1st Year Principles of Commerce Chapter 4 TestPartnership

Q1. Multiple choice questions (Attempt all · 10 × 1 = 10)

1. The partnership formed for any special project is called:

   1. Limited partnership

   2. Particular partnership

   3. Partnership at will

   4. All of the above

2. Distribution of profit in partnership business:

   1. Equality

   2. In proportion to capital

   3. Will of partners

   4. Both b and c

3. The maximum number of partners in banking business are:

   1. Ten

   2. Twenty

   3. Thirty

   4. Forty

4. Maximum number of members in partnership is:

   1. 10

   2. 20

   3. 30

   4. 40

5. Partnership business is formed under the partnership act:

   1. 1910

   2. 1922

   3. 1932

   4. 1990

6. The maximum number of partners in ordinary partnership:

   1. Ten

   2. Twenty

   3. Thirty

   4. Fifty

7. The document that contain rules and regulation of partnership business:

   1. Partnership law

   2. Partnership deed

   3. Partnership document

   4. Partnership customs

8. The liability of a partner in partnership is normally:

   1. Limited

   2. Unlimited

   3. Not at all

   4. All the above

9. In the absence of agreement, a partner receives for taking part in business:

   1. Remuneration

   2. No remuneration

   3. More profit

   4. Interest

10. In Shirkat-ul-Anan the shareholders/partners invest:

    1. Only cash

    2. Cash and goods

    3. Only goods

    4. All are correct