Question # 1

Filing means:

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Systematic preservations of records

Non-systematic preservations of records

End of business documents

To run business in profitable way

Which business organization can be dissolved through a legal procedure:

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Sole tradership

Partnership

Joint Sock Company

None of these

If a person having a property of two lakhs and insurance of fifty thousand, then in case of loss the company will pay:

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25 thousand

50 thousand

1 lakh

Nothing

In order of determine the size of a business we consider:

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The availability of the capital

The demand of the goods

The capacity of production

All the above

To whom does the directors of a company submit the copy of profit and loss account:

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Company's registrar

Company's auditor

Company's creditor

None of these

In sole tradership:

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The government provides finance

Only the trader provides finance

Many people collectively provide finance

The relatives provide finance

Maximum number of shareholders in a multi-members private company:

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Ten

Fifty

No limited

Twenty

The minimum number of directors in a multimembers private ltd. company:

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Five

Seven

Two

Not fixed

A consumer has a direct link with

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Retailer

Wholesaler

Industrialist

Agent

If the trader does not want to get the goods himself, he issues to the officials

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Bill of entry

Bill of sight

Delivery order

Bill of lading

Another name for quotation letter

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Catalogue

Order

All of the above

None of these

On which type of shares a company gives the profit on preferential basis

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Ordinary shares

Preference shares

Elementary shares

On all the three

The decisions of sole trade ship depend on:

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The will of friends

The will of sole-trader

The will of government

The will of relatives

The bill of trading reveals the:

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Legal ownership of goods

Price of goods

Government ownership of goods

None of the above

The goods are sold in a chain store at:

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One price

Different prices

Fixed price

All the above

Kinds of home trade

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Import & export trade

Wholesaling & import trade

Retail and wholesale trade

All of the above

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Principle of Commerce Icom Part 1 English Medium Online Test MCQs With Answers

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