Business

Services
1. Which of the following is not a function of
insurance?

(a) Risk sharing

(b) Assist in capital formation
(c) Lending of funds
(d) None of the above
2.Which of the following is a tangible product?

a) Insurance

b) Tourism
c) Car

d) Banking
What is the minimum number of members required to form a
partnership?

a) One

b) Two
c) Three

d) Four
Which form of business organization is governed by The Indian
Partnership Act of 1932?

a) Joint Hindu family business

b) Partnership
c) Sole proprietorship

d) Cooperative society
What is the primary difference between a joint Hindu family
business and a partnership?

a) Membership eligibility

b) Liability of the members

c) Continuity of the business

d) Management structure
Which form of business organization is considered a separate legal
entity from its owners?

a) Sole proprietorship

b) Joint Hindu family business

c) Partnership

d) Joint stock company

Which form of business organization is owned and managed by the
members of an undivided Hindu family?

a) Joint Hindu family business

b) Partnership
c) Sole proprietorship

d) Cooperative society
In a partnership, how are profits and losses typically shared among
partners?

a) Equally among all partners

b) Based on the amount of capital contributed

c) According to the decision of the managing partner

d) According to the agreed ratio in partnership deed

What is the primary advantage of a cooperative society?

a) Unlimited liability of the members

b) Limited liability of the members

c) Sole ownership by a single individual

d) Absence of government regulations

What is the primary difference between a private company and a
public company?

a) More shareholders in private companies

b) Private companies are privately owned

c) Private companies can't invite public share

d) Public companies have limited liability

What is the main characteristic that distinguishes a joint Hindu
family business from other forms of organization?

a) Ancestral property ownership

b) Limited liability of members

c) Elected managing committee

d) Unlimited liability of members

In which form of business organization do all partners have
unlimited liability?

a) Sole proprietorship

b) Cooperative society
c) Partnership

d) Joint stock company

Which type of partnership is formed to perform a particular task
over a specific period?

a) General partnership

b) Limited partnership
c) Particular partnership

d) Nominal partnership
What is the primary objective of a cooperative society?

a) Maximizing profits

b) Serving the interests of its members

c) Competing with other businesses

d) Expanding its market share

What is the legal document that outlines the terms and conditions of
a partnership?

a) Memorandum of Association

b) Articles of Association
c) Partnership Deed

d) Prospectus
Which form of business organization requires registration with the
Registrar of Firms?

a) Sole proprietorship

b) Joint Hindu family business

c) Partnership

d) Cooperative society
In a joint stock company, who manages the business affairs?

a) Board of Directors

b) Managing Committee
c) Sole proprietor

d) Karta
What is the main disadvantage of a joint stock company in terms of
decision-making?

a) Limited liability of shareholders

b) Lengthy legal procedures for formation

c) Limited availability of finance

d) Delay in decision-making due to hierarchies

Which type of partnership depends on the partners until they are
willing to continue?

a) Limited partnership

b) Particular partnership
c) Partnership at will

d) General partnership
What is the primary reason behind choosing a sole proprietorship or
partnership for small-scale operations?

a) Limited liability

b) Large capital requirement

c) Ease of formation

d) Perpetual succession
Who is the owner of Tata Group, one of the largest conglomerates
in India?

a) Ratan Tata
b) Mukesh Ambani

c) Kumar Mangalam Birla

d) Gautam Adani
What kind of business organization is Amul, known for its dairy
products?

a) Joint stock company

b) Partnership

c) Cooperative society

d) Sole proprietorship
Mahindra Renault Limited, an erstwhile joint venture in the Indian
automotive industry, was a collaboration between?

a) Mahindra & Mahindra and Suzuki

b) Renault and Tata Motors

c) Mahindra & Mahindra and Renault

d) Hyundai and Mahindra & Mahindra

Lulu Group International, a multinational conglomerate based in the
United Arab Emirates (UAE), primarily operates as a?

a) Sole proprietorship

b) Partnership

c) Joint stock company

d) Cooperative society
Which Indian state is known as the "Steel City of India" due to its
significant presence in the steel industry?

a) Maharashtra

b) West Bengal

c) Jharkhand
d) Odisha
Which company, founded by Elon Musk, aims to revolutionize
space exploration and reduce the cost of space travel?

a) Tesla

b) SpaceX
c) SolarCity

d) Neuralink
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