This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 2 Forms Of Business Organisation – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 5 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Meaning of Unlimited liability is A) Unlimited resources may be use. B) Unlimited payment is to be done. C) Personal property of proprietor will be use to pay business debt. D) Unlimited time for business. Show Answer Correct Answer: C) Personal property of proprietor will be use to pay business debt. 2. Liability of members in HUF is A) Limited. B) Unlimited. C) Not specified. D) None of the above. Show Answer Correct Answer: A) Limited. 3. Sole proprietor bears profit and loss individually. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 4. Which partner allows the use of his goodwill to benefit the firm and can be represented as a partner? A) Nominal partner. B) Secret partner. C) Active partner. D) Sleeping partner. Show Answer Correct Answer: A) Nominal partner. 5. Promoter is one who A) Arrange the resources for business. B) Get approval for name. C) Conceive business idea. D) All of above. Show Answer Correct Answer: D) All of above. 6. Profit do not have to be shared. This statement refers to: A) Partnership. B) Joint hindu family business. C) Sole Proprietorship. D) Company. Show Answer Correct Answer: C) Sole Proprietorship. 7. Business does not enjoy perceptual succession A) Partnership. B) Company. C) Cooperative society. D) None of the above. Show Answer Correct Answer: A) Partnership. 8. They have a separate legal identity to their owners. A) Incorporated businesses. B) Unincorporated businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Incorporated businesses. 9. If people join hands for the purpose of some charitable activity, it will not be termed as Partnership. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. The documents for registration of a company were filed on 21st March, 2021. The Certificate of Incorporation was issued on 28th March, 2021. But the date mentioned on the Certificate of Incorporation was 27th March, 2021. From which date will the company be considered to be in existence and the contracts signed will be considered valid. A) 21st March, 2021. B) 28th March, 2021. C) 27th March, 2021. D) None of these. Show Answer Correct Answer: C) 27th March, 2021. 11. The eldest person of the HUF is known as Coparcener. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 12. In which of the following forms there exists no sharing of profit or loss? A) Partnership. B) Joint stock Company. C) Hindu Undivided Family. D) Sole Proprietorship. Show Answer Correct Answer: D) Sole Proprietorship. 13. What is a characteristic of a Private Company? A) Unlimited liability. B) Limited number of shareholders. C) Shares are publicly traded. D) No legal entity. Show Answer Correct Answer: B) Limited number of shareholders. 14. Allows a business to operated under the name of an already existing brand. A) A partnership. B) A franchise. C) A sole trader. D) Private limited company. Show Answer Correct Answer: B) A franchise. 15. 'A company will remain even if all its members die." Which feature of the company does this statement signify: A) Perpetual Existence. B) Professional Management. C) Limited Liability. D) Transfer of Interest. Show Answer Correct Answer: A) Perpetual Existence. 16. All of the following partners do not contribute capital to the firm but bear an unlimited liability towards the third party, except: A) Nominal partners. B) Partner by estoppel. C) Secret partner. D) Partner by holding out. Show Answer Correct Answer: C) Secret partner. 17. State True or False:Personal satisfaction is a character of Non-Economic activity A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 18. A sole trading concern ensures ..... business secrecy. A) Maximum. B) Minimum. C) Limited. D) Certain. Show Answer Correct Answer: A) Maximum. 19. All decisions of a HUF are made by A) All members. B) Karta. C) Karta and all senior co parceners. D) By all co parceners. Show Answer Correct Answer: B) Karta. 20. A portion of a company's earnings distributed to its shareholders. A) Profit. B) Dividend. C) Income. D) Earning. Show Answer Correct Answer: B) Dividend. 21. Name the occupation in which people work for others and get remunerated in return A) Business. B) Profession. C) Employment. D) None of the above. Show Answer Correct Answer: C) Employment. 22. One of the advantages to a business of selling a franchise licence to franchisees is that: A) The business can expand more quickly. B) The franchisor owns all of the shops. C) The businesses buying the franchises are certain to be successful. D) The products sold in each shop will be different. Show Answer Correct Answer: A) The business can expand more quickly. 23. MUDRA Loan is provided up to A) 10 lakh (1 million) Indian Rupees. B) 20 lakh (2 million) Indian Rupees. C) 15 lakh (1.5 million) Indian Rupees. D) 5 lakh (500, 000) Indian Rupees. Show Answer Correct Answer: A) 10 lakh (1 million) Indian Rupees. 24. The existence of ..... partner is not known to public. A) Active. B) Dormant. C) Secret. D) None of these. Show Answer Correct Answer: C) Secret. 25. A ..... is a business in the public sector that is owned and controlled by the state. A) Private limited company. B) Public limited company. C) Sole trade. D) Public corporation. Show Answer Correct Answer: D) Public corporation. ← 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 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 10Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books