MCQ test chapter -2

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Try this quiz 

It has 13 questions 

You can check your answer after doing all the questions
 

1.

Ankit ,Kishore and Shivam are partners in a partnership firm manufacturing water coolers. Recently Shivam entered into a contract with Mayank for purchase of raw materials worth Rs.10,00,000 without the knowledge of Ankit and Kishore. Now Mayank is asking for the payment and Ankit and Kishore are of the view that only Shivam is liable to make the payment and they cannot be held liable. Are they correct in refusing the payment? State related feature of the partnership form of the business organisation

No, Mutual Agency

No, Decision Making and control

Yes, Decision Making and control

Yes, Mutual Agency

2.

Profit do not have to be shared. This statement refers to-

Partnership

Company

Sole proprietorship

Joint Hindu family business

3.

The Karta in Joint Hindu family business has ______

Unlimited liability

Joint liability

Limited liability

No liability for debts

4.

Which act governs Hindu Undivided Family Business?

The Hindu succession act 1966

The Hindu succession act 1956

The Hindu act 1956

Succession Hindu act 1956

5.

The partner liable to the outsiders for the debts given to the firm, if it is given because of the belief that he is a partner in the firm. Such partner is called as________.

Partner by holding out

Active partner

Partner by estoppel

Nominal partner

6.

Yash, Anmol and Gaurav are partners in a firm.Yash and Anmol are very upset due to untimely demise of Gaurav and wish to help his family. On the suggestion of their common friend Sahil, Yash and Anmol decided to include Gaurav's 14 years old son Geet in their business. Which of the following provision of partnership does not apply on the status of Geet as a partner?

He can be admitted with the mutual consent of all the other partners

He is liable to the extent of the capital contributed by him in the firm

He is not eligible to take an active part in the management of the firm

He can share all the profits and losses

7.

Prabhat and Rishi are doing separate business of installing centralised air conditioning units in Mumbai. They enter into a partnership contract to install centralised AC unit in a hotel in Shirdi. Identify the type of partnership being highlighted in the above case

Limited partnership

Partnership at will

General partnership

Particular partnership

8.

Kiran is a sole proprietor. Over the past decade , her business has grown from operating a neighborhood corner shop selling accessories such as artificial jewelry bags hair clips and nail art to a retail chain with three branches in the city. Although she looks after the varied functions in all the branches, she is wondering whether to include a partner or to appoint a manager to better manage the business. Which of the following are two benefits of continuing with sole proprietorship?

Sense of accomplishment and Unlimited liability

Unlimited Liability and Quick decision making

No separate entity and Quick decision making

Ease of formation and closure and Direct Incentive

9.

In which form of business organisation is a trade agreement made by one owner binding on the others? Also name the feature which supports your answer.

Partnership, formation with an agreement between partners

Partnership, mutual agency

Partnership, risk and profit bearing in an agreed ratio

Joint Hindu family business, control and management by Karta

10.

Ajay is the sole owner of a shoe manufacturing factory. He took a loan of Rs.20,00,000 from Ace finance company for the expansion of his business.Because of the continuous losses however he was not able to repay the loan on time. Assets of the business were not enough for repaying liabilities in full. As a result the finance company ask him to repay the loan from the personal assets. He refused to do so on the ground that the loan was taken by his business and not by him for his personal use. Identify two characteristics of the form of business organisation formed by Ajay in the above case.

Liability and control

Sole risk bearer and profit recipient and liability

Liability and no separate entity

Lack of business continuity and no separate entity

11.

The continuity of business activities in ________ business is not affected by the death of the owner of business.

Partnership

Sole proprietorship

company

Joint Hindu Family

12.

Registration of_______partnership is compulsory.

Partnership at will

General partnership

Particular partnership

Limited partnership

13.

Which of the following is not a limitation of Partnership Form of Business Organisation?

Lack of continuity

Limited resources

Limited Managerial Ability

Unlimited liability

00:00:02

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videos of chapter -1 Nature and Purpose of business

 

Study material SCERT 2023

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Dear students, please check the link below for the SCERT study material for 2023, which includes summaries, mind maps, conceptual questions, and key terms., mind maps, conceptual questions and key terms

Link: CLICK HERE

Printed mind maps of all chapters

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Check  OSWAAL CBSE Chapterwise Mind Maps

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Notes of topic : Scope of E-commerce

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Please check notes of one of the most important topic of Chapter-5 (Emerging modes of Business ) 

Topic: Scope of E-commerce

These are made from NCERT

Good blog for class 11

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Check the link below to check one very good blog for class 11 Business Studies

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