Partnership - Assessment

1.

Multiple Choice

20 sec

1 pt

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.

True

False

Partly true

None of the above

2.

Multiple Choice

20 sec

1 pt

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

Active

Sleeping

Secret

Nominal

3.

Multiple Choice

20 sec

1 pt

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.

Partnership at will

Particular partnership

Limited partnership

Unlimited partnership

4.

Multiple Choice

20 sec

1 pt

It is optional for a partnership firm to get registered

True

False

Partly true

None of the above

5.

Fill in the Blank

20 sec

1 pt

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

6.

Fill in the Blank

20 sec

1 pt

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

7.

Fill in the Blank

20 sec

1 pt

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

8.

Multiple Select

20 sec

1 pt

Tick all the types of partners in India

Active

Dormant

Still

Sleeping

9.

Multiple Choice

30 sec

1 pt

Partnership deed does not include the following

Name of the partners

Capital contributed by each partner

Method of resolving dispute

Rules for who can be admitted as a partner

10.

Multiple Choice

20 sec

1 pt

Who among the following partners does not contribute capital

Active

Sleeping

Secret

Partner by Estoppel

11.

Multiple Select

20 sec

1 pt

Which are the partners who share profits and losses

Active partner

Sleeping partner

Secret partner

Partner by estoppel

12.

Fill in the Blank

30 sec

1 pt

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

13.

Fill in the Blank

30 sec

1 pt

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

14.

Multiple Select

30 sec

1 pt

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

Retirement

Death

Lunacy

Insolvency

15.

Multiple Choice

20 sec

1 pt

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

False

True

Maybe

None of the above

16.

Multiple Choice

20 sec

1 pt

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

case of Limited Liability Partnership.

True

False

None of the above

17.

Multiple Choice

20 sec

1 pt

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

Sharing of risks

Secrecy

More funds

Easy formation

18.

Multiple Choice

20 sec

1 pt

Decision is taken in partnership firm

Individually

By the partner who has invested more money

By anyone

Mutually

19.

Multiple Choice

20 sec

1 pt

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

Yes

No

Maybe

None of the above

20.

Fill in the Blank

10 sec

1 pt

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

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