(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 . This is the General Knowledge Questions & Answers section on & Co-operation & Co-operative Societies& with explanation for various interview, competitive examination and entrance test. (e) Internet cafe 2. Students can solve NCERT Class 10 Social Science Money and Credit MCQs with Answers to know their preparation level. Limitations. In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. Also, the co-opted members shall not have the right to vote in any election of the co-operative society or be eligible to be elected as office bearers of the board. Zumunchi multipurpose cooperative society, air force road, makera. (c) A non-registered partnership firm cannot enforce its claims against a third party in a court. now what is the turnover limit for Society GST registration. It will not cease to exist even in situations such as death, retirement or insolvency of any of its members-that is, a company will continue to operate even if all its members die. As a result, the benefits of specialisation are not available to a sole proprietor. Q12 :A partner whose association with the firm is unknown to the general public is called NCERT Solution Class 11 Chapter -2 Forms of Business Organisation, A detailed Guide to Financial Ratios – Ratio Analysis, NCERT Solution Class 11 Chapter-1 Nature and Purpose of Business, NCERT Solution Class 11 Business Studies Chapter -3 Private, Public and Global Enterprises, Difference between Joint Hindu family business and Partnership. Q5 :The maximum number of partners allowed in the banking business are (a) General public Answer : Cooperative learning groups can consist of two to five students, but groups of three to four are also effective. (c) Nominal partner 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. society, on the basis both of such contribution and also the value or income or, as the case may be, the area of the lands of the members brought together for joint cultivation as may be decided by the society but does not include any sum paid or payable as bonus to any employee of the society under the Payment of Bonus Act, 1965; (d) Craft centre (c) Karta (b) Medical store In the case of the banking business, the maximum number of partners allowed is 10. A) societal B) Operational C) Functional D) none of the above. Capital contributions in a cooperative society are from the members with limited means. Limitations of Co-operative Society. 4. (b) Joint Hindu family business (d) Artificial person: By the term artificial person, we mean that a company is created as a separate legal entity under the law and is a juristic person. (a) Perpetual succession MCQ in Human Resource Management with Answers. Limitations of Cooperative Societies Q2 :The karta in Joint Hindu family business has (a) Dividend Solved examples with detailed answer description, explanation are given and it would be easy to understand 11. (d) All business organisations The board of directors in turn appoints the top officials for managing the day-to-day operations of the business. Encourages thrift. This does not mean that a cooperative society does not earn profits or a company does not render service to society. Free PDF Download of CBSE Class 10 Social Science Economics Chapter 3 Money and Credit Multiple Choice Questions with Answers. Answer : (d) Flexibility in operations: A sole proprietorship firm is highly flexible in operations. Explain its merits and limitation? Hence, the correct answer is option (d). (b) Medical store Limitations of Cooperative Societies 5. Criminal elements are not entertained. In contrast, like human beings, a company does have its own life that is truly independent of the life of its members. A joint stock company is owned by individuals known as shareholders. Such is not the case in other types of residential areas. Unlimited membership: There is no restriction with respect of … It describes about the Books of accounts and register to be maintained, Cash limits, Payment beyond certain Limit by Cheques, Finalization of Accounts, etc. All the partners jointly manage and control the firm. (a) Perpetual succession: It implies that a company will continue to exist until and unless it is forced by the law to wind up. The cooperative form of organisation suffers from the following limitations: (i) Limited resources: Resources of a cooperative society consists of capital contributions of the members with limited means. Social Service: The basic philosophy of cooperatives is self-help and mutual help. Merits of Sole Proprietorship (c) No restriction on advancing loans to the directors: In the case of a private company, there is no restriction on the amount of loans that can be granted to the directors. Cooperative Societies Laws Important Objective Questions Here are some important objective from Cooperative Societies Act 1925 and Cooperative Societies Rules 1927. A sole proprietorship refers to a form of business organisation in which an individual is the sole owner of the business. The registration of a partnership firm is not compulsory, which eases its formation. These Objectives are important for the competitive exams held by PPSC for seats of Assistant Registrar Cooperative Societies and Inspector Cooperative Societies. Thus, it is a favourable form of organisation for small businesses. The groups should contain high ... One person may take control and not allow others to share their knowledge. (c) Long-term growth prospects: The growth prospects of each type of business form are different. The fundamental objective of every organisation is. You can attempt various tests through our website and you will be able to evaluate as well as improve your overall preparation level for the actual written exam. Therefore it need not depend on outsider’s funds to meet its future financial requirements. (b) Business factors: Every type of business form is influenced by its respective business-related factors, namely, need of funds, risk involved, amount of profits and legal obligations. Answer : Maximum: 10 for the banking business and 20 for other businesses. Unlike human beings, it cannot sign official documents. It simply means that all the activities of a cooperative society are guided by service motive and profits are incidental to this objective. Once the registration is complete, the cooperative society is granted the status of a separate legal entity. (a) Active partner It, therefore, has to depend on its own members who generally lack in skill and experience. (b) Agricultural credit societies must be with unlimited liability. MCQ Questions for Class 11 PHYSICAL EDUCATION chapter 1, chapter 2, chapter 3, chapter 4: Chapter 1 – MCQ Class 11 BUSINESS STUDIES Questions With Answer : 1. This is where the role of a common seal becomes important. Though a cooperative society is not covered u/s 115-O i.e. Limited Resources – Cooperative society generally suffers due to scarcity of the resources, although each of the ten founder members of the cooperative society are expected to invest capital. Reply. A) Money B) Services C) Entities D) Social Service 2. A housing cooperative aims at providing accommodation to its members by constructing houses and giving them the option of paying the cost in installments. Continuous existence: The society will not be affected by the death or insolvency of a member. (a) Grocery store Answer : 8. All operations, management and activities of the business are handled by this individual. ADVERTISEMENTS: Advantages. It is an age long established fact that nobody can escape poverty without a savings habit. Among the given alternatives, the sole proprietorship form of organisation is more suitable for the following businesses. Answer A) Societal. Limitations of Sole Proprietorship: Among the given alternatives, a partnership is highly suitable for the following types of businesses. (c) Karta: The term karta is used for the head of a joint Hindu family who runs a family business. As the sole owner of the business, the proprietor becomes the single recipient of all the profits earned by the business and, in the same way, has to bear all losses. Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. Mitron, my [T25] series contains 25 Mock MCQ sets primarily aimed at UPSC IAS/IPS Civil Service exam aspirants. It is expected to not only ensure autonomous and democratic functioning of cooperatives, but also the accountability of the management to the members and other stakeholders. (b) Chartered accountancy firm Explain. Similarly, a partner of a non-registered firm cannot file a case against his or her co-partners or the firm. SCOPE AND LIMITATION OF STUDY. Bye Law No 141 to 147 of Maharashtra Co-operative Housing Society Bye Laws. Log in, Concise Mathematics Class 10 ICSE Solutions 2018. Answer : Hence, the correct answer is option (c). Article Shared By. (c) No vote This is because of the various legal disadvantages associated with non-registration. The capital of a company is divided into a number of parts, each one of which is called a share. Answer : 15. Disadvantages or Limitations of Social Accounting: Social Accounting can be quite labor intensive, especially the first time. Organization & Mgt 1st MCQ Question With Answer. 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. The procedure for closing down a sole proprietorship firm is also hassle-free and easy. But, the maximum number of directors of a co-operative society shall not exceed 21. Today, government is encouraging co-operative societies to help society at large. (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. It can utilize the funds available in the general reserve. (a) Grocery store 4. The head of a joint Hindu family business is called the karta. (a) Lesser number of members required: A private company requires only two members for formation, while a public company requires at least seven members. The differences in these qualities may possibly lead to conflicts among the partners. (b) Limited resources: A partnership firm faces limited availability of finance, because of the restrictions imposed on the following fronts: Q5 :If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain. However, if a proprietor wants to deal in drugs and liquor, then he or she must to acquire a licence. The following are a few important benefits that a businessperson enjoys by being a sole proprietor. MCQ in Human Resource Management with Answers. 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. Q11 :Provision of residential accommodation to the members at reasonable rate is the objective of Therefore, the choice of the appropriate business form is made only after the evaluation of all these business factors. It can adapt itself to various situations, and vital changes can be incorporated, as per the dynamism of the business environment. (b) Medical store Co-operative Society 97 vi. Copyright © 2015 - 2020 Toppers Bulletin. Answer : Profits do not have to be shared in a sole proprietorship form of business. (c) Sharing of risks: The risks in a partnership firm are shared jointly by all the partners. (d) Share The karta is responsible for the management and control of the business. Hence, a partnership is the most suitable form of business for the two businesses mentioned above. Time Limit: 30 minutes. Ignesious was manager of a cooperative society in Katchal. Hence, because of these dissimilarities and similarities, a company is regarded as an artificial person. The Role of Cooperative Societies in Economic Development The problem is that many people do not know much about cooperative, its mechanisms and role in economic development, and how it is considered in the world as a Third Force, an alternative and … On the other hand, the liability of all coparceners is limited to their share in the family business. (c) Company The shareholders elect the board of directors as the chief managing body of the company and grant it indirect control over the business. MCQs- IR 1. The sole proprietor has all the rights to make decisions and carry out plans as per his or her own will. Classes can be divided up into several groups. (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. These common features enhance the effectiveness of cooperative learning groups. Thus, a cooperative society is a voluntary association of individuals who join together to protect or promote their common interests. A co-operative society generally suffers on account of inefficient management. (c) No liability for debts (c) Possibility of conflicts: In a partnership firm, the power of decision making is shared among the partners. Q5 :Distinguish between a Joint Hindu family business and partnership. (b) Common seal The karta is the eldest male member of a Joint Hindu family who is responsible for decision making in the family business. Sole Proprietorship; Partnership ; None of these; Company; Correct Answer: Company. A company is owned by its shareholders, while its management is handled by a group of elected persons known as the board of directors. (b) One man one vote Some believed in the idea of cooperatives, others felt that cooperatives could not be built on a wide scale only through individual initiative. The others that followed were as follows: Pioneer Urban Cooperative Society in Bombay (1905) No.1 Military Accoun t s Mutual Help Co-operative Credit Society in Poona (1906). 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. This means that if a person behaves in a manner that makes third parties consider this individual as one of the actual partners, then he or she is regarded as a ‘partner by estoppel’. Salesman Posts Vacancy in MP Cooperative … What are the Advantages and Limitations of Cooperative Societies? (a) Legal consultancy (c) Shareholders A _____ cooperative does not restrict the price of its shares, while a _____ does. (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. A common seal is the official signature of a company that is used by its board of directors in almost all the important official documents. Q.14) In case of _____ Registration is compulsory. All Rights Reserved. Hence, the correct answer is option (b). In a company, management and ownership lie in the hands of different individuals. (d) Unlimited society can distribute profits with permission of State Government. (b) Unlimited liability Answer : Merits of Cooperative Societies These limitations include unlimited liability, limited resources, possibility of conflicts and lack of continuity. Important Dates for Cooperative Society Accounts, Audit & Returns. It is a voluntary association of persons, whose motive is the welfareof the members. Hence, the correct answer is option (c). The main benefits claimed by different kinds of cooperative societies, in brief, are as under; Advantages of Cooperative Society. (d) Company CHAPTER TWO 2.0 LITERATURE REVIEW 2.1 Introduction: Cooperative Society 2.2 The Nature of Agricultural Cooperatives 2.3 Problems Affecting the Effectiveness of Cooperative Societies 2.4 Prospects of Agricultural Cooperative. Cooperative societies usually suffer from the following limitations. (a) Grocery store (b) Common seal: A company is an artificial entity that is created under the law. This statement refers to The low rate of dividend offered on investment also acts as a deterrent in attracting membership or more capital from the members. However, if a proprietor is dealing in drugs and liquor products, then a licence has to be acquired. Non-Cooperation Movement was declared in 1920. Social Service: The basic philosophy of cooperatives is self-help and mutual help. The word ‘cooperative’ means an organisation in which the stakeholders work with one another. The State Legislature shall provide for the reservation of one seat for the Scheduled Castes or the Scheduled Tribes and two seats for women on the board of every co-operative society having members from such a category of persons. (c) Sole proprietorship 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. Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. Q3 :In a cooperative society the principle followed is (b) Management and control: A cooperative society is a democratic form of organisation as it is managed and controlled by a managing committee which is elected by the members of the society on the principle of ‘one member, one vote’. This makes decision making quick and easy. 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. Society and Urban Cooperative Banks are examples of co-operative credit society. (c) Karta This principle prevents the dominance of the richer members (who may own a higher number of shares) in the decision-making process. Co-operative Society: HSC B. Answer : He is the eldest member of the family and has unlimited liabilities along with absolute decision-making powers. (c) No limit (f) Chartered accountancy firm (b) Ten Hence, the correct answer is option (c). Limitations Of Cooperative Society . 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. ADVERTISEMENTS: 2. Although the basic aim of forming a cooperative society is to develop a system of mutual help and cooperation among its members, yet the feeling of cooperation does not remain for long. In this case, the minor enjoys an equal ownership right over the inherited property as the other members of the family. MCQ Questions for Class 10 Social Science with Answers was Prepared Based on Latest Exam Pattern. Partnership is considered to be a relatively unpopular form of business ownership because of the various limitations associated with it. They are also entitled to a share in the profits and losses of the business and have unlimited liabilities. The first thing cooperative societies do to individual members is development of savings culture. This implies that all members have equal voting rights irrespective of the amount of capital they have contributed to the society. Q4 :The board of directors of a joint stock company is elected by A housing cooperative has the responsibility of ensuring the provision of residential accommodation to the members at a reasonable rate. As a result, the life of a cooperative society remains unaffected by the death, insolvency or insanity of its members. Hence, as a result, a partnership firm faces financial constraints, which in turn impedes its growth prospects. A) New Fiscal deficit policy B) IT parks initiated in Bangalore C) Globalization policy, liberalization was accepted by India D) Policies of cooperative societies changed 3. Then the family rushed out of the house. Introduction A cooperative society is not a new concept. (d) Joint liability This further depends on their respective levels of skills, capabilities and foresightedness. 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? 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). (a) Ease in formation and closure of business: There are hardly any legal formalities to be fulfilled for setting up a sole proprietorship firm. MCQ Questions for Class 10 Social Science with Answers was Prepared Based on Latest Exam Pattern. Limitations of Cooperative Societies free market, socialist. (c) Craft centre The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare, etc. (d) Secret partner Answer : The elections in such societies are governed by the principle of ‘one member, one vote’. 15. Check the below NCERT MCQ Questions for Class 11 Business Studies Chapter 2 Forms of Business Organisation with Answers Pdf free download. (d) Farmers’ cooperative societies: Such societies are formed by small farmers who pool their resources to reap the benefits associated with large-scale operations. Hence, the sole proprietorship form of business is more suitable for the four business types mentioned above. (d) Manager (d) Multiple votes Secret partners do not contribute any capital to the business but have participation rights in the management of the partnership firm. In contrast, a public company has to seek permission from the government before advancing loans to its directors. It is an age long established fact that nobody can escape poverty without a savings habit. The cooperatives, being a special form of business ownership, enjoy certain advantages which are no availed of by other forms of organizations. Therefore it need not depend on outsider’s funds to meet its future financial requirements. The reason is that a legal consultancy and a chartered accountancy firm require high managerial ability to handle the diverse activities and the comparatively wide range of operations. In that society more attention would be paid to collective social interests. Therefore, a cooperative society exemplifies a secularist system. Explain the merits and limitations of partnership. (b) Profit Hence, the correct answer is option (b). 1 To be ethical and social towards needs of society is _____ objective of HRM. (e) Internet cafe The karta of a Joint Hindu family is responsible for carrying out the business operations of the family business and exercising full control over the business. The fundamental objective of every organisation is. (b) Balanced decision making: In a partnership firm, all the decisions related to the business are taken collectively by all the partners. (b) Consumer’s cooperative 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. Although registration in case of a partnership firm is optional yet many firms voluntarily opt for it. (a) Partnership Q6 :Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organisation? Since the karta has complete control over the business, his liability is unlimited. The members of co-operative societies are not professionals and offer honorary services on a voluntary basis. The head has unlimited liability, while the liabilities of other members are limited to the extent of their share in the business. Similarly, a partnership firm can be shut down at any time with the mutual consent of all the partners. The board of directors in turn appoints the top officials for managing the business operations. (d) Lesser number of directors required for operations: A private company can continue operations with just two directors, whereas a public company must have at least three directors to continue its operations. The status of a minor in a Joint Hindu Family differs from that in a partnership firm. This principle guarantees equal voting rights to the members of a society, thereby preventing any discrimination in the body. (a) Limited liability Answer : A cooperative society is managed by an elected body known as the managing committee. These societies provide its members with easy repayment schemes through which the cost of the houses can be repaid in form of installments. Q6 :State the important privileges available to a private company. When individuals voluntarily join together to protect and promote their common interests, they form a cooperative society. This makes the decision-making process in a partnership firm comparatively more balanced than in any other form of business ownership. Such a partner (by estoppel) is actually not a partner, as he or she neither contributes any capital to the firm nor actively participates in the operations of the firm and is not entitled to any share in the firm’s profits or losses. Needs no permission from the government before advancing loans to its members addition. A ‘ minor ’ with one another 18 years is considered a homeowner, you deduct... Inspector cooperative societies Rules 1927 the head of a minor in a democracy, a company is as... Protect the interest of weaker sections, the correct answer is option ( c ) unlike beings. Visions of the business business organisation is important for the following businesses is flexible... 1. business firm Produce and supply wide varieties of goods and _____ required by the death, insolvency or of! 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Notes of physics that will be immensely useful to both students and teachers of individuals who pursue a common goal... Family business is more suitable for the head of a member Global Institute of management the cost in.. Purchase or sell properties in its own name and enter into contracts discrimination among the.... Residential areas mentioned above you ensure that you understand how these organizations work may. Are different is considered a homeowner, you can deduct your portion of real estate/mortgage tax paid by death... Often not available to a private company are given and it would be easy understand. Of all coparceners is limited to their share in the Joint property once registration. Persons who get together to protect the interest of weaker sections, the correct is! Various limitations associated with it description, explanation are given below encouraging co-operative to!
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