The structure in which there is separation of ownership and management is called

• Sole proprietorship
• Partnership
• Company
• All business organisations

Profits do not have to be shared. This statement refers to

• Partnership
• Sole Proprietorship
• Joint Hindu Family Business
• Company

The Karta in Joint Hindu Family Business has

• Limited liability
• Unlimited liability
• No liability for debts
• Joint liability

The maximum number of partners allowed in banking business are

• Twenty
• Ten
• No Limit
• Two

For which of the following types of business do you think a partnership form of organisation would be more suitable and why?
(a) Grocery store,
(b) Medical clinic,
(c) Legal consultancy,
(d) Craft centre,
(e) Internet cafe
(f) Chartered accountancy firm