Introduction to Business Solved MCQS Past Papers

Introduction to Business Solved MCQS Past Papers for B.Com Part-1 Solved download in pdf for test and exam preparation

Any activity that is undertaken for the purpose of earning of profit is called_________________.
A. Commerce
B. Industry
C. Business
D. Trade
ANSWER: C

The main purpose or aim of doing business is_________________.
A. Earning Profit
B. Producing Goods and Services
C. Buying and Selling
D. Both (a) and (c)
ANSWER: A

Commerce includes which of the following activities.
A. Industry
B. Trade
C. Aids to Trade
D. Both (b) and (c)
ANSWER: D

Business covers which of the following activities.
A. Social Service Activities
B. Economic Activities
C. Non-Economic Activities
D. All of the Above
ANSWER: B

The biggest advantages of Sole Proprietorship is________.
A. Unlimited Liability
B. Limited
C. Technological Progress
D. Ease of Formation
ANSWER: D

The control of the business in Sole Proprietorship is in the hands of_______.
A. Single Owner
B. Employees
C. Owner as well as Employees
D. All of the Above
ANSWER: A

In Pakistan which of the following is the most common type of business ownership.
A. Company
B. Partnership
C. Cooperative Societies
D. Sole Proprietorship
ANSWER: D

Partnership business must be owned by at least______.
A. One
B. Two
C. Three
D. Ten
ANSWER: B

In Pakistan, partnership business is governed under______.
A. Banking Ordinance 1962
B. Partnership Act of 1889
C. Partnership Act of 1932
D. Partnership Act of 1985
ANSWER: C

A minor can become a partner with consent of________.
A. Other Partner
B. Share holder
C. Member
D. Both a & b
ANSWER: A

The written agreement between the partners is known as_________________.
A. Partnership Agreement
B. Partnership Deed
C. Partnership Contract
D. All of the above
ANSWER: B

A partner who does not contribute capital nor participate in the management but only lends his name to
the business is known as_________.
A. Active Partner
B. Secret Partner
C. Nominal Partner
D. Partner by estoppel holding out
ANSWER: C

In Pakistan, first stock exchange was formed_______________.
A. Lahore
B. Islamabad
C. Multan
D. None of them
ANSWER: D

A partnership that is neither for a fixed period nor for a particular purpose is termed as_________.
A. Partner at Will
B. General Partnership
C. Limited Partnership
D. Partnership at Particular
ANSWER: A

A partnership where no period is specified for the duration of the partnership in the deed is termed
as___________.
A. Partner at Will
B. General Partnership
C. Limited Partnership
D. Partnership at Particular
ANSWER: A

A business started by single person is called__________________.
A. Partnership
B. Sole proprietorship
C. Company
D. None of them
ANSWER: B

Trade means_____________________.
A. Buying and Selling
B. Exchange of Commodities
C. Both (a) and (b)
D. None of the Above
ANSWER: C

The part of business activity which deals with extraction production or fabrication of products is known
as_____________________.
A. Business
B. Industry
C. Trade
D. Commerce
ANSWER: B

The term ‘Aids to Trade’ includes_____________________.
A. Facilitation of Buying and Selling
B. Buying and Selling
C. Earning Profit
D. Trade
ANSWER: A

A/An______________transaction(s) of buying and selling will not be termed as Business activity.
A. Regular
B. Daily
C. Isolated
D. Both (a) and (b)
ANSWER: C

Literary, Sole Proprietorship means___________________.
A. Single Ownership
B. Dual Ownership
C. Joint Ownership
D. All of the Above
ANSWER: A

In Sole Proprietorship, the liability of owner is_________________________.
A. Limited
B. Unlimited
C. Both (a) and (b)
D. None of the Above
ANSWER: B

Unlimited Liability means____________________.
A. Owner’s liability is limited to the amount their investment
B. Owner’s personal assets are liable for the business debt
C. Personal assets of the owner are not liable for the business debt
D. None of the Above
ANSWER: B

The business entity that is owned by a single person is called_________________.
A. Company
B. Partnership
C. Cooperative Societies
D. Sole Proprietorship
ANSWER: D

Today, how many types of business ownership exist?
A. Two
B. Three
C. Four
D. Five
ANSWER: C

A business association of two or more persons to jointly carry on a business and share its profits and
losses is called____________________.
A. Partnership
B. Sole Proprietorship
C. Company
D. Cooperative Society
ANSWER: A

In Pakistan, the maximum number of partners allowed in a firm is____________________.
A. 5
B. 10
C. 15
D. 20
ANSWER: D

In case of banking business, the maximum number of partners allowed in partnership business
are____________________.
A. 5
B. 10
C. 15
D. 20
ANSWER: B

The process of formation of a Joint Stock Company is called______________.
A. Promotion
B. Liquidation
C. Incorporation
D. All of them
ANSWER: A

A partner whose liability is limited in a firm is known as______________________.
A. General Partner
B. Special Partner
C. Active Partner
D. Both (a) and (b)
ANSWER: B