Tag: organization of commerce and management

Quizzes (70) Questions (1107)

Questions Related to organization of commerce and management

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

The business affairs of an HUF is managed by _______.

  1. managing director

  2. parents of minors

  3. karta

  4. eldest male and female member of the family
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Karta is the eldest male member (or female in some interpretations) who manages the business affairs of the HUF.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

An HUF continues to exist even upon the death of the Karta.

  1. Partly false

  2. False

  3. Partly true

  4. True
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

An HUF is a perpetual entity; the death of the Karta does not dissolve the family or the business, as the next eldest member typically takes over as Karta.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

A HUF cannot enter into partnership agreement with others.

  1. Partly false

  2. False

  3. Partly true

  4. True
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An HUF can enter into a partnership agreement with other individuals or other HUFs, provided the Karta acts on behalf of the family.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

Karta is a person with limited powers, but, within the ambit of his sphere, he possesses such vast powers as are possessed by none else.

  1. Partly false

  2. False

  3. Partly true

  4. True
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Karta has vast powers regarding the management and disposal of family property for legal necessity or benefit of the estate, making the statement true.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

Which of the following is an advantage of HUF?

  1. Favourable Credit Standing

  2. Greater Management Ability

  3. Profit Incentive

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The options provided (Favourable Credit Standing, Greater Management Ability, Profit Incentive) are generally not considered inherent advantages of an HUF compared to other business forms like a company or partnership.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

Increase in the number of working women and the rise in no family households are examples of _______________.

  1. the geographic shifts in population.

  2. the changing family.

  3. the changing age structure of the population.

  4. a better-educated and more white-collar population
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Changes in household composition, such as more working women and fewer people per household, are classic indicators of the 'changing family' structure in demographic and sociological studies.

Multiple choice organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

A and B are joint owner of a house. They rent it out of C and divide the net rent equally. A & B are ________.

  1. Partners

  2. Co-owners

  3. Principal & agent

  4. Consignor & Consignee
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Co-ownership refers to the division of ownership of something into two or more heads and working some business out of it to achieve common goals. This act can be passed through an agreement between the co-owners or even it can be done through the operation of law which will be bound on all the co-owners.