This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 2 Forms Of Business Organisation – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 2 Forms Of Business Organisation Quiz 7 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The best definition of a sole trader form of business organization 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. 2. ..... are types of business that are owned and controlled by one person. A) Franchises. B) Sole traders. C) Partnerships. D) None of the above. Show Answer Correct Answer: B) Sole traders. 3. A Public Limited Company sells their shares on the ..... A) Grocery store. B) Share register. C) Share exchange. D) Stock market. Show Answer Correct Answer: D) Stock market. 4. A partnership set up for a specific project. A) Particular partnership. B) Partnership at will. C) All the above. D) None of the above. Show Answer Correct Answer: A) Particular partnership. 5. MoA stands for A) Management of association. B) Memorandum of articles. C) Management of articles. D) Memorandum of association. Show Answer Correct Answer: D) Memorandum of association. 6. What is an advantage of a franchise? A) Profits are shared with franchisees. B) The cost of supporting franchisees may be high. C) It is fast method of growth. D) Discounted PAYE tax rates for shareholders. Show Answer Correct Answer: C) It is fast method of growth. 7. What type of agreement is used to form a partnership business? A) Written agreement. B) Oral agreement. C) Written or oral agreement. D) None of them. Show Answer Correct Answer: C) Written or oral agreement. 8. What are the advantages of forming a partnership? A) Decreased decision-making power. B) Unlimited liability for all partners. C) Increased competition with other businesses. D) Shared decision-making and resources, shared risks and responsibilities. Show Answer Correct Answer: D) Shared decision-making and resources, shared risks and responsibilities. 9. Identify the type of cooperative society which aims in selling their products by performing various functions. A) Producer cooperative society. B) Selling cooperative society. C) Marketing cooperative society. D) Retailer cooperative society. Show Answer Correct Answer: C) Marketing cooperative society. 10. A type of business organisation where a person is individually responsible for capital, bearing risk and control of management is called ..... A) Joint stock company. B) Cooperative society. C) Sole proprietorship. D) Partnership. Show Answer Correct Answer: C) Sole proprietorship. 11. Which one is a limitation of companies A) Complexity in formation. B) Delay in decision making. C) Numerous regulations. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Whichlegalstructurewouldanindividualwishingtostart-upasmallbusinesschoose becauseitisquick, easyandinexpensivetosetup? A) Soleproprietorship. B) Partnership. C) Privately Held Corporation. D) Corporation. Show Answer Correct Answer: A) Soleproprietorship. 13. Producer's cooperative society is a society in which small farmers join together and pool their resources for cultivating their land collectively. A) True. B) False. C) Can't say. D) Partially true. Show Answer Correct Answer: B) False. 14. Name the type of cooperative society set up to provide easy credit on reasonable terms to the members. A) Producer cooperative. B) Credit cooperative. C) Housing cooperative. D) None of the above. Show Answer Correct Answer: B) Credit cooperative. 15. Name the partnership in which liability of one partner is limited and the liability of remaining partners unlimited. A) Partnership at will. B) General Partnership. C) Limited Liability Partnership. D) Particular Partnership. Show Answer Correct Answer: C) Limited Liability Partnership. 16. Which of the following is not in the contents of the partnership agreement A) The amount of capital invested in the business by both partner. B) The way in which the profits would be shared out. C) Number of family members and relatives the partners look after. D) How long the partnership would last. Show Answer Correct Answer: C) Number of family members and relatives the partners look after. 17. Partnership at will means ..... A) Partnership exists at the will of partners. B) Firm will continue as long as partners wants. C) Partnership is terminated when any partner gives notice of withdrawal. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. ..... partenr allows to use his / her name to be used in partnership firm as a partner. A) Secret. B) Nominal. C) Active. D) Holding out. Show Answer Correct Answer: B) Nominal. 19. Provision of residential accommodation to the members at reasonable rates is the objective of A) Consumers cooperative. B) Credit cooperative. C) Housing cooperative. D) Producers cooperative. Show Answer Correct Answer: C) Housing cooperative. 20. The cooperative society that is established to help small producers in selling their products. A) Producer's cooperative societies. B) Marketing cooperative societies. C) Consumer's cooperative society. D) Credit cooperative society. Show Answer Correct Answer: B) Marketing cooperative societies. 21. Which is TURE about Nominal Partner A) Contributes Capital. B) Actively participates in the management of firm. C) Unlimited Liability. D) Shares Profits or Losses. Show Answer Correct Answer: C) Unlimited Liability. 22. All of the following are types of feasibility study, except: A) Economic. B) Financial. C) Technical. D) Industrial. Show Answer Correct Answer: D) Industrial. 23. Application for the approval of name of a company is to be made to A) SEBI. B) Registrar of company. C) Government of India. D) Government of the state in which company is to be registered. Show Answer Correct Answer: B) Registrar of company. 24. The terms "industry" and "commerce" can be used interchangeably with "business." A) A. False. B) B. True. C) All the above. D) None of the above. Show Answer Correct Answer: A) A. False. 25. One of the advantages of a partnership is that A) All partners have limited liability. B) Shares can be sold on the Stock Exchange. C) The business can survive the death of the partners. D) The business has access to more capital than a sole trader. Show Answer Correct Answer: D) The business has access to more capital than a sole trader. ← 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 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