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Chapters
2: Job Analysis and Manpower Planning
3: Staff Recruitment
4: Staff Selection
5: Staff Training
6: Staff Morale
7: Staff Motivation
8: Staff Remuneration
9: Staff Leadership
10: Staff Appraisal
11: Staff Promotion and Transfer
12: Staff Separation
13: Emerging Trends in Human Resources
14: Business Communication
15: Business Correspondence
16: Reports and Report Writing
▶ 17: Various Business Entities
18: Sources of Business Finance
19: Globalisation
20: E-Business
21: Outsourcing
22: Business Regulators and Intermediaries
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Solutions for Chapter 17: Various Business Entities
Below listed, you can find solutions for Chapter 17 of CISCE Goyal Brothers Prakashan for Business Studies [English] Class 12 ISC.
Goyal Brothers Prakashan solutions for Business Studies [English] Class 12 ISC 17 Various Business Entities EXERCISES [Pages 253 - 256]
Objective Type Questions MCQ's (Select the best Alternative)
In Sole Proprietor ______ is maintained.
Full Secrecy
No Secrecy
Secrecy is nominal
None of these
The liability of a Sole Proprietor limited to extent ______.
Capital invested by him
Value of the assets of the business
Value of the business as well his all private assets
None of the above
Which of the following is the limitation of the sole proprietorship?
Unlimited Liability
Limited source of capital
Unbalanced Management
All of these
Sole Proprietor is the best, when ______.
Requires little capital
Require large capital
Capital is not required
None of these
Which of the following is not governed by a specific act?
Sole Proprietorship
Partnership
Company
Co-operative Society
The greater handicap of a sole proprietorship is ______.
Small size
Limited Capital
Unlimited Liability
None of these
Partnership is formed as a result of ______.
License from Government
A central Legislation
An Agreement among Individuals
None of these
A partnership deed is ______.
A written Legal Document
A Verbal Understanding
For sole proprietor and partnership
All of these
A partner in a firm ______.
can transfer his share to an outsider without the consent of other partners
can transfer his share to an outsider with the consent of all to her partners
cannot transfer his share to an outsider
None of the above
Liability of partners in respect of the firm’s debt is ______.
Limited upto the amount of their capital in the business
Unlimited
Limited upto the amount of guarantee given by the Partner
None of these
The minimum number of members to form a private company is ______.
2
3
5
7
A private company is one where ______.
Share transfer is restricted
Shares can be traded on stock exchange
There is no restriction on transfer of shares
None of the above
The liability of shareholder of a public company is limited to the ______.
Paid-up Value of the Shares
Nominal Value of the Shares
Amount called up on Shares
None of these
Fill in the blanks with suitable words given in brackets
‘Profits do not need to be share’. This statement refers to ______.
Sole Proprietorship
Partnership
Joint Hindu Family
‘One man control is the best in the world’. This statement shows the importance of ______.
Ram is a Sole Proprietorship who wants to expand his business. He should appoint a ______.
Manager
Partner
Form a Company
The board of directors of a joint-stock company is elected by ______.
General public
Government bodies
Shareholders
Employees
In a firm the liability of a partner is ______.
Limited
Unlimited
No liability
In ______ company there is no restriction on the transfer of shares.
Public Company
Private Company
Chartered Company
In contrast to a private company, a public company can have a ______ number of shareholders and can raise capital through public offerings.
less
more
minimum
A public company is required to have a minimum of ______ and no maximum limit on the number of members.
two
one
seven
A ______ is a written legal agreement that articulates the terms, conditions, and regulations governing a partnership.
memorandum
letter
partnership deed
The maximum number of members that a Private Limited Company can have is ______.
Very Short Answer Type Questions
Is a sole proprietor formed to publish his/her business accounts?
Which form of business is suitable for a carpentry shop?
Which form of organisation is considered to be the simplest form of organisation?
List two merits of Sole proprietorship.
What is the minimum limit on the members in a Private Company?
What is the maximum limit on the members in a Private Company?
Answer in one sentence only.
What is the minimum number of partners in a partnership firm according to Indian Partnership Act 1932?
Which is the least regulated form of business?
Name the form of business organisation in which the members are jointly and individually liable for payment of the firm’s debts.
What is the nature of liability of partners?
State the law governing the partnership in India.
State one consequence of non-registration of a partnership firm.
Name the form of business organisation in which members are agents and principals of each other.
Name the partner who shares only profits.
In which business organisation, there is separation of ownership and management?
Can a company buy and sell properties, enter contracts, sue and can be sued in its own name? Why?
Name the type of company that doesn’t allow its members to transfer its shares easily.
Answer in one sentence only.
What is the minimum number of partners in a partnership firm according to Indian Partnership Act 1932?
What is the maximum number of partners in a partnership firm?
Short Answer Type Questions
State the features of proprietorship.
Explain the merits of partnership.
Define Private Limited Company.
What is public company?
Distinguish between Private Limited Company and Public Limited Company.
To form a Public company, there must be minimum 2 persons/promoters.
True
False
Define sole proprietorship.
Define partnership.
Long Answer Type Questions
“Sole proprietorship is a one man show”. Explain.
What is partnership?
Distinguish between Sole Trading Concern and Partnership Firm.
Define Private Limited Company.
How does a private limited company differ from a partnership?
What is public company?
Distinguish between Private Limited Company and Public Limited Company.
Goyal Brothers Prakashan solutions for Business Studies [English] Class 12 ISC 17 Various Business Entities QUESTION BANK [Pages 256 - 257]
Explain Unlimited liability in case of partnership firm.
“Company is an artificial person.” How?
Do you agree that company is not a citizen?
In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
Explain the limitations of partnership.
“Company is an artificial person with a separate legal entity, perpetual succession and common seal.” Comment.
Define partnership.
lnspite of various limitations the company form of organisation is popular these days? Why it is so?
State any two merits of a Sole trading business.
Which form of business is suitable for the following type of business and why?
Beauty parlour
Which form of business is suitable for the following type of business and why?
Small retail outlet
Which form of business is suitable for the following type of business and why?
Hotels
Which form of business is suitable for the following type of business and why?
Shopping malls
Which form of business is suitable for the following type of business and why?
Medium size trading concern
Give the meaning of Sole Trading.
Define sole proprietorship.
Distinguish between Sole Trading Concern and Partnership Firm.
How does a private limited company differ from a partnership?
Distinguish between Private Limited Company and Public Limited Company.
Solutions for 17: Various Business Entities
Goyal Brothers Prakashan solutions for Business Studies [English] Class 12 ISC chapter 17 - Various Business Entities
Shaalaa.com has the CISCE Mathematics Business Studies [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. Goyal Brothers Prakashan solutions for Mathematics Business Studies [English] Class 12 ISC CISCE 17 (Various Business Entities) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
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Concepts covered in Business Studies [English] Class 12 ISC chapter 17 Various Business Entities are Overview of Various Business Entities, Sole Proprietorship, Concept of Partnership, Difference Between Partnership and Sole Proprietorship, Private Limited Company, Public Limited Company, Difference Between Private Company and Public Company.
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