Quiz 01
Introduction to Business (MGT 211)
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This is to inform that Quiz 01 will be opened on April 24 , 2024 and last date to attempt quiz will be April 26, 2024.
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Which of
the following is not the part of Partnership Deed?
Capital
contribution by each partner
----------
is the simplest form of business organization, which is owned and controlled by
one man
Sole
Proprietorship
All of the following
barriers exist due to economic differences in international trade except.
Different environment
1.
All of the following statements are true regarding partnership
except____________.
There is no partnership income tax; the individual
partners pay a personal income tax on their portion of partnership profits.
2.
The form of business organization that generally has the largest volume
is the __________.
Corporation
3.
Which of the following is NOT a secondary industry?
Genetic industry
4.
Which of the following is a primary industry?
Extractive industry and Genetic industry ….both
5.
Which of the following is a Secondary industry?
Constructive , manufacturing,
services industry…all options
6.
Which of the following is the partner who does not take part in the
management of the business but is known to the public. He is liable to the
creditors of the film?
Silent partner
7.
Which of the following is the partner who takes active part in the affairs of business and its management.He
contributes his share in the capital and is liable to pay the obligations of
the firm?
Active partner
8.
Which of the following is the partner who takes active part in the affairs of the business but is unknown to the public as a partner.
He is liable to the creditors of the firm?
Secret partner
9.
Which of the following is the
partner who only contributes is the capital but does not take part in the management of
the business. He is liable to pay the obligations of the firm?
Sleeping partner
10.
Which of the following is the
partner who invests a large portion of capital in the business.
He has a prominent position in the firm due to his experience, skill, energy,
age and other facts?
Senior partner
11.
Which of the following is the
partner in a firm can make an agreement with a stranger to share the profits earned by
him from the partnership business. He is not liable for any
debt and can not interface in the business matters?
Sub- partner
12.
Which of the following is a person who has a small investment in the firm and has a limited experience of business?
Junior partner
13.
Which of the following is
a person who is over 18 years of age. A
person is allowed to make contract when he has attained the age of majority?
Major Partner
14.
Which of the following is a
person who is minor cannot enter into a valid contract. However, he can become a
partner with the consent of all other partners.
He can share profits of a business but not the losses?
Minor Partner
15.
Which of the following is a
partner who neither contributes in capital nor does he take part in the management of
the business but allows his name to be used in the business is known as.
He is individually and jointly liable for the debts of the firm along with
other partners?
Nominal Partner
16.
Which of the following is
A partner whose life has expired is known as.
The share of capital and
profit of such partner is paid to his legal heirs in lump sum or in installment?
Deceased Partner
17.
Which of the following is a
A partner whose liabilities are limited to his share in business is called.
He
cannot take active part in the management of the firm?
Limited Partner
18.
Which of the following is a
A partner whose liabilities are unlimited is known as.
He and his personal
property both are liable to clear the debts of the firm?
Unlimited Partner
19.
Which of the following is a
A person who is newly admitted in the firm with the consent of all the partners.
He is not liable for any act of the firm performed before he became the
partner unless he agrees.
Incoming partner
20.
Which of the following is a
A partner who leaves the firm due to certain reasons is known as.
He is liable to pay all the obligations and debts of the firm incurred
before his retirement?
Retired Partner
21.
Which of the following is a
a partner is entitled to receive certain share of profits and is not held liable for losses is
known as .
He is not allowed to take part in the management of the
business?
Partner in profits only
22.
Which of the following is a
A person, who was the partner of a firm but has now retired from active participation in
business and has left his capital in the business as a loan, receiving interest on it, is known
as ?
Quasi Partner
23.
Which of the following is a A person who holds himself out as a partner of a firm, before a third party or allows other to
do so, though he is not a partner of that firm, is called.
He is not entitled to any right like other partners of the firm. He is not entitled to
any right like other partners of the firm. He is personally liable to the third party for the
credit given to the firm, on the faith of his representation.
Partner by Estoppel
24.
Which of the following is NOT the characteristic of a business?
Voluntarily contribution
25.
Which of the following is a characteristics of a business?
CAPITAL,
CREATION OF UTILITY, DEALING IN GOODS AND SERVICES, Employment, Islamic Process,
Motive, Organization, Productions or Purchase of goods, Regular transaction,
Risk and uncertainly, Sale or transfer for value, Social welfare ……. ALL
OPTIONS
26.
The difference in value between a country’s exports and imports is called
Balance of trade
27.
Those countries where people are earning US $9000 or more.
High income countries
28.
Those countries where people are earning between US $765 and $9000
Middle income countries
29.
Those countries where people are earning below US $765.
Lower income countries
30.
The country becomes a ________ when the value of imports exceeds than
value of exports in the balance of trade.
Creditor
31.
Which of the following is not an example of non-profit making
organization?
Partnership
32.
____________ meeting must be held at least one in three months and at
least four times in a year.
Director meeting
33.
On which of the following dates companies ordinance came into force?
January 1, 1985
34.
Statutory meeting is held by which
of the following companies?
All options
35.
Environmental forces that are controllable are called?
Internal forces
36.
Statutory report must be send to the shareholder before meeting that is
certified by at least;
3 directors of CEO
37.
A major disadvantage of the corporate form of organization is the
__________-.
Double taxation of dividends
38.
The activity directed towards producing wealth through buying and selling
goods is termed as ?
Business
39.
‘One man one vote’ principle is applied in _________.
Co-operative society
40.
First directors are usually named in the _______.
Articles of Association
41.
The rules and regulations of a co-operative society are formed in
its_________.
Co-operative rules
42.
Annual General Meeting of the company that held.
Once in a year
43.
The person who takes the major risks of a business by committing equity
and time is known as
Partner
44.
In which type of business, Government gives the financial assistance?
Joint stock company
45.
In which stage of the company formation, MOA and AOA are submitted in the
registrar’s office?
Incorporation stage
46.
Which of the following factor(S) contribute to success of new business.
All options
47.
Social welfare is one of the objectives of:
Public limited company
48.
Which of the following business form has the shortest life span?
Sole- partnership
49.
The activities that are undertaken for personal satisfaction and not to
earn profit or income are known as_________.
Economics activities
50.
Business benefits the people by providing them.
Large number of services
51.
Which of the following can be the strength of an organization?
Presence of few competitors
52.
In which of the following
industry, raw material is converted into finished or semi finished goods
Manufacturing
53.
WTO was established in _______
January 1995
54.
Franchiser gets a large amount of
money from franchisee as ______ while using its name.
Fee
55.
All of the following form of business has high failure rate EXCEPT.
Corporate societies
56.
Which of the following is included in economic factors?
Exchange rate
57.
First meeting of the members of public limited company is known
as__________
Statutory meeting
58.
Which industry is concerned with the extraction and production of raw
materials?
Primary industry
59.
Which industry use raw materials and make useful goods?
Secondary industry
60.
The liability of a sole trader is.
Unlimited
61.
A major advantage of the corporate form of organization is ________
Reduction of double taxation
62.
A period of business cycle that is characterized by high employment rate
may be the period of;
Expansion
63.
It is difficult to transfer the rights of ownership in?
Sole proprietorship
64.
Which of the following is not the adjective of the directors meeting?
To recommend dividend
65.
The law relating to joint stock companies has been laid in company’s
ordinance?
1984
66.
First directors are usually named in the ____________.
Articles of association
67.
The law relating to joint stock company has been laid in companies
ordinance, 1984 which came into force on _________ in Pakistan.
Januray 1985
68.
In which stage of the company formation, MOA and AOA are submitted in the
register’s office
Incorporation stage
69.
The registration of a joint stock company is;
Compulsory
70.
A major disadvantage of the corporate form of organization is the
_________.
Double taxation of dividends
71.
Which of the following statement is false.
Joint Venture do not provide
opportunities to acquire new experitise
72.
The relationship between persons who have agreed to share the profits of
a business carried on by all or any one of them acting for all is called
_________
Partnership
73.
In which economy, the government decides that how many resources have to
bee generated and how the resources should be allocated?
Planned economy
74.
Economist and policy makers are interested in Demographics attributes to
determine the ;
Demand patterns
75.
Which document contains the objective of the business and the ways to
achieve those objectives?
Business plan
76.
_____________is the simplest form of business organization, which is
owned and controlled by one man
SOLE PROPRIETORSHIP
77.
Two or more organization combine together and form a new organization.
Merger
78.
The word ‘limited’ at the end of the company name means;
Shareholders has limited
liability
79.
Which entity supervises the work of all cooperative societies?
Cooperative department of
provincial government
80.
Barriers to international trade include;
All options
81.
_________________- generally has unlimited liability
The owner of a sole
proprietorship
82.
Investment, revenue, expenses and net profit is discussed in _______ of
business plan?
Financial part
83.
A document that contains rules and regulations of the company.
All options
84.
The buying and selling of goods by
way of electronic media, such as telephone is called;
E-commerce
85.
Which of the following can be the situation of wound up of a company?
All options
86.
The list annual general meeting should be held with the _________ of
incorporation of a company.
16 month
87.
The sale of products and services via internet is fall under the;
E-commerce
88.
Which of the following is required the certificate of commencement?
A public limited company
89.
The activities that are undertaken for personal satisfaction and not to
earn profit or income are known as________
Non ecnomiecs activites
90.
Which of the document contains the objectives of the business and the
ways to achieve those objectives?
Business plan
91.
Auditors are generally appointed and their remuneration, fixed at the
________
All options
92.
A _____________ imposes limits on the quantity of a good that can be
imported over a period of time.
Tariff
93.
Which of the following is a new trend in which two or more organization
combine together and form a new organization?
Merger
94.
If the value of exports exceeds than value of imports the balance of
trade is said to be favorable or a.
Trade barrier
95.
Which mode of the business is formed when several business concern
undertaking units are combined to carry on the business together fro achieving the
economic benefits?
Combination
96.
All of the following best describes the practice of corporate social
responsibility, EXCEPT;
Interaction with government
97.
Compared to licensing, franchising is a more advantageous entry mode
because;
All options
98.
Which of the following business type can avail some concessions from the
government?
Cooperative society
99.
The first stage in Evolution of business is;
Entrepreneurship
100.
A sole proprietorship business may
have;
All options
101.
Which of the following business type can avail some concessions from the
government?
Cooperative society
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