PRINCIPLE OF COMMERCE
For Class XI (Commerce Group)Important MCQsCompiled By Sir Faizan Qaiser - SQ Collegiate
Tick ( ✓) The correct answer:For Class XI (Commerce Group)
1. This partner has limited liability:
- Active
- Nominal
- Secret
- Minor ✓
2. Tax is imposed twice on:
- Joint stock company ✓
- Partnership
- Sole proprietorship
- Cooperative society
3. Systematic economic activity refers to:
- Economics
- Profession
- Industry ✓
- Commerce
4. Good employees can be admitted to the:
- Sole proprietorship
- Partnership ✓
- Company
- none of the above
5. Wholesaler keeps goods in:
- Shop
- Showroom
- Warehouse ✓
- factory
6. The business organization is listed in stock exchange:
- Sole Proprietorship
- Partnership
- Cooperative society
- Public limited company ✓
7. Middlemen who sell directly to consumers and small quantities are:
- Retailers ✓
- Exporters
- Wholesalers
- Producers
8. Accounts are published or printed by a:
- Private company
- Partnership
- Public company ✓
- None of these
9. Public subscription is required by a:
- Public company ✓
- Private company
- Statutory company
- Partnership company
10. Ownership is transferable in a:
- Company ✓
- Partnership
- Sole proprietorship
- Cooperative societies
11. The limited liability is a one of the qualities a:
- Sole proprietorship
- Joint Shack Company ✓
- Partnership
- All of the above
12. A company Management is run by:
- Shareholders
- Board of direction ✓
- Partners
- Proprietors
13. Registration with registrar of companies is compulsory for:
- Company ✓
- Public Company
- Partnership
- Sole proprietorship
14. Partnership contract should be:
- Written
- Oral
- Mutually agreed
- Flexible ✓
15. The life of a partnership is not adversely affected by:
- Retirement of a partner
- Admission of partner
- Change in partnership agreement ✓
- Death of a Partner
16. Business survives on the basis of:
- latest information
- Right information ✓
- Relevant information
- Secondary information all of the above
17. Long term investment:
- Buying machines ✓
- Renting plant
- Hiring Robot
- Buying raw materials
18. Capital is brought in by:
- Banks
- Shareholders ✓
- Bondholders
- none of the above
19. Risk is the problem faced by:
- A bank
- A business ✓
- An insurance company
- All of the above
20. Organization problem is solved by forming:
- Sole proprietorship
- Partnership
- Company
- Any of the above
21. A paid occupation of this type of employment requires a special education and training:
- Trade
- Profession ✓
- Business
- industry
22. This kind of business finance is payable within One year:
- Short term ✓
- Long term
- Intermediate
- Average
23. This Middleman creates direct link with Wholesaler and final consumer:
- Retailers ✓
- Broker
- Producers
- Agent
24. This is distributing function of marketing:
- Buying
- Warehousing ✓
- Selling
- Financing
25. The Minimum number of members required for the formation of public limited company is:
- 5
- 6
- 7 ✓
- 10
26. Certificate of origin is must for:
- Import ✓
- Export
- External Trade
- Local Trade
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