T.Y B.COM
SEMESTER - 6
BUSINESS LAW - II
MCQS
1. After retirement from firm, which of the following partners is not liable by holding out, even if the public notice of retirement is not given?
(a) Active partner
(b) Sleeping partner
(c) Representative of Deceased Partner
(d) both (b) & (c)
2. Which of the following statements is not true about minor's position as a partner?
(a) He can not become a full-fledged partner in a new firm.
(b) He can become a full-fledged partner in an existing firm.
(c) He can be admitted only to the benefits of any existing firm.
(d) He can become partner on becoming a major.
3. The reconstitution of the firm takes place in case
(a) Retirement of a partner
(b) Admission of a partner
(c) Expulsion or death of a partner
(d) All of the above
4. A new partner can be admitted in the firm with the consent of:
(a) Simple majority of partners
(b) All the partners
(c) New Partner only
(d) Special majority of partners
5. A partner may retire from an existing firm
(a) as per express agreement
(b) with consent of all partners
(c) by written notice in partnership at will
(d) all of the above
6. A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised.
(a) By majority of partners
(b) As given by express contact
(c) In absolute good faith
(d) All of the above
7. A partnership firm is compulsorily dissolved where
(a) Firm's business has become unlawful
(b) All partners haye become insolvent
(c) The fixed term has expired
(d) In cases (a) & (b) only
8. On which of the following grounds, a partner may apply to the court for dissolution of the firm?
(a) Misconduct of a partner
(b) Insanity of a partner
(c) Perpetual losses in business
(d) All of the above
9. Suppose you have entered into a partnership agreement with me and the partnership deed provides neither for the duration nor for the determination of our partnership. What is the technical expression for this kind of partnership?
(a) Partnership at Will
(b) Partnership for a fixed period
(c) Any of these
(d) Particular Partnership
10. A partnership at will is on
(1) Duration not fixed
(2) Duration fixed
(3) Dissolved at any time
(4) Can be dissolved only on the happening of an event.
(a) 2 & 3
(b) 3 & 4
(c) 1 & 3
(d) 1 & 2
11. The position of a minor in a partnership firm is to be determined taking into account
(1) The Indian Contact Act, 1872
(2) The Indian Partnership Act
(3) Minor's Agreement
(4) The Majority Act
(a) 1 & 2
(b) 2 & 3
(c) 3 & 4
(d) 1 & 4
12. Which of the following statement is not true about minor 's position as a partner.
(1) He can not become a full fledged Partner in a new firm.
(2) He can become a full fledged partner in an existing firm.
(3) He has to bear all liabilities like other partners.
(4) He can become a partner on becoming a major
(a) 1 & 2
(b) 2 & 3
(c) 3 & 4
(d) 1 & 4
13. Which of the following is not an essential feature of partnership?
(1) Agreement
(2) Registration
(3) Test of Mutual Agency
(4) Separate Legal Entity
(a) 1 & 2
(b) 2 & 3
(c) 3 & 4
(d) 1& 4
(14) X agrees with Y to carry passengers by taxi from Delhi to Gurgaon on the following terms, namely, Y is to pay Rs. 100 per mile per annum, and X and Y are to share the costs of repairing and replacement of the cars, and to divide equally between them the proceeds or fares received from passengers. Choose the correct alternative.
(a) X and Y are partners
(b) X and Y are can owners
(c) X and Y are co-owners
(d) None of the above
15. X and Y purchase 10,000 bags of cement, which they agree to sell for their joint account. The relation between X and Y is:
(a) X and Y are partners
(b) X and Y are only joint owners
(c) X and Y are co-ventures
(d) None of the above
16. X agrees with Y who is goldsmith to buy and furnish gold to Y, to be worked up by him and sold, and that they shall share in the resulting profit or loss. The contract between X and Y is that of
(a) Partnership
(b) Association of goldsmith
(c) Contract for labor work
(d) Contract of Sale
17. X and Y agree to work to get her as carpenters but X shall receive all profit and shall pay wages to Y. The relation between X and Y is that
(a) Partners
(b) Carpenters
(c) Laborer's
(d) Master - Servant
18. Match the following
|
(i) Firm is bound by all acts of partner done within the scope. |
(a) Partnership at will |
|
(ii) No duration for partnership. |
(b) Particular Partnership |
|
(iii) Duration for a period |
(c) Sub-partner |
|
(iv) Share of profits by an outsider |
(d) Implied Authority |
Ans : (i) - (d), (ii) - (a), (iii) - (b), (iv) - (c)
19. Match the following
|
(i) Partnership |
(a) Arises by operation of law |
|
(ii) Co-ownership |
(b) Comes into existence only after registration |
|
(iii) Hindu Undivided Family |
(c) Can arise by agreement or otherwise |
|
(iv) Company |
(d) Arise by way of agreement only |
Ans : (i) - (d), (ii) - (c), (iii) - (a), (iv) - (b)
20. Match the following
|
(i) Partnership business carried on by all or by any one of them
acting for all |
(a) Evidence of Partnership |
|
(ii) Sharing of Profits |
(b) Not necessary |
|
(iii) Registration of Partnership |
(c) Does not arise form operation of law |
|
(iv) Contact of Partnership |
(d) Test of partnership |
Ans : (i) - (d), (ii) - (a), (iii) - (b), (iv) - (c)
21. Match the following
|
(i) Full fledged Partner |
(a) Does not disclose his name |
|
(ii) Sleeping Partner |
(b) Known to outside World |
|
(iii) Partner by holding out |
(c) Minor |
|
(iv) Partner to benefits of partnership |
(d) Active Partner |
Ans : (i) - (d), (ii) - (a), (iii) - (b) (iv) - (c)
22. The most important element in partnership is
(a) Business,
(b) Sharing of Profits
(c) Business to be carried on by all or any of them acting for all
(d) Agreement
23. The maximum number of partners is mentioned in
(a) The Partnership Act,
(b) The General Clauses Act
(c) The Companies Act
(d) The Societies Registration Act
24. A firm is the name of
(a) The Partners
(b) The minors in the firm
(c) The business under which the firm carries on business.
(d) The collective name under which it carries on business.
25. In the absence of agreement to the contrary all partners are
(a) Not entitled to share profits
(b) Entitled to share in capital ratio
(c) Entitled to share in proportion to their ages
(d) Entitled to share profits equally
26. A minor is:
(a) A partner of a firm
(b) Representative. Of the firm
(c) Entitled to carry on the business of the firm
(d) Entitled to the benefits of the firm
27. A partnership at will is one:
(a) Which does not have any deed.
(b) Which does not have any partner.
(c) Which does not provide for how long the business will continue
(d) Which can not be dissolved.
28. Active partner is one who:
(a) Takes part in the business of the firm.
(b) Actively participates in co-curricular activities.
(c) Actively shares the profits.
(d) Makes a show of authority.
29. Every partners has the right to:
(a) Take part in the business of the firm
(b) To share exclusive profits.
(c) To use the property of the firm for personal purposes.
(d) Pay tax
30. Each of the partner is
(a) Principals as well agents
(b) Only Agents of the firm
(c) Only Representatives of the firm
(d) Only Co-partners of the firm.
31. A partner can retire on __________
(a) Reaching the age of superannuation
(b) On the balance in the capital accounting reaching a certain amount
(c) In accordance with the Partnership Deed
(d) On the condition of the nominee becoming a partner
32. A partner can be expelled if __________
(a) Such expulsion is in good faith
(b) The majority of the partner agree on such expulsion
(c) The expelled partner is given an opportunity to start a business competing with that of the firm
(d) Compensation is paid
33. Death of partner has the effect of ___________
(a) Dissolving the firm
(b) Result in continuance of the business of the firm
(c) His heirs joining he firm.
(d) Computation of profits up to the date of death.
34. Registration of a firm is ________
(a) Compulsory
(b) Optional
(c) Occasional
(d) None of the above
35. An unregistered firm can not claim ___________
(a) Set off
(b) Set on
(c) Set on and set off
(d) None of the above
36. On dissolution the partners remain liable until
(a) Partners dues are paid off
(b) The registrar strikes off the name
(c) Accounts are settled
(d) Public notice is given
37. Which of the following statements, about the registration of firm is not true:
(a) It must be done at the time of its formation.
(b) It may be done at the time of formation.
(c) It may be done before filing a suit against third party.
(d) It may be done at any time after its formation.
38. As per the accepted view, the registration of the firm is considered complete when
(a) Complete application for registration is filed with the Registrar.
(b) Registrar files the statement and makes entries in the Register of firms.
(c) Registrar gives notice of registration to all partners.
(d) Court records the statement and certifies the entries in register of firms.
39. Which of the following is not disability of an unregistered firm ?
(a) It can not file a suit against third parties.
(b) Its partners can not file a suit against a firm.
(c) It can not claim a set off exceeding of Rs.100
(d) It can not be sued by a third party.
40. Which of the following is not the right of a partner i.e. which he can not claim as a matter of right?
(a) Right to have access to account books
(b) Right to take part in business
(c) Right to receive remuneration
(d) Right to share profits
(41) Which of the following acts are not included in the implied authority of a partner?
(a) To buy or sell goods on accounts of partners
(b) To borrow money for the purposes of the firm
(c) To enter into partnership on behalf of firm
(d) To engage a lawyer to defend actions against firm
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