Business and Commercial knowledge Quiz-2 – Punjab Meritorious School Preparation Portal

Welcome to your Business and Commercial knowledge Quiz-2 CBT TEST

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Name

School Name with City

Phone Number

Which of the following statements describes the best Joint Hindu / Hindu Undivided Family (HUF) business?

It is a form of business particular to and recognized as such in India

Every family business is in fact a HUF Business

In HUF businesses, there is a family involvement in business

Either (a) or (c)

Maximum number of members in a Private Limited Company is:

200

500

Which of the following is incorrect?

Private company has minimum 2 and maximum 200 members

Public company has minimum 7 and maximum no limit

Private company shares are freely tradable on stock exchange

Companies Act 2013 provides that there may be constitution of One Person Company

There can be partnership between:

Natural persons

Artificial persons

Partnership firms

Any combination of natural and artificial persons

A partnership may be formed to carry on:

Any trade

Employment

Profession

Social enterprise

Find out the incorrect statement:

Sole proprietor is a business unit having unlimited liability

Limited liability partnership firm may be constituted

HUF business may be formed by a group of people who do not belong to family

Hindu includes Buddhist, Jain and Sikh families

In which form of business do the owners have obligations to pay off liabilities from personal wealth as well if the businesses money and assets are not enough?

Private Company

Public Company

HUF

LLP

HUF can comprise members of a:

Hindu & Sikh family

Jain family

Buddhist family

Muslim family

Which of the following is incorrect in reference to Partnership?

Contractual ownership of business

Liability of partner is limited to the extent of one's share capital

The contract is an agreement enforceable at law is called deed

Deed may be registered in India lender the Partnership Act 1932

The Indian Companies Act provides for the registration of:

Private Limited

Public company

One-person company

All of the above

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