Principles of Commerce ICOM Part 01 Top 500 + MCQS Download Pdf Chapter No 04

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Principles of Commerce ICOM Part 01 Top 500 + MCQS Download Pdf
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Chapter # 04

Partnership


1 Partnership business is formed under the Partnership Act:

  1. 1982
  2. 1932
  3. 1932   
  4. 1930

2. Limited partnership is formed under Limited Partnership Ac :

  1. 1897
  2. 1901
  3. 1907
  4. 1908

3. The minimum number of partners in a partnership are:

  1. Four
  2. Two
  3. Six
  4. Ten

4 The maximum number of partners in banking business are:

  1. Ten
  2. Thirty
  3. Twenty
  4. Fifty

5. The liability of a partner in partnership is normally:

  1. Limited
  2.  Not at all
  3. Unlimited

6. The maximum number of partners in ordinary partnership:

  1. Ten     
  2. Thirty
  3. Twenty          
  4. Forty

7. The best form of a partnership deed is:

  1. Oral    
  2. Written & registered
  3. Written
  4. All of the above

8. At least how many partners should have a limited liability in a limited partnership:

  1. One    
  2. Three  
  3. Two
  4. Four

9. Partnership business as compared to sole tradership is:

  1. More flexible  
  2. Not flexible
  3. Less flexible

10. In the absence of agreement, what will be the interest rate on extra capital of a partner:

  1. 10%    
  2. 12%
  3. 6%
  4. 7%

11. If any partner is not in a position to compensate the business loss called

  1. Retired partner           
  2. Insolvent partner
  3. Active partner
  4. All of the above

12. The partnership formed for any special project is called:

  1. Limited partnership
  2. Particular partnership
  3. Partnership at will
  4. None of these

13. The first payment after dissolution of partnership is

  1. Partners for their debts
  2. Partners
  3. External creditors
  4. None of these