Tamil Nadu (English Medium) Plus 2 Commerce Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in


Accountancy
Commerce
Economics
English

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Question-1 Sole proprietorship is suitable for

(A) Large scale concerns	(B)Medium scale concerns
(C)Small scale concerns	(D)All of the above

Question-2
A form of business structure which involves a trustee holding assets for the benefit of other parties is known as a

(A) Proprietary company	(B) No-liability company
(C) Trust	(D) All of these

Question-3
All of the following are types of business structure, except

(A) Accounting Entity	(B) Trust
(C) Sole Trader	(D) Partnership

Question-4 Which financial statement is concerned with the enterprise over a period of time?

(A) Statement of cash flows and Income statement	(B)Balance sheet
(C)Trading Account	(D)All of these

Question-5 A company has the status of a legal entity. This means

(A) It can enter into contracts in its own name	(B)It is a separate tax paying entity
(C)It can sue and be sued	(D)All of the above

Question-6
A business that is not a legal entity, where there is one owner who is fully liable for all of its debts, is

(A) A trust	(B) A proprietary Company
(C) A sole trader	(D) All of the above

Question-7 A written partnership agreement should show

(A) Profit and Loss sharing ratio	(B)Arrangements on the retirement or death of a partner
(C)The contribution of cash and other assets made by each partner	(D)All of these

Question-8 Which of the following statement is correct?

(A) Public companies have Ltd after their name	(B)Public companies can offer their shares for sale to the public
(C)Public companies do not have perpetual life	(D)Both (a) and (b) are correct

Question-9 In the law of partnerships the term that is applied to the principle that each partner is an agent for the partnership and has the right to bind the other partners to contracts made on behalf of the partnership is

(A) Mutual Agency	(B)Limited Liability
(C)Unlimited liability	(D)Legal entity

Question-10 Decision-making process in sole trading business is

(A) Quick	(B)Slow
(C)Neither Quick or slow	(D)None of these

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Plus 2 Commerce

Tamil Nadu (English Medium)

Practice in Related Chapters
Organisation
Sole Trader
Partnership
Joint Stock Companies -I
Joint Stock Companies II
Government in Business
Stock Exchange
Co-operatives

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