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PAPER 3: FUNDAMENTALS OF LAWS AND ETHICS 50_MCQ Part 14

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Question;1.;Apartnershipinabankingbusiness;canhave;(a);Notmorethan2partners;(b);Notmorethan10partners;(c);Notmorethan20partners;(d);Unlimitedpartners;2.;Apartnershipina;non-banking businesscanhave;(a);Notmorethan2partners;(b);Notmorethan10partners;(c);Notmorethan20partners;(d);Unlimitedpartners;3.;Afirminsteelbusinesshas 15partners.Itwantstoinclude15morepersons;(a);Itcanadmit15morepartners.;(b) Itcanenterintopartnershipwithafirmconsistingof15partnersinordertoenjoythesameeffect.;(c);Bothofabove;(d);Noneofabove;4.;The principle;of???.is applicable to partners;in apartnership;(a);Uberrimaefidei/UtmostGoodFaith;(b);UltimateTrust;(c);InsurableInterest;(d);BlindFaith;5.;LimitedLiablility partnershipisaform ofpartnershipthat;(a);Isnotpossible;(b);IsallowedincertaincircumstancesinthePartnership Act,1932;(c);Isnowabolished;(d);CanbesetupbyLLPAct,2008;6.;Whichofthefollowingstatementsistruein respect;ofanHUF;(a);AmemberofHUFcanaskforan accountofpastprofits;(b);Onthedeathofaco-parcenerthefamilybusinessisdissolved;(c);Acoparcenerisliabletoextentofhisshareinthefamilystate;(d);Acoparcenerisanagentofanothercoparcener;7.;TwoHinduJointFamilies;(a);Cannotunitetoconstituteapartnership;(b);Cannotunitetoconstituteapartnership,buttheirmanagingmembersmaybecome;partners.;(c);Canconstitutepartnership;(d);Both(a)and(b);8.;Apartnershipfirmis;(a);Alegalperson;(b);Notadistinct;legalentityfromitspartners;(c) Adistinctlegal;entityfromitspartners;(d);Noneoftheabove;9.;Apartnershipcannotbeconstituted by;(a);Twoindividuals;(b);TwoHinduJointfamilies;(c);Twopartnershipfirms;(d);Both (b)and(c);10.;Afirm;(a);Cannotbecomeapartner;(b);Canbecomeapartner;(c);Canbecomeapartner;withthepermissionofthecourt;(d);Canbecomeapartner;withunanimousconsent;ofallthepartners;11.;Selecttheodd one;(a);HinduUnlimitedFamily;(b);Partnership;(c);Company;(d);BodyCorporate;12.;Partnershipisarelationship,whicharisesfrom;(a);Operationoflaw;(b);Anagreement;(c);Status;(d);Almighty;13.;Whichofthefollowingisa validpartnership;(a);PartnershipbetweenkartasoftwoHinduJointFamilies;(b);PartnershipbetweentwoHinduJointFamily.;(c);PartnershipbetweenaHinduJointFamily;andfirm;(d);Both (b)and(c);14.;TherelationofpartnershiparisesfromcontractandnotfromstatusandinparticulartheIndianPartnership;Actdoesnotapply;tothefamily businesscarried onby;(a);Cutchi-Memons;(b);Christians;(c);BurmeseBuddhisthusbandandwife;(d);Mohammedans;15.;Apartnershipforwhichnoperiod orduration;is fixed undertheIndianPartnership;Actisknownas;(a);Unlimitedpartnership;(b);Co-ownership;(c);Particularpartnership;(d);Partnershipatwill;16.;Inapartnershipatwill;(a) Thereshouldbenoprovisioninthecontractbetweenthepartnersforthedurationoftheirpartnership;(b);Thereshouldbenoprovisionintheircontractfortheendingoftheirpartnership;(c);Either (a)or(b);(d);Both (a)and(b);17.;Forconstitutingapartnership withinthemeaning ofsection;4oftheIndianPartnership;Act,1932.;(a);Therehastobea business;(b);Thebusiness mustbelawful;(c);Itmaybetemporaryorpermanent;(d);All theabove;18.;Indeterminingwhethera group ofpersonsisORisnotafirm,regardsshallbehad to;(a);Realrelationbetweentheparties;(b);Allrelevantfactstakentogether;(c) Legalrelationbetweentheparties;(d);Both(a)and(b);19.;Theminimum numberofpersonsrequired;forapartnershipis;(a);2;(b);5;(c);10;(d);20;20.;Theessentialelementsofpartnership;doesnotinclude;(a);Partnershipshouldberegistered;(b);Theremustbeanagreementtoshareprofits;ofabusiness;(c);Theremustbemutualagencyamongpartners;(d);Theremustbeanassociationoftwoormorepersons;21.;Thepartnershiprelation;doesnotexistwhen;(a);Acreditortakingashareofprofits;inlieuofinterestandpartpayment;ofprincipal.;(b);Apersonreceives;ashareofprofit;asapartofhisremuneration.;(c);Shareofprofitsgiventoworkers;asbonus.;(d);Noneoftheabove.;22.;????..doesnottakeactive;partinconductofthebusiness.;(a);Dormantpartner;(b);Sub-partner;(c);Both (a)and;(b);(d);Partnerbyestoppels;23.;Thepartnershipfirmsbecomes;anillegalassociation,when;(a);Thenumberofpartners;inabankingbusinessexceeds10;(b);Thenumberofpartners;inanon-bankingbusinessexceeds10;(c);Thenumberofpartners;inanon-bankingbusinessexceeds20;(d);Both (a)and;(c);24.;Wherethemaximumnumberofpartners;inafirmcarrying;onbankingbusinessexceedstenandinany;otherfirm exceeds twenty,then;thepartnership becomes;a;(a);Unlawfulpartnership;(b);Illegalassociation;(c);Limitedliabilitypartnership;(d);Largepartnership;25.;IfPartnershipAct,does;notdefineanexpression,thenthereferenceshallbehad;to;(a);IndianContractAct;(b);SaleofGoodsAct;(c);EvidenceAct;(d);CompaniesAct;26.;Theunrepealedprovisionsofthe Actshallcontinuetoapplytofirms,saveinsofarastheyareinconsistentwith theexpressprovisionsofthePartnership Act.;(a);TransferofPropertyAct;(b);IndianEvidenceAct;(c);IndianContractAct;(d);SaleofGoodsAct;27.;Whichof thesearenotnecessary forconstituting a partnership?;(a);Sharingofbusiness;profits;(b);Mutualagency;(c);Twoare morepersons;(d);Writtencontract;28.;Whichofthisisnotavalidpartnership?;(a);Minoradmittedtobenefits;ofthepartnership;(b);Companyadmittedasapartner;(c) PartnershipbetweenIndiannational;alienfriend;(d);partnershipbetweentwoHUFs;29.;Toformapartnership,theminimum;capitalcontributionshould be;(a);`1lakh;(b) `10 lakh;(c) `1crore;(d) Thereisnominimumlimit;30.;Propertyoffirmdoesnotinclude;(a);Allpropertywhichthepartnershaveoriginallybroughtintothecommonstockofthebusiness;(b);Goodwillofthebusiness;(c);Personalpropertiesbelongingtothepartner;(d);Propertyacquiredbythefundsofthefirm;31.;Liability ofa;partneris?;(a);Limitedtotheextent;ofhisshareofthebusinessprofits;(b);Unlimited;(c);Limitedtotheextentofcapitalcontributed;(d);Limitedtotheextent;ofnetworthofthefirm;32.;WhichisNOTacharacteristicofpartnershipfirms?;(a);Perpetualsuccession;(b);Unlimitedliabilityofpartners;(c);Mutualagency;(d);Sharingofprofits;ofbusiness;33.;Themaximumnumberofpersons;permissibleforavalidpartnershipfordoingBanking;businessis;(a);2;(b);10;(c);15;(d);20;34.;Forwhichofthefollowingpurposeispartnershipformed?;(a);Politicalpurpose;(b);Altruisticpurpose;(c);Socialpurpose;(d);Businesspurpose;35.;Whichofthesesharingarrangementsreflectsapartnership?;(a);Byalenderofmoneytopersons;engagedorabouttoengageinanybusiness;(b);Byaservantoragentasremuneration;(c);Byapartnerwhodoesnotactivelyengagehimself;inthedaytodaybusinessaffairs;(d);Bythewidow;orchildofthedeceased;partnerasannuity;36.;Toforma partnership, thepartiesshould;share;(a);Onlyprofits;(b);Only losses;(c);Bothprofitsandlosses;(d);Profitsandlossesbutsomepartners;maynotsharelosses;37.;Indeterminingwhetheragroupofpersons;isorisnotafirm;orwhetherapersonisorisnotapartnerinafirm,regardshallbehadtotherealrelation;betweentheparties.;Thisisascertainedfrom;(a);All;materialfactsofthecase;(b);Allrelevantfactstakentogether;(c);AllrelevantprovisionsofPartnership;Act;(d);Theintentionoftheparties;38.;Wherenotimeisexpresslystatedforitsdurationandthereisnocontracttofixtheduration,thepartnership maybeterminated;ata moment's noticebythe other;party. This partnershipiscalled-;(a);JointVenture;(b) Partnershipatwill;(c);Particularpartnership;(d);Co-partnership;39.;Whena partner;ofa firm agreestosharehisownshareofprofits;withanoutsider,itcalled;(a);Sub-partnership;(b);Co-partnership;(c);Undisclosedpartnership;(d);Profitsharingscheme;40.;Whichofthepartiesmaybeadmitted;asa partner?;(a);Personofunsoundmind;(b);Minor;(c);Alienenemies;(d);Aninsolvent;41.;Anewpartnership maybeformedby thefollowing persons;(a);Onemajorandallotherminors;(b);Oneminorandminimum;twoothermajors.;(c);Minimumtwomajorsandminoronlyadmitted tothebenefits;offirm;(d);Oneminorandanother;minor;42.;Wherethegoodwillofthefirmis;soldafterdissolution,apartner;may carryonabusiness,competingwiththatofthebuyerandhe,subjecttotheagreement;betweenthebuyerandhimself,maynot;(a);Usethefirmname;(b);Representhimselfascarryingonthebusinessofthefirm;(c);Solicitthecustomers;oftheoldfirm.;(d);All theabove;43.;Outofthefollowing;statementswhich;istrue-;(a);Asleepingpartnerisalsoliabletothethirdparties;(b);Lawofpartnershipisanextension;ofthelawguarantee;(c);Theregistrationoffirmiscompulsory;(d);Partnershiphasaseparatelegalentity;44.;Registrationofthefirm underthePartnership Actis;(a);Optional;(b);Obligatory;(c);Compulsory;(d);Necessary;45.;Apartnershipfirm hastoberegistered;with;(a);Directoroffirms;(b);Registraroffirms;(c);Registrarofcompanies;(d);Competentcourt;46.;Incaseofa;unregisteredpartnershipfirm;(a);Apartnercannot;fileasuitagainstthefirm;(b);Apartnercannot;fileasuitagainst;anypartnerofthefirm;(c);Thefirmcannotfileasuitagainstthirdpartiestoenforceacontract;(d);All theabove;47.;ThePartnership Actby;section69indirectly renderstheregistrationfirmcompulsorybyproviding;(a);Certaindisabilities;(b);Penaltiesonpartnersofun-registeredfirms;(c);Penaltiesonun-registeredfirms;(d);Monetaryfineonpartners;48.;Afirmmaybe;registered;(a) Inthebeginningwhenitisbeingformed;(b);Atalaterdate,afteritsformation;(c);Whenthecourtordersthefirmtoberegistered;(d);WhentheIncome-taxDepartmentinsistsonitsregistration;49.;Intheapplicationforregistrationofafirm,which;ofthefollowing;isnotrequiredtobegiven;(a);Firmname;(b);Thedurationofthefirm;(c);Namesofanyotherplaceswherethefirmcarries;onbusiness;(d);Capitalcontributionofpartners;50.;Whichofthefollowingdetailsisrequiredtobegiveninanapplicationforregistrationofafirm?;(a);Capitalcontributionofpartners;(b);PANnumberofthepartners;(c);Placeofbusinessofthefirm;(d);Bank Accountsofthefirm

 

Paper#59042 | Written in 18-Jul-2015

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