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

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

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

• Sole proprietorship
• Partnership
• Company
• All business organisations

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

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