-
The structure in which there is separation of ownership and management is called
(a) Sole proprietorship
(b) Partnership
(c) Company
(d) All business organizations
View Answer play_arrow
-
The karta in Joint Hindu family business has
(a) limited liability
(b) unlimited liability
(c) no liability for debts
(d) joint liability
View Answer play_arrow
-
In a co-operative society, the principle followed is
(a) one share one vote
(b) one man one vote
(c) no vote
(d) multiple votes
View Answer play_arrow
-
The board of directors of a joint stock company is elected by
(a) General public
(b) Government bodies
(c) Shareholders
(d) Employees
View Answer play_arrow
-
The maximum number of partners allowed in the banking business are
(a) Twenty
(b) Ten
(c) No limit
(d) Two
View Answer play_arrow
-
Profits do not have to be shared. This statement refers to
(a) Partnership
(b) Joint Hindu family business
(c) Sole proprietorship
(d) Company
View Answer play_arrow
-
The capital of a company is divided into number of parts each one of which are called
(a) Dividend
(b) Profit
(c) Interest
(d) Share
View Answer play_arrow
-
The Head of the Joint Hindu family business is called
(a) Proprietor
(b) Director
(c) Karta
(d) Manager
View Answer play_arrow
-
Provision of residential accommodation to the members at reasonable rates is the objective of
(a) producer's co-operative
(b) consumer's co-operative
(c) Housing co-operative
(d) credit co-operative
View Answer play_arrow
-
A partner whose association with the firm is unknown to the general public is called
(a) Active partner
(b) Sleeping partner
(c) Nominal partner
(d) Secret partner
View Answer play_arrow
-
For which of the following types of business do you think a sole proprietorship form of organization would be more suitable and why?
(a) Grocery store
(b) Medical store
(c) Legal consultancy
(d) Craft centre
(e) Internet cafe
(f) Chartered accountancy firm
View Answer play_arrow
-
For which of the following types of business do you think a partnership form of organization would be more suitable and why?
(a) Grocery store
(b) Medical store
(c) Legal consultancy
(d) Craft centre
(e) Internet cafe
(f) Chartered accountancy firm
View Answer play_arrow
-
Explain the following terms in brief
(a) Perpetual succession
(b) Common seal
(c) Karta
(d) artificial person
View Answer play_arrow
-
Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
View Answer play_arrow
-
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
View Answer play_arrow
-
State the important privileges available to a private company.
View Answer play_arrow
-
How does a co-operative society exemplify democracy and secularism? Explain.
View Answer play_arrow
-
What is meant by 'partner by estoppel? Explain.
View Answer play_arrow
-
What do you understand by a sole proprietorship firm? Explain its merits and limitations?
View Answer play_arrow
-
Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
View Answer play_arrow
-
Why is it important to choose an appropriate form of organization? Discuss the factors that determine the choice of form of organization.
View Answer play_arrow
-
Discuss the characteristics, merits and limitations of co-operative form of organization. Also describe briefly different types of co-operative societies.
View Answer play_arrow
-
Distinguish between a Joint Hindu family business and partnership.
View Answer play_arrow
-
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization? Why?
View Answer play_arrow
-
In which form of organization is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
View Answer play_arrow
-
The business assets of an organization amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organization is a sole proprietorship firm.
(b) The organization is a partnership firm with Anthony and Akbar as partners.
Which of the two partners can the creditors approach for repayment of debt? Explain giving reasons.
View Answer play_arrow
-
Kiran is a sole proprietor. Over the past decade, her business has grown from operating a neighborhood corner shop selling accessories such as artificial jewellery, 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 she should form a company to better manage the business. She also has plans to open branches countrywide.
(a) Explain two benefits of remaining a sole proprietor.
(b) Explain two benefits of converting to a Joint Stock Company.
(c) What role will her decision to go nationwide play in her choice of form of the organization?
(d) What legal formalities will she have to undergo to operate business as a company?
View Answer play_arrow