Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. A partnership in a non-banking business can have:
a. Not more than 2 partners
b. Not more than 10 partners
c. Not more than 20 partners
d. Unlimited partners
Q. The principle of……….is applicable to partners in a partnership:
a. Uberrimae fidei/Utmost Good Faith
b. Ultimate Trust
c. Insurable Interest
d. Blind Faith
Q. Limited Liablility partnership is a form of partnership that:
a. Is not possible
b. Is allowed in certain circumstances in the Partnership Act, 1932
c. Is now abolished
d. Can be set up by LLP Act, 2008
Q. Which of the following statements is true in respect of an HUF :
a. A member of HUF can ask for an account of past profits
b. On the death of a co-parcener the family business is dissolved
c. A coparcener is liable to extent of his share in the family state
d. A coparcener is an agent of another coparcener
Q. A partnership firm is:
a. A legal person
b. Not a distinct legal entity from its partners
c. A distinct legal entity from its partners
d. None of the above
Q. A partnership cannot be constituted by:
a. Two individuals
b. Two Hindu Joint families
c. Two partnership firms
d. Both (b) and (c)
Q. A firm:
a. Cannot become a partner
b. Can become a partner
c. Can become a partner with the permission of the court
d. Can become a partner with unanimous consent of all the partners
Q. Partnership is a relationship, which arises from:
a. Operation of law
b. An agreement
c. Status
d. Almighty
Q. Which of the following is a valid partnership
a. Partnership between kartas of two Hindu Joint Families
b. Partnership between two Hindu Joint Family.
c. Partnership between a Hindu Joint Family and firm
d. Both (b) and (c)
Q. The relation of partnership arises from contract and not from status and in particular the Indian PartnershipAct does not apply to the family business carried on by:
a. Cutchi-Memons
b. Christians
c. Burmese Buddhist husband and wife
d. Mohammedans
Q. A partnership for which no period or duration is fixed under the Indian Partnership Act is known as :
a. Unlimited partnership
b. Co-ownership
c. Particular partnership
d. Partnership at will
Q. For constituting a partnership within the meaning of section 4 of the Indian Partnership Act,1932.
a. There has to be a business
b. The business must be lawful
c. It may be temporary or permanent
d. All the above
Q. In determining whether a group of persons is OR is not a firm, regards shall be had to :
a. Real relation between the parties
b. All relevant facts taken together
c. Legal relation between the parties
d. Both (a) and (b)