a company can be done under the provision of

  A)

   Board of Director Act, 2007

  B)

          Company Act, 1949

  C)

          Company Act, 2013

  D)

          Board of Director Act, 2009

  View Solution play_arrow

• question_answer44)

  Which of the following statement(s) is/are correct?

  I. Public company has high restriction on transfer of shares.

  II. Private company has no restriction on transfer at shares.

  Select the correct answer using the codes given below

  A)

   Only I             

  B)

   Only II

  C)

          Both I and II   

  D)

   Neither I nor II

  View Solution play_arrow

• question_answer45)

  The maximum number of partners in a company according to Company Act, 2013 can be

  A)

   20 members                 

  B)

   55 members

  C)

          25 members                 

  D)

   50 members

  View Solution play_arrow

• question_answer46)

  ‘Mutual agency’ relationship means that

  A)

   Each partner is both a creditor and debtor

  B)

          Each partner is both an agent and principal

  C)

          Each partner is both owner and shareholder

  D)

          each partner is both shareholder and debenture holder

  View Solution play_arrow

• question_answer47)

  Which of the following statement(s) is/are correct?

  I. Partner by Estoppel is liable to the debt of the company.

  II. Nominal partner is non-liable to the debt of the company.

  Select the correct answer using the codes given below

  A)

   Only I                         

  B)

   Only II

  C)

          Both I and II    

  D)

   Neither I nor II

  View Solution play_arrow

• question_answer48)

  Which of the following provision is not mentioned in partnership deed?

  A)

   Salaries and withdrawals of the partners

  B)

          Method of solving problem

  C)

          Procedure of dissolution of the firm

  D)

          Maintenance of balance sheet

  View Solution play_arrow

• question_answer49)

  Direction: In the question given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A) All partners are responsible for the debts according to the proportion to their share in business.

  Reason (R) Each partner can be held responsible for repaying the debts of business.

  Codes

  A)

   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

• question_answer50)

  Direction: In the question given below are two statements labelled as Assertion (A)  and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A) There must be at least two persons to form a partnership and all such persons must be competent to contract.

  Reason (R) Maximum number can be 20 in case of banking industries and 10 in case of any other business.

  Codes

  A)

                                   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

• question_answer51)

  Direction:  In the question given below are two statements labelled as Assertion (A)  and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A)  The shareholders are liable to the extent of the amount paid to the shares held by them.

  Reason (R) Only the assets of the company can be used to settle the debts.

  Codes

  A)

                                   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

• question_answer52)

  Direction:  In the question given below are two statements labelled as Assertion (A)  and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A)  The affairs of a cooperative society are openly discussed in the meeting of its members.

  Reason (R) It is difficult to maintain secrecy about the operations of a cooperative society due to open discussion in the meeting and discussion obligation as per the Societies Act (7).

  Codes

  A)

                                   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

• question_answer53)

  Direction:  In the question given below are two statements labelled as Assertion (A)  and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A)  The cooperative society aims at collective pool of resources for better utilisation.

  Reason (R) Cooperative society provides loans to their members at easy terms and reasonably low rate of interest.

  Codes

  A)

                                   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

• question_answer54)

  Direction:  In the question given below are two statements labelled as Assertion (A)  and Reason (R). In the context of the two statements which one of the following is correct?

  Assertion (A)  The term risk bearing is associated with company’s capital.

  Reason (R) The profit worth and balance sheet of company reflect its working capital.

  Codes

  A)

                                   Both A and R are true and R is the correct explanation of A

  B)

                      A is true, but R is false

  C)

                      Both A and R are false

  D)

          Both A and R are true, but R is not the correct explanation of A

  View Solution play_arrow

Which one of the following statements about the company form of business Organisation is incorrect?

Which one of the following is not a type of business organization?

Which of the following statement is incorrect a person who receives the profit is always a partner?

What is a business Organisation?