MGT211 quiz 1 solution spring 2024

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Quiz 01

Introduction to Business  (MGT 211)

Dear Students,

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 

Looking to ace your MGT211 quiz 1 solution spring 2024? Dive into this comprehensive guide packed with expert insights and solutions to excel in your exam.

As you prepare for your MGT211 quiz 1 solution spring 2024, arming yourself with the right strategies and knowledge is key to success. This guide is designed to provide you with a detailed roadmap, covering essential topics and solutions to help you crack the quiz with confidence.

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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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