Question # 1

A charter party is

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A contract to reserve a ship for carrying goods

Application for opening the letter of credit

Letter of indemnity

All the three

The minimum number of directors in a multimembers private ltd. company:

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Five

Seven

Two

Not fixed

Which insurance policy can be used as a security:

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Marine insurance

Fire insurance

Lifeinsurance

All the three

In order to wind up the sole tradership:

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The acceptance of the government is sought

No legal process is required

The meeting of administration is required

The will of the friends is required

Due to warehousing facility

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Demand increases

There is control on supply

Supply increases

There is control on demand

What is not necessary for a private company:

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Statutory meeting

Statutory report

Both (a) & (b)

None of these

Which factor plays an important role in improving the standard of living of the people and economic development

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Trade

Industry

Commerce

All the above

Which type of business organization has separate legal status apart from shareholders

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A sole tradership

A partnership

Joint stock company

None of these

Sole proprietor's is generally carried on:

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Small scale

Medium scale

Large scale

All the above

An extra message is added at the end of letter called:

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T.C

P.S

T.S

C.C

A non-active partner in a partnership:

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Neither invests nor takes part in the business

Doesn't invest buttakes part in the business

Invests but doesn'ttake part in the business

None of the above

What are the possibilities to wind up a company:

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Voluntary winding up

Voluntary winding up under the supervision of court

Violent winding up by the court

All of them

Due to progress in home trade, the following problem is solved

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Water

Unemployment

Illiteracy

All of the above

The method of fulfilling a claim is stated in:

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Letter of enquiry

Order letter

Complaint letter

None of these

The performance of an office depends upon:

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Principal

Workers

Office machines

Office management

Number of local chambers of commerce and industry in Pakistan after establishment

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2

5

7

12

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

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