Worksheet-1

Session: 2024-25
Class: XI
Subject: Business Studies
Ch-2. Forms of Business Organisation

OBJECTIVE TYPE QUESTION CARRYING ONE MARK

1. ................ is a type of business unit where a person is solely responsible for providing the 1
capital.
(a) Sole proprietorship (b) Joint Hindu family business
(c) Partnership (d) Cooperative societies
2. The relation between persons who have agreed to share the profit of the business carried 1
on by all or any one of them acting for all.
(a) Sole proprietorship (b) Joint Hindu family business
(c) Partnership (d) Cooperative societies
3. ...........partner is one whose association with the firm is unknown to the general public. 1
(a) Secret (b) Active
(c) Sleeping (d) Partner by estoppel
4. The cooperative society is compulsorily required to be registered under the Cooperative 1
Societies Act.........
(a) 1912 (b) 1956
(c) 1932 (d) 1965
5. The society aims to eliminate middlemen and improve competitive position of its
members by securing a favorable market for the products. 1
(a) Consumer’s cooperative societies (b) Producer’s cooperative societies
(c) Marketing cooperative societies (d) Farmer’s cooperative societies
SHORT ANSWER TYPE QUESTIONS THREE OR FOUR MARKS
6. Rani is a friend of Seema who is a partner in a software firm, Simplex Solutions. On 3
Seema’s request, Rani accompanies her to a business meeting with Mohan Softwares and
actively participates in the negotiation process for a business deal and gives the
impression that she is also a partner in Simplex Solutions. Three months’ credit is
extended to Simplex Solutions on the basis of these negotiations.
On the basis of the given information about Rani, answer the following questions:
(a) Will Rani be liable to the lender if Seema does not make payment to him by the
due date?
(b) Explain Rani’s role in the aforesaid situation.
7. Akshay is a shareholder in a company holding 2,000 shares of Rs.10 each on which he has 3
already paid Rs.7 per share. What will be his liability in the event of company’s failure to
pay debts? Give reason in support of your answer.
8. “All the members of a company sitting in a General Meeting were killed by a bomb.” 3
(a)Was the company wound up? Give reason.
(b)State any two merits (FEATURES) of a joint stock company other than mentioned in
point (a) .
9. Define Limited Liability Partnership. 3

10. What is meant by the term ‘Oligarchic Management’? 3

11. How can you identify an organisation form of a company whether it is limited company 3
or a private limited company on the basis of:?
 (a) Name (b) Members (c) Directors
LONG ANSWER TYPE QUESTIONS FIVE OR SIX MARKS
12. Dhruv, Sarthak and Dheeraj are three partners in a firm. The name of the firm is ‘Friends 6
Pustak Bhandar’. The latest books of almost all subjects remain available at the Pustak
Bhandar. All the three partners decided that 10% of the total profit of the firm would be
distributed among the poor children every year. This has a very positive effect on the
Goodwill of the firm. Dheeraj is renowned businessman who allowed the use of his name
by the firm but does not contribute capital. Sarthak had contributed capital to the firm
but does not participate in the management of the firm. Dhruv actively participates in the
management and does business on behalf of other partner.
Explain what types of partners Dhruv, Sarthak and Dheeraj are in ‘Friends Pustak
Bhandar’.
13. (a) In 2008, The government of India permitted corporate form of partnership business 6
that provides an alternative to the traditional partnership which exposes its partners
to unlimited personal liability. Name and state such corporate form of partnership
business.
(b) In which form of organisation is a trade agreement made by one owner binding on
the others? Give reasons to support your answer.
(c) State the com mon features between a cooperative society and a joint stock company.
14. Distinguish between a Partnership & Cooperative societies. 6

15. Distinguish between a sole Proprietorship business & Joint stock Company. 6