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
Correct Answer: Business may be carried on by all or by any of them acting for all
Solution : Mutual agency in a partnership means business is carried on by all the partners or by any of them acting for all. Hence, the correct option is 3.
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): A partnership is a relationship between individuals who have decided to split the earnings from a business that is operated by all of them acting collectively or by any one of them.
Reason (R): The Partnership Act of 1932 defines it.
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 : "Impulse" can be defined as:
Option 1: the force acting on a body for a very long time.
Option 2: the work done by a body for a short time.
Option 3: the force acting on a body for a short time.
Option 4: the temperature acting on a body for a short time.
Which one of the following is not a function of the central bank in an economy?
Option 1:
Dealing with foreign exchange.
Controlling monetary policy.
Option 3: Controlling government spending.
Option 4: Acting as a banker’s bank.
Question : When a body is immersed in a liquid, the force acting on it is:
Option 1: Upthrust
Option 2: Weight
Option 3: Mass
Option 4: Both 1 and 2
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