0

Joint hindu family business and cooperative society - class-XI

Attempted 0/29 Correct 0 Score 0

Which of the following is example of producers' co-operative society?

  1. Haryana handloom

  2. Gujarat co-operative milk marketing federation

  3. Apna Bazar

  4. Urban Co-operative Banks


Correct Option: A

Feature(s) of a public corporation is/are ___________________________.

  1. It is genearlly not exempt from the rigid rules applicable to the expenditure of public funds.

  2. A public Corporation is managed by board of directors who are appointed by the public financial institutions.

  3. The primary motive of the corporation is public service rather than private profits.

  4. All of above.


Correct Option: C

The co-operative society has perpetual succession because it is not affected due to ________________.

  1. Death of any member

  2. Insolvency of any member

  3. Lunacy of any member

  4. Any of above


Correct Option: D

Life irrigation co-operative societies and pani panchayats are some of the examples of ________________.

  1. Co-operative farming societies

  2. Co-operative marketing societies

  3. Co-operative credit societies

  4. Consumers' co-operative societies


Correct Option: A

According to Indian Cooperative Societies Act, 1912, each society must transfer at least ___ of its profits to general reserve.

  1. One third

  2. One fourth

  3. One half

  4. One tenth


Correct Option: B

The income of cooperative society is legally ____________ as per the Income tax Act, 1961.

  1. Not taxable

  2. Taxable

  3. Totally exempt

  4. Taxable if State Government pass order


Correct Option: B

In case of co-operative society, no member detects the terms and conditions of the functioning because "_________" is the thumb rule.

  1. One man two vote

  2. One man one vote

  3. Two man one vote

  4. No man no vote


Correct Option: B

Village Service Co-operative Society and Urban Co-operative Banks are examples of ________________.

  1. Producers' co-operative societies

  2. Co-operative marketing societies

  3. Co-operative credit societies

  4. Consumer's co-operative societies


Correct Option: C

Which of the following are examples of "Producers Co-operative Society"?
(1)   APPCO
(2)  Kendriya Bhandar  
(3)  Apna Bazar 
(4)  Haryana Handloom 
(5)  Gujarat Co-operative Milk Marketing 
       Federation
(6)  Employee's Housing Societies 
The correct answer is :-

  1. (1), (2), (3) & (6)

  2. (1), (3) & (5)

  3. (2), (4) & (6)

  4. (1) & (4)


Correct Option: D

Kendriya Bhandar is a _______.

  1. co-operative Credit Society

  2. consumers Co-operative Society

  3. producers Co-operative Society

  4. co-operative Marketing Society


Correct Option: D
Explanation:

Co-operative marketing society is basically a trading firm in which all the members of the co-operative marketing form sell their product through society. e.g. Kendriya Bhandar.

Amongst all of the following which statements about co-operative business organizations is true?

  1. All co-operative are only for public sector

  2. Profits are shared equally amongst members

  3. They are owned by government

  4. Workers have no say in decision making


Correct Option: B

Industries which require huge infrastructure, man power and have influx of capital assets are _________.

  1. small scale enterprises

  2. public sector enterprises

  3. private sector enterprises

  4. large scale enterprises


Correct Option: D
Explanation:

Big business involves large-scale corporate-controlled financial or business activities. As a term, it describes activities that run from "huge transactions" to the more general "doing big things.

What is corporate personality?

  1. Corporate personality means that the members in general meeting are regarded by the law as a person.

  2. Corporate personality means that the board of directors is regarded by the law as a person.

  3. Corporate personality means that the company as an entity is regarded by the law as a person.

  4. Corporate personality means that all of the companies within a corporate group are regarded by the law as one person.


Correct Option: C
Explanation:

Corporate personality is the fact stated by the law that a company is recognized as a legal entity distinct from its members. A company with such personality is an independent legal existence separate from its shareholders, directors, officers and creators. This is famously known as the veil of incorporation.

Every company needs company secretary. So in the case of sec 25 companies the same is the case. Do you agree with this statement?

  1. Agree

  2. Disagree

  3. Sec. 25 companies are not companies so no need of company secretary

  4. None of the above


Correct Option: B
Explanation:

The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented. Despite the name, the role is not clerical or secretarial.

Company secretary has duties under__________.

  1. Income tax Act.

  2. Companies Act.

  3. Indian stamp Act.

  4. All of the above.


Correct Option: D
Explanation:

The company secretary has to follows the rules and check that the company complies with the law under :

  1. Income tax act
  2. Companies act
  3. Indian stamp act

Which of the following are examples of "Producers Co-operative Society"?
(1) APPCO
(2) Kendriya Bhandar
(3) Apna Bazar
(4) Haryana Handloom
(5) Gujarat Co-operative Milk Marketing Fedration
(6) Employees' Housing Societies
The correct answer is ____________________.

  1. (1), (2), (3) & (6)

  2. (1), (3) & (5)

  3. (2), (4) & (6)

  4. (1) & (4)


Correct Option: D

_____ is a voluntary association of persons who work together to promote their economic interest.

  1. Sole proprietorship

  2. Company

  3. Co-partnership

  4. Co-operative


Correct Option: D

The head of Joint Hindu Family firm is Karta.

  1. True

  2. False


Correct Option: A
Explanation:

The head of the joint hindu family business is known as Karta. Karta is usually the senior most male member of the joint family and he has the power to control the whole business.

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


Correct Option: D
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.

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


Correct Option: C

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


Correct Option: C

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)


Correct Option: B

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


Correct Option: D
- Hide questions