PRINCIPLE OF COMMERCE For Class XI (Commerce Group) Important MCQs Compiled By Sir Faizan Qaiser - SQ Collegiate

PRINCIPLE OF COMMERCE
For Class XI (Commerce Group)

Important MCQs

Compiled By Sir Faizan Qaiser - SQ Collegiate

Tick ( ✓) The correct answer:
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