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MCQS # 8 1)If a partner is carrying out any other business of the same nature as of the partnership firm, then the profit earned by the other business accounts to a) other businessb) partnership firm particular partner d) none of the above
c)
2)Personal profits earned by partners are subject to _______ between partners a) contract
b) agreement
c) promise
d) equity
3)Any profit driven by a partner for himself in the name of the firm shall account to a)himself b) remaining partners c)partnership firm d) government 4)If a partner derives any profit for himself from any transaction of the firm, the profit accounts to that particular partner. a) true
b)false
5)The provision(s) regarding personal profits earned by partners(s) is/are stated in ______ section(s) of Partnership Act 1932. a) 16
b)32
c) 50
d) (a) and (c) e) (b) and (c)
6). Shares of companies are freely (a) Not transferable countable
(b) transferable
(c)
7) The law relating to registration of partnership firm is contained in sections _______. a) Section 56-71 b) Section 58-59 c) Section 69 d) Section 46-48 8) Registration of partnership is ______ .a) Compulsory by law b) Optional c) Obligatory by circumstances d) None of these 9) When a minor partner admitted to the benefits of partnership attains majority and a notice is given to the registrar whether or not he elects to become a partner, the registrar shall make a record of such notice in his register.Which registration it is________. a) Registration of minor partner b) Registration of Subsequent Alterations c) Voluntary Registration d) None of these 10). Which sections provide for the registration of various alterations which may occur during continuance of the firm______. a) Sec 69 b) Sec 46-48 c) Sec 58-59 d) Sec 60-68 11). Section 69 of the Partnership Act dealing with the effects of non-registration came into force on. a) October 1, 1933 b) October 10, 1932 c) October 10, 1933 d) November 1, 1932 12). Every chief inspector shall be a ____ servant. a) private
b) local c) province
d) none of all
13). No adult worker shall be allowed or required to work for more than ____ hours on any day. a) 5
b) 7 c) 8
d) 9
14). No adult worker shall be allowed or required to work for more than ____ hours any week. a) 40
b) 55 c) 45
d) 48
15). ____ factory means a factory which only work within a particular season. a) power
b) day c) seasonal d) relay
16). Occupier may not be ____ a) a lessee d) child
b) even a mere license holder c) an owner
17)Labour courts shall be for specified periods in the courts that should not be more than ____ years. a)2 years b) 10 years c) 5 years 18)If the conciliator fails,the conciliator shall try to persuade the parties to agree to refer the disputes to an, a)arbitrator b)conciliator c)employer 19)Proceeding before conciliator ,representatives to be nominated by disputing ____ and enterd into agreement. a)contarct b) agent c) parties 20)If the parties agree they shall make a joint request in ____ to refer to dispute to an arbitrator mutually agreed
. a)oral b)memorandum c)writing
21). The registration form must state: A) The firm's name B) The duration of the firm C) The capital invested by each partner in firm D) Both A and B E) Both A and C 2 2). The firm's name should not contain words like: A) Emperor, Empress B) King, Queen C) Imperial, Royal D) All of the above 22 3). Whenever any change in the constitution or nature of the firm takes place _________ should be informed accordingly: A) Registrar of firm B) Third parties C) Legal advisor D) Partners 24). The change in a partnership firm must be notified when: A) An alteration is made in the firm's name or in the principal place of business B) Branches are closed or open C) Number of employees hired in firm increases D) Both A and B E) Both A and C 25) Any act or omission by all the parties, by any partner or agent of the firm which gives rise to a right enforceable by or against a firm is known as: A) Registration of firm B) law of firm C) Act of firm D) None of the above 26)Noting is the authentic & official proof of presentment & dishonor of a (a) Negotiable instrument (b) financial instrument non-negotiable (d) none of these 27)
(c)
is a formal certificate of dishonor issued by the notary public to the holder of the bill or note, on his demand. (a) note (b) protest (c) compensation (d) none of these
28).
is (are) merely a record of dishonor on the instrument
itself. (a) protesting of these
(b) noting
(c) both a & b (d) none
29.)The advantage of protest is that the court on proof of the protest shall presume the fact of . (a) honour (b)claim (c) dishonor (d) none of these 30).The signature of the notary public is the content of . (a) protest (b) note (c) compensation (d) all of them 31)A bill of exchange is drawn by the (a)payee (b) drawee (c) drawer of these
. (d) none
32)When the acceptor of the bill finds it difficult to meet the obligation of the bill on maturity, he approach the drawer to the existing bill. (a)repay (b) renew (c) stop (d) none of these 33)After the renewal of the bill, the acceptor may have to pay interest to the for the extended period of credit. (a) drawer (b) payee (c) both a & b (d) none of these 34)The retiring of a bill draws a curtain on the bill transactions before the of its normal term. (a)beginning (b) expiry (c) renewal (d) none of these 35).To encourage the , the holder allows some discount called “Rebate on retired bills” for the period between date of retirement & maturity. (a) retirement of bill (b) renewal of bill (c) both a & b (d) none of these
36).Companies are prevailed by ‘Companies Act, 1956 while Partnership is prevailed by (a)Partnership act 1935 (b)partnership act 1932 (c) partnership act 1946 37). Companies are created by (a) Law
(b) contract
(c) agreemen1
38.) In company liabilities of its shareholder is (a) Un limited
(b) limited
(c) un countable
39). In partnership liabilities of its shareholder is (a) Un limited
(b) limited
(c) un countable
40). Shares of companies are freely (a) Not transferable