Forms of Business organization – Test 1

Which of the following can be treated as characteristics of business organisation?

Which of the following can be treated as characteristics of business organisation?

Every business enterprise must undertake such business which is …..

Every business undertakings is …. entry.

Every business has its own –

Every business undertaking is engaged in the production and/or distribution of ….. in exchange of money.

Business undertakings are always exposed to ……

A business started by only one person is called-

The business started by a group of person can be …..

A business enterprise may be organized on the basis of …. liability.

…. is essential for any business concern.

Characteristics of sole proprietorship form of business is/are-
(1) Single owner
(2) Unlimited liability
(3) Control by partner
(4) No sharing of profit and loss

Which of the following form of business is the most simple and common in our country?

Statement A: Easy to form is advantage of sole proprietorship form of business.
Statement B: Easy to wind-up is advantage of sole proprietorship form of business.

In case of sole proprietorship there is a …. between ….

Sole proprietorship form is most suitable:………

Sole proprietorship form is most suitable …..

Sole proprietorship form is not suitable –

….. business is a form of business organization found only in India.

In HUF form of business all the members of hindu undivided family own the business …..

The affairs of business are managed by the head of the family, who is known as the –

In Hindu Undivided Family business by virtue of their being part of the family.

Member in HuF other than KARTA are called as-

statement X:
Karta is the custodian of the income and assets of the HUF
statement Y:
An adopted son who is the eldest in the family can be qualified to be Karta of HUF.

The Hindu Undivided Family business is governed by……..