Business and Commerce MCQs

Question 1

Partner by estoppel is

Accepted Answer

partner under special situation

Answer

partner with limited power

Answer

sleeping partner

Answer

nominal partner

Question 2

What is the correct order of the following in export trade procedure: 1. Bill of Lading 2. Customs Formalities 3. Preparation of Invoice 4. Receipt of Indent Select your answer from the following

Accepted Answer

4, 2, 1, 3

Answer

1, 2, 3, 4

Answer

2, 3, 1, 4

Answer

1, 4, 2, 3

Question 3

The basic idea on which co-operative society is formed is called

Accepted Answer

One for all, all for one

Answer

Organization has power

Answer

We can organize and face the competition well

Answer

Unity in diversity

Question 4

The statement "self help and each for all" is basically related to:

Accepted Answer

Cooperative enterprise

Answer

Joint Hindu family firm

Answer

Partnership firm

Answer

Joint stock company

Question 5

The role of staff in line-staff organisation is:

Accepted Answer

Advisory

Answer

Authoritative

Answer

Functional

Answer

Committee

Question 6

In foreign trade the term 'Loco Price' means:

Accepted Answer

The cost of goods includes some amount of profit

Answer

The cost of goods

Answer

The price of goods including only the insurance expenses

Answer

None of the above

Question 7

Staff authority:

Accepted Answer

renders advice

Answer

possesses authority

Answer

creates chain of command

Answer

carries responsibility

Question 8

Private companies are preferred because:

Accepted Answer

Control is retained in the hands of a few persons

Answer

They can raise capital by selling shares to the public

Answer

They need not have any director

Answer

their formation does not need any legal formality

Question 9

Responsibility lies in an organization-

Accepted Answer

In line officer

Answer

In staff officer

Answer

In informal officer

Answer

All of the above