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Some believed in the idea of cooperatives, others felt that cooperatives could not be built on a wide scale only through individual initiative. A few of these disadvantages are listed below. (f) Chartered accountancy firm A joint stock company is owned by individuals known as shareholders. Prior to that in state of Baroda, an ‘Anyonya Sahakari Mandali’ was organized in 1889, which is said to be India’s first cooperative arrangement. Free PDF Download of CBSE Class 10 Social Science Economics Chapter 3 Money and Credit Multiple Choice Questions with Answers. It can enter into agreements with others and can purchase or sell properties in its own name. Similarly, a partnership firm can be shut down at any time with the mutual consent of all the partners. Q4 :Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm. (b) Joint Hindu family business However, if a proprietor wants to deal in drugs and liquor, then he or she must to acquire a licence. Salesman Posts Jobs Career Notification Advertisement on September 2018 cooperatives.mp.gov.in Career, Latest Job Opening at MP Cooperative Society, Madhya Pradesh Recruitment 2018 Apply Online Application Form Download, Latest Jobs Notification for 3629 Jr. The fundamental objective of every organisation is. Ignesious was manager of a cooperative society in Katchal. (b) Consumer’s cooperative In a company, management and ownership lie in the hands of different individuals. This is because of the various legal disadvantages associated with non-registration. (c) Karta: The term karta is used for the head of a joint Hindu family who runs a family business. Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. A _____ cooperative does not restrict the price of its shares, while a _____ does. Despite the limitations in terms of size and resources, many people prefer sole proprietorship over any other forms of business primarily because of the numerous benefits associated with the sole proprietorship business form. Answer A) Societal. Mahatma Gandhi was the main force behind the non-cooperation movement. Only recently worker cooperatives started gaining ground among working class citizens, most of who find it difficult to save part of their salaries/wages for the rainy day. Q9 :What is meant by ‘partner by estoppel’? Merits of Partnership Hence, the correct answer is option (c). Hence, the sole proprietorship form of business is more suitable for the four business types mentioned above. The cooperative credit structure is serving the Indian society since 1904 and since then it has seen several ups and downs. Service Motive – Cooperative societies are guided by service motive rather than profit motive. (b) Profit 15. Answer : As a result, anxiety, burden and stress of the individual partners are shared among all the partners, which reduces the burden on a single partner. Q6 :State the important privileges available to a private company. As per the amendment the changes done to constitution are:- In Part III of the constitution, after words "or unions" the words "Cooperative Societies" was added. Internal Finance – Cooperative societies act limits the amount of divided that can be declared by the society to 6.25% of capital. Incidentally, cooperative despite its old age is not very popular in Nigeria. It, therefore, has to depend on its own members who generally lack in skill and experience. (a) Consumer cooperative societies: These are formed to provide consumer goods at reasonable prices to its members. (a) The partners of a non-registered firm cannot file a suit against a third party; however, non-registration of a partnership firm does not prevent other firms from suing it . (b) The firm cannot file a case against any of its partners. His wife woke him up at 6 a.m,because she felt an earthquake. These limitations include unlimited liability, limited resources, possibility of conflicts and lack of continuity. Q12 :A partner whose association with the firm is unknown to the general public is called Partnership is considered to be a relatively unpopular form of business ownership because of the various limitations associated with it. (a) Limited liability Limitations of Co-operative Society. (c) Craft centre (b) Balanced decision making: In a partnership firm, all the decisions related to the business are taken collectively by all the partners. Among the given alternatives, the sole proprietorship form of organisation is more suitable for the following businesses. As a result, the life of a cooperative society remains unaffected by the death, insolvency or insanity of its members. The choice of an appropriate form of business organisation is important for the following reasons. Salesman Posts Vacancy in MP Cooperative … Answer : (c) Legal consultancy (a) Ease in formation and closure of business: There are hardly any legal formalities to be fulfilled for setting up a sole proprietorship firm. (a) Twenty (c) Housing cooperative If a cooperative starts and operates solelyowned, from borrowed capital, it violates themanaged, principle of self-help and loses much of itsand autonomous character. MCQ in Human Resource Management with Answers. 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A cooperative society is a group of individuals who have specific common needs.It is an economic enterprise,the purpose of which is to improve the economic status of owners or members.Most cooperative societies offer their products to their members and others do not serve non-members. Article Shared By. View Test Prep - MCQ-on-IR-1.pdf from MANAGEMENT 5325 at Global Institute Of Management. The first thing cooperative societies do to individual members is development of savings culture. (a) Grocery store However, a minor, after attaining the age of 18 years, has the option of either continuing with the partnership firm or withdrawing his interest from it. The groups should contain high ... One person may take control and not allow others to share their knowledge. For UPSC 2021 preparation, follow BYJU'S. The capital of a company is divided into a number of parts, each one of which is called a share. (d) Craft centre (b) Continued existence: A cooperative society is a stable form of organisation as it enjoys the status of a separate legal entity that is considered distinct from its members. Start studying Unit 6 MCQ. Cooperative societies are operative in various sectors like consumer, industrial, services, marketing, etc. (b) Common seal Cooperative societies encourage the habit of savings and thrift among their members. SCOPE AND LIMITATION OF STUDY. Your email address will not be published. Elimination of middlemen. This does not mean that a cooperative society does not earn profits or a company does not render service to society. A secret partner in a firm is a partner whose association with the firm is unknown to the general public. In that society more attention would be paid to collective social interests. Some of the privileges enjoyed by a private company are given below. Criminal elements are not entertained. Co-operative Farming Society: ... Death, insolvency or lunacy of a member does not affect the existence of a society. Small cooperatives formed in rural areas are not capable of undertaking bigger roles in processing, packaging, storage, and marketing of agricultural products primarily due to their limitations on capital and human resources, a smaller volume of production, … (b) One man one vote It can adapt itself to various situations, and vital changes can be incorporated, as per the dynamism of the business environment. It describes about the Books of accounts and register to be maintained, Cash limits, Payment beyond certain Limit by Cheques, Finalization of Accounts, etc. (a) Partnership Disadvantages or Limitations of Social Accounting: Social Accounting can be quite labor intensive, especially the first time. Among the given alternatives, a partnership is highly suitable for the following types of businesses. (a) Grocery store Thus, it is due to this direct link between the businessperson’s efforts and the rewards which keeps this individual motivated to operate the business efficiency and effectively. To protect the interest of weaker sections, the co-operative society is formed. A co-operative society generally suffers on account of inefficient management. ADVERTISEMENTS: 2. 4. Time Limit: 30 minutes. As per the Indian law, any person below the age of 18 years is considered a ‘minor’. This principle guarantees equal voting rights to the members of a society, thereby preventing any discrimination in the body. Also, because of limited resources, a sole proprietor may not be able to employ specialised employees to handle specific business operations. Q1 :For which of the following types of business do you think a sole proprietorship form of organisation would be more suitable, and why? Similarly, a partner of a non-registered firm cannot file a case against his or her co-partners or the firm. Accordingly, if the funds available to the firm fall short of requirement for the repayment of debts, then the private assets of a partner by estoppel can be used to repay the debts. It can utilize the funds available in the general reserve. We have provided Forms of Business Organisation Class 11 Business Studies MCQs Questions with Answers to help students understand … The karta is the eldest male member of a Joint Hindu family who is responsible for decision making in the family business. Social Service: The basic philosophy of cooperatives is self-help and mutual help. Q2 :For which of the following types of business do you think a partnership form of organisation would be more suitable, and why? In case of a Joint Hindu Family, membership in the family business is by birth. It will have continuous existence. The organisational structure in which there is separation of ownership and management is called a company. (c) Direct incentive: A sole proprietor is the sole bearer of all types of risks associated with the business and at the same time is the single recipient of all the profits and gains earned from the business. Classes can be divided up into several groups. This means that as soon as a boy child is born in a Joint Hindu Family, he is automatically entitled to a share in his family business. MCQs- IR 1. (c) Legal consultancy (d) Manager teachingbd24.com is such a website where you will get all kinds of necessary information regarding educational notes, suggestions and question patterns of schools, colleges, and madrasas. December 22, 2020 at 6:19 pm TheSod says: I am a service provider to residential Society as Housekeeping, Securities, Lift AMC, Fire AMC so can i apply GST for providing Services? Limitations of Sole Proprietorship: Limitations of Cooperative Societies This 38 th set contains Economy questions from UPSC’s Geoscientist exam 2020 (conducted on 19 th Jan,2020), IES Engineers 2020 (5 th Jan, 2020) and CDS-i-2020 (conducted on 2 nd Feb 2020). ‘The Undistributed Profits’ or ‘retained earnings’ are reinvested for further growth of the society. Consequently, cooperative societies often lack efficiency. (d) Company This implies that the cooperative society can hold properties in its own name and enter into contracts. The major advantages of a cooperative society are equality in voting, members’ limited liability, stable existence, economy in operations, support from government, and ease of formation. On the other hand, it is mandatory for a public company to obtain a certificate of commencement along with a certificate of incorporation before starting business. 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