Question: In how many days the amount of minimum subscription must be received a) Within 120 days of the date of issue. b) Within 110 days of the date of issue. c) Within 10 weeks of the date of issue d) Within 3 weeks of the date of issue. Answer: Within 120 days of the date of issue. Question: A company cannot come into existence without a) Getting certificate of incorporation. b) Electing directors. c) Issuing prospectus. d) All of the options. Answer: Getting certificate of incorporation. Question: A prospectus is issued by a) A public company seeking investment, from public: b) A private company c) A public company. d) A public enterprise Answer: A public company seeking investment, from public. SoeQuestion: The maximum number of partners allowed in the banking business are a) Ten b) No limit c) Twenty d) Two. Answer: Ten Question: Provision of residential Accommodation tc the members at reasonable rates is the objective of: a) Housing Cooperative b) Producers Cooperative. c) Sleeping Partner. d) Credit Cooperative Answer: Housing Cooperative Question: A company cannot came into existence without a) Issuing prospectus b) Electing directors c) Certificate of incorporation d) All of the options. m2 i TA Answer: Issuing prospectusQuestion: Which of the following contract is signed by the promoters with the third party on behalf of the proposed company? a) Preliminary contracts b) Provisional contract c) Prospectus d) Memorandum of association Answer: Preliminary contracts Question: Which one of the following is the CORRECT sequence of stages in the formation of a company? a) Promotion, incorporation, capital subscription, commencement of business b) Incorporation, capital subscription, promotion , commencement of business c) Promotion, commencement of business, incorporation , capital subscription d) Promotion, Incorporation, Certificate of commencement, capital subscription Answer: Promotion, incorporation, capital subscriptio Oy commencement of businessQuestion: Which of the following statement is NOT true about a minor partner? a) He has to bear losses also b) He can inspect books of accounts c) He has an option to continue with a firm even after attaining majority d) He shares only profits. Answer: He has to bear losses also Question: A prospectus is issued by a) Public company b) Private company c) Statutory Corporation d) Departmental undertaking Answer: Public company Question: Application for approval of name of a company is to be made to which authority? a) Registrar of the company Ej b) SEBI c) Government of India d) State Government Answer: Registrar of the companywucoion: In a cooperative society, the principle followed is a) One man one vote b) Multiple votes by members c) One share one vote d) No voting rights to members Answer: One man one vote Question: The board of directors of a joint stock company are elected by a) Shareholders b) Employees c) General public d) Government Answer: Shareholders Question: Romi is a friend of Somi who is a partner in a software firm Simplex Solutions. On Somis request, Romi accompanies her to a business meeting with Mohan softwares and actively participates in the negotiation process for the business deal and give: the impression that she is also a partner in Simple Solutions. Which type of partner is Romi? a) Partner by estoppel b) Active Partner c) Partner by holding out d) Nominal Partner Anewar: Dartnar hv actnannalQuestion: Which of the following forms of business enterprises suffer from lack of public confidence because they are not required to publish its accounts legally? a) Partnership b) Cooperative Society c) Company d) None of the options Answer: Partnership Question: Every partner is both an agent and a principal. Identify the characteristic of partnership being referred here. a) Mutual Agency b) Risk Bearing c) Membership d) Formation Answer: Mutual Agency Question: Which of the following is the relation Fj between persons who have agreed to share the pr of the business carried on by all or any one of the acting for all.? ta a) Partnership b) Cooperative Society c) Joint Hindu family business d) Sole ProprietorshipQuestion: Which of the following is a specific form business organization where membership is by birt a) Hindu Undivided Family b) Sole Proprietorship c) Cooperative Societies d) Government Company Answer: Hindu Undivided Family Question: Which of the following systems allows b male and female members of the family to be coparceners? a) Mitakashara b) Mutual Agency c) Dayabhaga d) Particular Partnership Answer: Mitakashara Question: Which of the following business enterprises does not have a separate legal entity? | a) Sole Proprietorship | b) Partnership c) Company | d) Cooperative Society Answer: Sole ProprietorshipQuestion: What do you understand by the term unlimited liability? a) The personal assets of owner can be sold when the assets of the business are not enough to b) The personal assets of owner cannot be sold at all. c) The personal assets of owner can be sold, according to the wish of the creditors d) The personal assets of owner can be sold, only toa limited extent. Answer: The personal assets of owner can be sold when the assets of the business are not enough to Question: The members of which of the following business organizations do not have limited liability? a) Sole Proprietorship b) Joint Stock Company c) Cooperative Societies d) Government Company Answer: Sole Proprietorship Question: It is a form of business organization wile is owned, managed and controlled by an individual f who is the recipient of all profits and bearer of all risks. Identify the concept. a) Sole Proprietorship b) Cooperative Society c) Joint Hindu familv business\>ss organizations do not have limited liability? a) Sole Proprietorship b) Joint Stock Company c) Cooperative Societies d) Government Company Answer: Sole Proprietorship Question: It is a form of business organization which is owned, managed and controlled by an individual who is the recipient of all profits and bearer of all risks. Identify the concept. a) Sole Proprietorship b) Cooperative Society c) Joint Hindu family business d) Partnership Answer: Sole Proprietorship