Partnership
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Preview (20 questions)Show answers
  • Question 1
    20 seconds
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    Q.

    Partnership is the relation which subsists between persons who have agreed to combine their property,

    labour or skill in some business and to share the profits there from between them.

    answer choices

    True

    False

    Partly true

    None of the above

  • Question 2
    20 seconds
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    Q.

    A ...........partner is one whose association with the firm is unknown to the general public.

    answer choices

    Active

    Sleeping

    Secret

    Nominal

  • Question 3
    20 seconds
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    Q.

    It can continue as long as the partners want and is terminated when any partner gives a notice of

    withdrawal from partnership to the firm.

    answer choices

    Partnership at will

    Particular partnership

    Limited partnership

    Unlimited partnership

  • Question 4
    20 seconds
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    Q.

    It is optional for a partnership firm to get registered

    answer choices

    True

    False

    Partly true

    None of the above

  • Question 5
    20 seconds
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    Q.

    Partnership firms in India are governed under the Partnership Act.............

    answer
    1932
  • Question 6
    20 seconds
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    Q.

    As per Rule 10 of the Companies Act, what is the number of maximum partners in a firm?

    answer
    50
    alternatives
    fifty
  • Question 7
    20 seconds
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    Q.

    Minors can be admitted to share only ...........of the firm

    answer
    profit
  • Question 8
    20 seconds
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    Q.

    Tick all the types of partners in India

    answer choices

    Active

    Dormant

    Still

    Sleeping

  • Question 9
    30 seconds
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    Q.

    Partnership deed does not include the following

    answer choices

    Name of the partners

    Capital contributed by each partner

    Method of resolving dispute

    Rules for who can be admitted as a partner

  • Question 10
    20 seconds
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    Q.

    Who among the following partners does not contribute capital

    answer choices

    Active

    Sleeping

    Secret

    Partner by Estoppel

  • Question 11
    20 seconds
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    Q.

    Which are the partners who share profits and losses

    answer choices

    Active partner

    Sleeping partner

    Secret partner

    Partner by estoppel

  • Question 12
    30 seconds
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    Q.

    Two construction firms joined together to complete building a flyover in Noida. What type of partnership have they formed?

    answer
    particular partnership
    alternatives
    particular
  • Question 13
    30 seconds
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    Q.

    ...................... partnership in India has been granted after introduction of New Small Enterprise Policy in 1991

    answer
    Limited liability
    alternatives
    Limited
  • Question 14
    30 seconds
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    Q.

    Tick the situations in which a partnership firm comes to an end

    answer choices

    Retirement

    Death

    Lunacy

    Insolvency

  • Question 15
    20 seconds
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    Q.

    The existence of the limited liability partnership firm gets affected with the entry or exit of a partner

    answer choices

    False

    True

    Maybe

    None of the above

  • Question 16
    20 seconds
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    Q.

    Liability of partners is unlimited in case of general partnership whereas it is limited in

    case of Limited Liability Partnership.

    answer choices

    True

    False

    None of the above

  • Question 17
    20 seconds
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    Q.

    Partnership firm is not legally required to publish its accounts and submit its reports. Which merit does this imply?

    answer choices

    Sharing of risks

    Secrecy

    More funds

    Easy formation

  • Question 18
    20 seconds
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    Q.

    Decision is taken in partnership firm

    answer choices

    Individually

    By the partner who has invested more money

    By anyone

    Mutually

  • Question 19
    20 seconds
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    Q.

    Seema and Beena partnered together to provide food and clothing to the needy by collecting it from the neighbourhood. Can this be called a partnership firm

    answer choices

    Yes

    No

    Maybe

    None of the above

  • Question 20
    10 seconds
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    Q.

    Minor has to give a public notice of his decision within ....... months of attaining majority

    answer
    Six
    alternatives
    6
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