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- 1. Multiple Choice
What is a Sole Proprietorship?
Business owned by president
Business owned by several companies
Business owned by one person
Business owned by a company
- 2. Multiple Choice
A Sole proprietor concern is free from regulation by
Indian Contract Act
Government
Private Indian
Indian Law
- 3. Multiple Choice
The reason for the end of the sole proprietorship can be
Insolvency
Insanity
Death
All the above
- 4. Multiple Choice
Sole proprietorship business owner has
Restricted Liability
No Liability
Unlimited Liability
Limited Liability
- 5. Multiple Choice
A HUF is a business owned by
Any family
Any Indian family
A joint Hindu family
A Hindu individual
- 6. Multiple Choice
Inheritance of property is among
only nuclear family members
all members of the hindu community
all male members of a joint hindu family
all members of a hindu family
- 7. Multiple Choice
A HUF will end when
karta dies
when all members of the HUF decide to end it or there are no more male members left in the HUF
when any one co-parcener dies
when the liability of the HUF is beyond Rs. 1 crore
- 8. Multiple Choice
All decisions of a HUF are made by
all members
karta
karta and all senior co parceners
by all co parceners
- 9. Multiple Choice
Whose liability in a HUF is unlimited
co parceners
karta and co parceners
nobody
karta
- 10. Multiple Choice
Membership in a HUF is given by
contribution of capital
birth
agreement
choice
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