Tag: cooperative organisation

Quizzes (5) Questions (73)

Questions Related to cooperative organisation

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Who has the power to transfer the joint property of HUF so as to bind the interest of both adult and minor coparceners?

  1. Son's of the HUF

  2. Daughters of the HUF

  3. All the co-parceners of HUF

  4. Karta of HUF
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The joint Hindu Family Business is normally managed by the senior member of the family and he is known as Karta. All the necessary powers, rights and responsibility to carry on the business is in the hands of the Karta.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The affairs of business are managed by the head of the family, who is known as the________.

  1. KARMA

  2. KARTA

  3. KARMAVIR

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

In a Hindu Undivided Family (HUF), the head of the family who manages the business is called the Karta.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The HUF form of business all the members of a hindu undivided family own the business ________.

  1. Individually

  2. Separately

  3. Jointly

  4. With society
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In an HUF, the business is owned jointly by all members of the family, not individually or separately.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

The Hindu Undivided Family business is governed by ____________.

  1. Contract law

  2. Hindu law

  3. Muslim law

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

HUF businesses are governed by Hindu Law, which dictates the rights and duties of the members and the Karta.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Hindu Undivided family is formed or created in accordance with the __________.

  1. Indian Companies Act

  2. Indian Partnership Act

  3. Hindu Law

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

An HUF is created by the operation of Hindu Law, as it is a family-based entity rather than a contract-based one.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

In HUF business, all the members own the business jointly.

  1. Partly true

  2. True

  3. Partly false

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

As established, members of an HUF own the business assets jointly by virtue of their birth into the family.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

In a Hindu Undivided Family business only the ________ get a share in the business by virtue of their being part of the family.

  1. Female members

  2. Male members

  3. Both (A) and (B)

  4. Either (A) or (B)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Traditionally, in the context of coparcenary rights in an HUF, male members (and now daughters under the Hindu Succession Amendment Act) get a share by birth. However, in the context of older curriculum questions, 'male members' is often the expected answer.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Statement X :
Karta is the custodian of the income and assets of the HUF
Statement Y:
An adopted son who is the eldest in the family can be qualified to be a Karta of HUF.

  1. X is true but Y is false

  2. Y is true but X is false

  3. Both X and Y are false

  4. Both X and Y are true
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Karta is the manager and head of the Hindu Undivided Family (HUF), responsible for its assets and income. An adopted son, being a member of the family, can indeed become the Karta if he is the eldest male member.

Multiple choice organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

Member in HUF other than KARTA are called as _______________.

  1. Co-parceners

  2. Co-partners

  3. Co-manager

  4. Co-karta
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In a Hindu Undivided Family (HUF), the members other than the Karta are referred to as co-parceners. They hold a legal right to the family property by birth.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Which of the following sentence in relation to "Cooperative Societies" are correct?
(1) There should be minimum of 20 members to for cooperative society but there is no maximum limit for the membership.
(2) According to Indian Cooperative Societies Act,1912,each society must transfer at least one-third of its profits to general reserve.
(3) Cooperative Societies may distribute maximum up to 90 per cent of its surplus as dividend to its members and can spent another 10 per cent for the welfare of the members.

  1. (1) only

  2. (1) & (2) only

  3. (3) only

  4. (2) & (3) only
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Statement (1) is incorrect because the minimum number of members for a cooperative society is 10, not 20. Statement (2) is incorrect as the Act does not mandate a one-third transfer to general reserve. Statement (3) is a standard guideline for surplus distribution in many cooperative models, making it the only correct statement.