Question # 1

In the absence of agreement, a partner receives on extra capital:

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Interest

No interset

More share in profit

Salary

Partnership business as compared to sole tradership

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More flexible

Less flexible

Not flexible

May be in all forms

Limited partnership is formed under Limited Partnership Act:

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1997

2007

2010

2017

The minimum number of partners in a partnership are:

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Two

Four

Six

Ten

Registration of the partnership business:

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Is necessary

Depends on the will of partners

Depends on the will of registrar

None of these

Partnership business is formed under the Partnership Act:

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1910

1922

1932

1990

The best form of a partnership deed is:

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Verbal

Written

Written and registered

None of the above

The maximum number of partners in banking business are:

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Ten

Twenty

Thirty

Fifty

The minimum number of partners in banking business are

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Ten

Twenty

Thirty

Fifty

Age of minor partner is:

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18 years

More than 18 years

Less than 18 years

None of these

Active partner in a partnership business:

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Invests but doesn'ttake part in the business

Neither invests nortakes part in the business

Invests andtakes part in the business

None of the above

In the absence of agreement, a partner receives for taking part in business:

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Remuneration

No remuneration

More Profit

Interest

Partnership deed can be:

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Written

Oral

Written & Registered

All are correct

When did the partnership business come into being

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1872

1880

1892

1902

A non-active partner in a partnership

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Neither invests nor takes part in the business

Doesn't invest but takes part in the business

Invests but doesn't take part in the business

None of the above

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Principle of Commerce Icom Part 1 English Medium Chapter 4 Online Test MCQs With Answers

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