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

(b) transferable

(c) countable