Quiz  /  Partnership Class 9 MCQ Questions With Answers

  • 1. 
    Limited Liability PArtnership Act was passed in the year

  • 2007
  • 2008
  • 2009
  • 2010

  • 2. 
    What is a major advantage of a business that is a partnership rather than a sole proprietorship?

  • The responsibility for the business is shared
  • The business is easy to set up
  • The partners are not responsible for business debts
  • The business is easy to sell

  • 3. 
    Long life of company is called as

  • Temporary
  • Limted time
  • Perpetual Succession
  • Non of these

  • 4. 
    How is a general partnership organised?

  • Every partner shares equally in both responsibility and liability
  • The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
  • No partner is responsible for the debts of the partnership beyond his or her investment
  • Only one partner is responsible for the debts of the partnership

  • 5. 
    List two disadvantages of partnership (REM)

  • (I) partners might not all contribute equal(ii) partnership has unlimited liability
  • (i) cash flow is often a problem(ii) there could be a lack of capital and cash flow
  • (i) limited amount of capital available (ii) ineffective services

  • 6. 
    How many partners are there in a typical partnership?

  • 2
  • 2-4
  • 2-20
  • 1

  • 7. 
    Which of the following is a disadvantage of setting up a business as a partnership?

  • Shared losses
  • Shared workload
  • Shared profit
  • More ideas generated

  • 8. 
    Joint stock company is which type of organisation

  • Compulsory
  • Voluntary
  • Both A & B
  • Non of these

  • 9. 
    Liability of members in joint stock company is

  • Limited
  • Unlimited
  • no liability
  • full liability

  • 10. 
    -Two or more owners-Lower taxes-Unlimited Liability

  • Partnership
  • Sole Proprietorship
  • Corporation
  • All of the above

  • 11. 
    Owners of a _____________________ are personally liable for the company's actions and debts.

  • Franchise
  • Sole proprietorship
  • Partnership
  • Corporation

  • 12. 
    When one person has full responsibility and the other is “silent partner” it is a:

  • General Partnership (GP)
  • Limited Liability Partnership (LLP)
  • Limited Partnership (LP)
  • it is not a partnership

  • 13. 
    Registration of LLP is

  • Compulsory
  • Mandatory
  • Optional
  • Not required

  • 14. 
    Common seal is used as

  • Agreement
  • Signature
  • Approved agreement
  • Non approved agreement

  • 15. 
    More owners means more disagreements for what type of structure?

  • Public Limited
  • Partnerships
  • Private Limited
  • Sole Trader

  • 16. 
    _______________is a legal term for being held accountable

  • Liability
  • Assets
  • Bankruptcy
  • Claim

  • 17. 
    A _______________ is a business owned jointly by two or more people.

  • Partnership
  • Corporation
  • Limited Liability Corporation (LLC)
  • Sole Propirtorship

  • 18. 
    A partnership in which two or more people or firms combine their resources to complete one complex project.

  • joint venture
  • silent partner
  • nominal partner
  • secret partner

  • 19. 
    LLP is hybrid form of

  • Sole Proprietorship and Joint stock company
  • Joint Stock Company and Co-operative society
  • Partnership and Sole Proprietorship
  • Partnership and Joint stock company
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