Question :

Assertion (A): A firm can have a minimum of 2 with a maximum of 50 partners.

Reason (R): The limit of two partners flows from the definition in the Partnership Act, 1932. The maximum limit of partners is also prescribed in the Partnership Act, 1932.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)

Option 3: Assertion (A) is true but Reason (R) is False

Option 4: Both Assertion (A) and Reason (R) are not correct

Question : What is the meaning of mutual agency in a partnership firm?

Option 1: The firm will carry on a lawful business

Option 2: The partners will share the profit/losses of the business

Option 3: Business may be carried on by all or by any of them acting for all

Option 4: None of these

Question :

Summarize the following paragraph:

Consistency is the most significant thing in everyone’s life. Without consistency one cannot live a content life. It is the act of living life following several rules and system. Consistency is the whole thing which we do in the correct way at correct time. It leads us to the accurate path. We all go after various types of consistency in our lives. There are many instances like we go to work, we eat food, we have tea, we speak with our friends... These all highlight traits of consistency.

Option 1: Consistency is the most indispensable principle to guide us

Option 2: Consistency is the worst attribute and is not inherent.

Option 3:

Consistency is not only the most important attribute but is also inherent

Option 4:

It is consistency which changes lives. A consistent person is sure to achieve something

Option 5: Consistency is the only significant of all the principles

Question :

Summarize the following paragraph:

It is imperative that all students pay attention to their studies. In addition to this, it is equally significant that students are not limited to the knowledge they acquire from books. They must actively pitch in sports activities of their schools. This may not hold true in cases of all students as some are not good at sports but excellent at acting or singing. It is about students identifying their strengths and opening new windows for themselves.

Option 1: None of these

Option 2:

Students must be able to chose the right field

Option 3:

Students must be developed such that they have multifarious vocation-options

Option 4:

Students must realize their area of expertise

Option 5:

Students must know their strengths

Question : Assertion (A): The partnership agreement can be written or oral.
Reason (R): To avoid any misunderstandings or disputes, it is always best to have a written agreement that has been signed and registered under the Act.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)

Option 3: Assertion (A) is true but Reason (R) is False

Option 4: Both Assertion (A) and Reason (R) are not correct.