Practice Test

Q1) The most important element in partnership is : Show Answer

Q2) The provision about the maximum number of partners is mentioned in Show Answer

Q3) A minor is Show Answer

Q4) A partnership at will is one Show Answer

Q5) Active partner is one who Show Answer

Q6) Each partner is Show Answer

Q7) Death of partner has effected of Show Answer

Q8) After retirement from firm ,which of the following partners is not liable by holding out even if the public notice of retirement is not given? Show Answer

Q9) Suppose you have entered into a partnership agreement with me & the partnership deed provides neither for the duration nor the determination of our partnership. What is the technical expression for this kind of partnership Show Answer

Q10) The position of a minor in a partnership firm is to be determined taking into account 1.The Indian Contract Act , 1872 , 2.The Indian Partnership Act , 1932 , 3.Minor's agreement ,4.The Majority Act ,1875 Show Answer

Q11) Which of the following is not an essential feature of partnership ? 1.Agreement , 2. Registration .3. Test of mutual Agency , 4.Seperate legal entity Show Answer

Q12) X agrees with Y to carry passengers by taxi from Delhi to Goa on the following terms , namely , Y is to pay X Rs.100 per mile per annum , & X & Y are to share cost of repairing & replacement of the cars & to divide equally between them the proceeds of fares received from passengers.Choose the correct alternative Show Answer

Q13) X agrees with Y who is a goldsmith to buy and furnish gold to Y ,to be worked up by him & sold ,& that they shall share in the resulting profit or loss .The contract between X & Y is that of Show Answer

Q14) No duration for partnership Show Answer

Q15) Duration for period Show Answer

Q16) When partner of a firm agrees to Share his own share of profits with an outsider,it is called. Show Answer

Q17) Partnership Show Answer

Q18) Co-ownership Show Answer

Q19) Hindu-Undivided Family Show Answer

Q20) Company Show Answer

Q21) Partnership business carried on by all or by any of them acting for all Show Answer

Q22) Sharing of profits Show Answer

Q23) Full Fledged partner Show Answer

Q24) Sleeping Partner Show Answer

Q25) Partner by holding out Show Answer

Q26) Partner to benefits of partnership Show Answer

Q27) Actual partner Show Answer

Q28) Sleeping Partner Show Answer

Q29) Nominal partner Show Answer

Q30) Sub-partner Show Answer

Q31) Number of partners exceed 50 Show Answer

Q32) Mutual agency Show Answer

Q33) Partnership for specific venture Show Answer

Q34) Two or more members Show Answer

Q35) Partnership is a legal relationship Show Answer

Q36) Law of partnership is an extension Show Answer

Q37) The Indian partnership Act came into force on Show Answer

Q38) The Indian partnership act ,1932 extends to Show Answer

Q39) Which law governs the partnership business in India Show Answer

Q40) The Indian partnership act ,1932 deals with Show Answer

Q41) Act of a firm' means Show Answer

Q42) According to Partnership act "Business" includes Show Answer

Q43) Prescribed' under the partnership act means Show Answer

Q44) Expression used but not defines on the partnership act & defined in the Indian contract act ,1872 Show Answer

Q45) In any partnership business ,maximum number of partners in case of non-banking business is Show Answer

Q46) Identify the correct statement Show Answer

Q47) The law relating to partnership firms is contained in Show Answer

Q48) Minimum number of persons to carry on partnership business is Show Answer

Q49) Partnership means Show Answer

Q50) Persons who have entered into partnership with one another are called individually Show Answer

Q51) A partner may be Show Answer

Q52) The essence of partnership is Show Answer

Q53) Partnership arises Show Answer

Q54) A partnership agreement may be Show Answer

Q55) Point out the odd in regards to partnership Show Answer

Q56) Point out who may not be a partner Show Answer

Q57) Who can contract for a partnership ? Show Answer

Q58) A partnership agreement between person arises from Show Answer

Q59) In case of business other than banking Show Answer

Q60) Whether a group of person is not a firm shall be determined Show Answer

Q61) Whether a person is or not a partner in a firm shall be determined Show Answer

Q62) Receipt by a person of a share of the profits of a business Show Answer

Q63) Sharing of profits or gross returns arising from property by person holding a joint or common interest in that property Show Answer

Q64) Receipt by a person of the following in a business does not make him partner Show Answer

Q65) Particular partnership means Show Answer

Q66) The essential feature of partnership is Show Answer

Q67) A partnership is 'partnership at will' Show Answer

Q68) 'Partnership' has been defined in section Show Answer

Q69) 'Firm name' has been defined in section Show Answer

Q70) 'Business' has been defined in section Show Answer

Q71) Agreement between partners is one of the essence elements of Show Answer

Q72) In partnership an agreement to share profits implies Show Answer

Q73) The true test of partnership is Show Answer

Q74) A partner is Show Answer

Q75) Any one who by words spoken or written or by conduct represents himself to be a partner in a firm ,is called Show Answer

Q76) The partnership Act extends to the whole of India except the state of Show Answer

Q77) Section ______of the partnership Act ,1932 defines the term 'Third Party' Show Answer

Q78) A & B enter into a joint trading adventure for sale of sesame seeds grown in both their fields during its harvest season .The partnership comes to an end after the sales. this agreement is called Show Answer

Q79) Where a partnership agreement provides neither for the duration nor for the determination of or particular object the partnership it is called Show Answer

Q80) Are the members of a Hindu undivided family carrying on a family business as such ,partner in such business Show Answer

Q81) X & Y buy 200 bales of cotton ,agreeing to share the same between them. There is a valid partnership between X & Y Show Answer

Q82) Which is not a characteristics of partnership firms? Show Answer

Q83) Subject to the provision of the act ,the partner is in agent of the firm for Show Answer

Q84) A valid partnership can be formed with one major partner & other minor admitted only to the benefits of the firm Show Answer

Q85) P,Q & R are partners ,R is a sleeping partner who has not been known by creditors to be partner of P & Q ,R retires without giving public notice of his retirement .Is R liable for subsequent debts incurred by P & Q ? Show Answer

Q86) For an effective notice on the firm,it must be made to Show Answer

Q87) Sharing of profits is ______ of partnership Show Answer

Q88) Which of the following words are not permissible in a firm's name ? Show Answer

Q89) The max.no. of persons permissible for a valid partnership for doing any business other than banking business is Show Answer

Q90) Where the number of partners exceeds the maximum limit, the illegal association cannot be used Show Answer

Q91) R & K were partners in a business as suppliers of leather goods & were regular contractors to govt.K ,without knowledge of R ,supplied to govt.certain leather goods in which the firm was also dealing & made substantial profits Show Answer

Q92) X & Y purchase 10,000 bags of cement which they agree to sell for their joint a/c & share the profits thereof. there is a valid partnership between x & y Show Answer

Q93) X & Y are joint ownership .There is a valid partnership between X & Y Show Answer

Q94) Third party' under in relation to a firm or to a partner means Show Answer

Q95) A money lender getting a share in the profits of the firm for the sum lent is a partner in the firm. Show Answer

Q96) Sharing of profits of a business is conclusive evidence of partnership. Show Answer

Q97) A partner, whether active or dormant, is entitled to have access to any of the books of the firm and take out a copy thereof. Show Answer

Q98) Sharing of profits is conclusive evidence of partnership. Show Answer

Q99) Where two persons jointly run a coach and share the profits derived from running such business constitute partnership business? Show Answer

Q100) A partnership may be formed with two partnership firms as partners. Show Answer

Q101) The test of existence of partnership is the element of ‘sharing of profits’ rather than ‘mutual agency’. Show Answer

Q102) The term ‘Partnership’ has been defined under _________ of the Partnership Act, 1932. Show Answer

Q103) A partnership for which no period or duration is fixed under the Indian Partnership Act is known as Show Answer

Q104) A partnership formed for the purpose of carrying on particular venture or undertaking is known as Show Answer

Q105) In the absence of agreement to the contrary all partners are Show Answer

Q106) What among the following is not an essential element of partnership? Show Answer

Q107) Partnership is a relationship, which arises from Show Answer

Q108) Select the odd one out of the available options for the entitlement of “Partners in profits only”: Show Answer

Q109) Mr. Pawan is nominal partner in the partnership firm so he: Show Answer

Q110) When partnership entered into for a fixed term is continued after the expiry of such term, it is to be treated as having become a: Show Answer

Q111) Mr. Samarth retires from the partnership firm without giving public notice and his name continues to be used on letterhead of the firm. Mr. Samarth is ________ in the case of repayment of loan to creditors. Show Answer

Q112) The “dormant partner” of the firm is: Show Answer