MGT211 Grand Quiz by Junaid

MGT211 GRAND QUIZ

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

8. Which of the following is the

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

Active partner

9. 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 m anagement of the business. He is liable to pay the obligations of the firm?

Sleeping partner

11. 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 pro fits earned by him from the partnership business. He is not liable for any debt and can not interface in the business matters?

Sub- partner

13. Which of the following is

a person who has a small investment in the firm and has a limited experie nce 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

15. 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

16. Which of the following is a

partner who neither contributes in capital nor does he take part in the m anagement of

the business but allows his name to be used in the business is 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 installme nt?

Deceased Partner

18. 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

property both are liable to clear the debts of the firm?

Unlimited Partner

20. Which of the following is a

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