MGT211 Final Term Quiz by Danish Hanif

Course Available · MGT211 Quiz File · 7/31/2023 2:51:38 PM

1. All of the following barriers exist due to economic differences in international trade except.

Different environment

2. All of the following statements are true regarding partnership except____________.

There is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits.

3. The form of business organization that generally has the largest volume is the __________.

Corporation

Q4. Which of the following is NOT a secondary industry?

Genetic industry

Q5. Which of the following is a primary industry?

Extractive industry and Genetic industry ….both

Q6. Which of the following is a Secondary industry?

Constructive, manufacturing, services industry…all options

Q7. Which of the following is the partner who does not take part in the management of the business but is known to the public. He is liable to the creditors of the film?

Silent partner

Q8. Which of the following is the partner who takes active part in the affairs of business and its management. He contributes his share in the capital and is liable to pay the obligations of the firm?

Active partner

Q9. Which of the following is the partner who takes active part in the affairs of the business but is unknown to the public as a partner. He is liable to the creditors of the firm?

Secret partner

10. Which of the following is the partner who only contributes is the capital but does not take part in the management of the business. He is liable to: Sleeping partner

Q11. Which of the following is the partner who invests a large portion of capital in the business. He has a prominent position in the firm due to his experience, skill, energy, age and other facts?

Senior partner

12. Which of the following is the partner in a firm can make an agreement with a stranger to share the profits earned by him from the partnership business. He is not liable for any debt and cannot interface in the business matters.

Subpartner

Q13. Which of the following is a person who has a small investment in the firm and has a limited experience of business?

Junior partner

Q14. Which of the following is a person who is over 18 years of age. A person is allowed to make contract when he has attained the age of majority?

Major Partner

Q15. Which of the following is a person who is minor cannot enter into a valid contract. However, he can become a partner with the consent of all other partners. He can share profits of a business but not the losses?

Minor Partner

Q16. Which of the following is a partner who neither contributes in capital nor does he take part in the management of s known as. He is individually and jointly liable for the debts of the firm along with other partners?

Nominal Partner

17. Which of the following is

A partner whose life has expired is known as. The share of capital and profit of such partner is paid to his legal heirs in lump sum or in installment? Deceased Partner

Q18. Which of the following is a A partner whose liabilities are limited to his share in business is called. He cannot take active part in the management of the firm?

Limited Partner

19. Which of the following is a

A partner whose liabilities are unlimited is known as. He and his personal

20. A person who is newly admitted in the firm with the consent of all the partners. He is not liable for any act of the firm performed before he became the partner unless he agrees.

Incoming partner

21. Which of the following is a

A partner who leaves the firm due to certain reasons is known as. He is liable to pay all the obligations and debts of the firm I incurred before his retirement? Retired Partner

Q22. Which of the following is a partner is entitled to receive certain share of profits and I s not held liable for losses is known as .He is not allowed to take part in the management of the business?

Partner in profits only

23. Which of the following is a A person, who was the partner of a firm but has now retire d from active participation in

eiving interest on it, is known as ? Quasi Partner

24. Which of the following is a

A person who holds himself out as a partner of a firm, before a third party or allows other to do so, though he is not a partner of that firm, is called. He is not entitled to any right like other partners of the firm. He is not entitled to any right like other partners of the firm. He is personally able to the third party for the credit given to the firm, on the faith of his representation. Partner by Estoppel

25. Which of the following is NOT the characteristic of a business? Voluntarily contribution

Q26. Which of the following is a characteristics of a business?

CAPITAL, CREATION OF UTILITY, DEALING IN GOODS AND SERVICES, Employment, Islamic Process, Motive, Organization, Productions or Purchase of goods, Regular transaction, Risk and uncertainly, Sale or transfer for value, Social welfare

27. The difference in value between a country’s exports and imports is called Balance of trade
28. Those countries where people are earning US $9000 or more.

High income countries