Bihar Board Class 12 (Commerce) Forms of Business Organisation — practice questions
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Practice Bihar Board Class 12 (Commerce) Forms of Business Organisation in the app →Which form of business is owned, managed and controlled by one individual?In the term sole proprietor, the word sole means what?What kind of liability does a sole proprietor have?Which of these is a merit of sole proprietorship?In the eyes of law, a sole trader and his business are treated as what?Why does a sole proprietorship generally remain small in size?Which event can bring a sole proprietorship to a close?Why does a sole trader have the maximum incentive to work hard?A sole trader is bound by law to publish the firm's accounts how often?Which form of business organisation is governed by Hindu Law?What is the head of a joint Hindu family business called?What happens to a Hindu family business when its karta dies?Why is the joint Hindu family business declining in India?Which Act governs partnership firms in India?What is the minimum number of partners needed to start a partnership firm?At present, what is the maximum number of members in a partnership firm under Rule 10 of the 2014 Rules?In a partnership, every partner is both what?Partners' liability for the debts of the firm is of what nature?A partnership comes into existence through what?Two people coming together only for charity do not form a partnership because what is essential?In what ratio are profits shared among partners?Why can a partnership raise more funds than a sole proprietorship?Which partner invests capital but takes no part in day to day activities?A partner whose association with the firm is unknown to the public is called what?Which partner only lends his name to the firm, without capital or profit share?A person wrongly represented as a partner should do what to avoid liability?A partnership at will is terminated when what happens?A firm formed to construct one building dissolves on completion. What is it called?Partnership firms with limited liability were permitted after the New Small Enterprise Policy of which year?In a general partnership, what is the liability of partners?What is the written agreement containing the terms of a partnership called?Why is a written partnership agreement advisable even though an oral one is valid?Which of these is normally included in a partnership deed?With which authority is a partnership firm registered?An unregistered partnership firm cannot do which of these?A cooperative society is formed with which motive?Membership of a cooperative society is of what nature?Cooperatives working within a single state are governed by which law?The liability of members of a cooperative society is limited to what?Who takes decisions in a cooperative society?Which motive dominates the working of a cooperative society?Why is it hard to maintain secrecy in a cooperative society?Which society buys goods in bulk from wholesalers to sell to its members?Which society supplies raw materials and equipment to small producers and buys their output?Which society pools members' output and handles transport, warehousing and packaging?Which society lets farmers jointly farm to gain from large scale cultivation?Which society protects members from lenders who charge high interest?Which society helps people with limited income to build homes at reasonable cost?The Khera District Milk Cooperative Union, known as Amul, began in which year?Why is a company called an artificial person?Which Act governs the company form of organisation in India?Who are the owners of a joint stock company?Which body is the chief managing body of a company, elected by shareholders?A company ceases to exist only after which process is completed?A shareholder holds 2,000 shares of Rs. 10 each, with Rs. 7 paid per share. What is the most he can be asked tA shareholder's liability in a company is limited to what?Free transfer of shares does not apply to which type of company?What is the minimum number of members needed to form a public company?Which words must a private company use after its name?Why does a private company not need to issue a prospectus?Which form of business is least expensive to set up?For a business needing a permanent structure, which form is more suitable?From an investor's viewpoint, which form is more suitable as its risk is limited?Ease of transferring ownership is greatest in which form, leaving out private companies?