1st Year Principles of Commerce 1st Quarter Book Paper

Q1. Multiple choice questions (Attempt all · 12 × 1 = 12)

1. To whom does the directors of a company submit the copy of profit account:

   1. Company’s registrar

   2. Company’s auditor

   3. Company’s creditor

   4. None of the above

2. The minimum number of persons in a multi members private company:

   1. Seven

   2. Four

   3. Two

   4. Three

3. What has to be bought in order to become shareholder of a company:

   1. Shares

   2. Debentures

   3. Dividend

   4. None of the above

4. The basic objective of business is:

   1. Exchange

   2. Earning Profit

   3. Service to the society

   4. Earning foreign exchange for govt

5. Commerce is the component of:

   1. Industry

   2. Trade

   3. Business

   4. Agriculture

6. Who provides capital in sole proprietorship?

   1. Sole owner

   2. Bank

   3. Workers

   4. Relatives

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

   1. Limited partnership

   2. Particular partnership

   3. Partnership at will

   4. All of the above

8. Whose signature is important on statutory report of the company:

   1. Shareholders

   2. Promoters

   3. Directors

   4. Auditors

9. The owners of a company are:

   1. The employees of company

   2. The debentureholders

   3. The shareholders

   4. The creditors

10. The memorandum and articles of company are:

    1. Two names of the same document

    2. Two different documents

    3. They are not documents

    4. Both have the same objective

11. A business takes into account the following activities:

    1. Economic

    2. Non economic

    3. Social

    4. None

12. A business in which goods are produced?

    1. Trade

    2. Commerce

    3. Industry

    4. Business