This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 2 Forms Of Business Organisation – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 31 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Name the partner who does not contribute capital for business but held liable to outsiders. A) Partner by estoppel. B) Secret Partner. C) Active Partner. D) Dormant Partner. Show Answer Correct Answer: A) Partner by estoppel. 2. Disadvantages for this type of business include:owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. A) Sole Proprietorship. B) Partnership. C) Company. D) Franchise. Show Answer Correct Answer: A) Sole Proprietorship. 3. Which of the following terms is not used by Mintzberg in his description of organisational structure? A) Strategic apex. B) Support base. C) Technostructure. D) Operating core. Show Answer Correct Answer: B) Support base. 4. If a public limited company is NOT preparing the Articles of Association, it can adopt A) Table A. B) Table E. C) Table F. D) Table B. Show Answer Correct Answer: C) Table F. 5. On the basis of duration partnership is divided into. A) . 4. B) . 2. C) . 5. D) . 6. Show Answer Correct Answer: B) . 2. 6. Harry owns a small computer repair shop. To attract more customers, he decided to upgrade software in his shop. His father told him to upgrade the shop later, but Harry was stubborn about his decision and decided to to do what he wants with his shop as he owns it. What is the advantage of sole proprietorship discussed here? A) Unlimited liability of the owner. B) Ease of formation. C) Freedom of choice of business. D) Prompt decision making. Show Answer Correct Answer: B) Ease of formation. 7. Tesco is a ..... A) Public Limited Company. B) Private Limited Company. C) Sole Trader. D) Franchise. Show Answer Correct Answer: A) Public Limited Company. 8. Owners of this type of organization may receive dividends. A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 9. This type of business is owned by one person. A) Partnership. B) Sole Proprietorship. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Sole Proprietorship. 10. Which of the following organisation has donations as a source of finance? A) Banks. B) Multi National Corporation. C) Manufacturing Organisation. D) NGO. Show Answer Correct Answer: D) NGO. 11. What are the advantages of a sole proprietorship? A) Limited liability, complex tax filing, and extensive legal requirements. B) Shared control and decision-making power, complex tax filing, and extensive legal requirements. C) Limited liability, simplified tax filing, and extensive legal requirements. D) Complete control and decision-making power, simplified tax filing, and minimal legal requirements. Show Answer Correct Answer: D) Complete control and decision-making power, simplified tax filing, and minimal legal requirements. 12. Why is it essential to make a profit in business? A) To provide return to investors. B) To provide funds for future extension. C) To increases the reputation of a company. D) The possibilities of inadequate. Show Answer Correct Answer: A) To provide return to investors. 13. Name the document that specify the company relation with outside world. A) Consent of Proposed directors. B) Article of Association. C) Prospectus. D) Memorandum of Association. Show Answer Correct Answer: D) Memorandum of Association. 14. The cooperative society is compulsorily required to be registered under the Cooperative Societies Act, ..... A) 1912. B) 1956. C) 1932. D) 1965. Show Answer Correct Answer: A) 1912. 15. The best definition of a sole trader form of business organisation is: A) The business only employs one person. B) The business is owned by one person. C) The firm has a single customer. D) There is a single firm in the industry. Show Answer Correct Answer: B) The business is owned by one person. 16. What type of liability do partners in a Partnership have? A) Conditional liability. B) Limited liability. C) No liability. D) Unlimited liability. Show Answer Correct Answer: D) Unlimited liability. 17. Article of association includes A) The details of internal running of the business. B) The detailed personal database of the company's employees. C) General details of the company and its constitutions. D) The details of owner's personal assets and belongings. Show Answer Correct Answer: A) The details of internal running of the business. 18. Which of the following is an advantage of the corporation as a form of business ownership: A) Less complex requirements. B) Separate owners and managers. C) Limited liability. D) High Taxes. Show Answer Correct Answer: C) Limited liability. 19. Shareholders recieve a share of the profits a LTD makes called a A) Dividend. B) Bonus. C) Commission. D) Cash Prize. Show Answer Correct Answer: A) Dividend. 20. Most expensive to start A) Sole Proprietorship. B) Partnership. C) Corporation. D) None of the above. Show Answer Correct Answer: C) Corporation. 21. The best definition of a sole trader is a business that A) Only employs one person. B) Is owned by one person. C) Has a single customer. D) Is a single firm in the industry. Show Answer Correct Answer: B) Is owned by one person. 22. Registration of partnership is compulsory. ( True / False) A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: A) False. 23. In Sole Proprietorship business Control and ownership are separate for the owner A) True. B) False. C) Partially True. D) None of the above. Show Answer Correct Answer: A) True. 24. If the owners of a partnership take out a loan they responsible for the loan. A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 25. Which of the following statements about co-operative business organizations is true? A) All co-operatives are only concerned with retailing. B) Profits are shared equally amongst members. C) They are owned by shareholders. D) Workers have no say in decision-making. Show Answer Correct Answer: B) Profits are shared equally amongst members. ← PreviousNext →Related QuizzesClass 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 1Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 2Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 3Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 4Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 5Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 6Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 7Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 8Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 9Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books