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Company Basic Concept MCQ's

This document contains 32 multiple choice questions about company basics and differences between public and private companies. Some key details covered include: the minimum number of members for public (5) and private (2) companies; maximum number of members for private (50) and public (unlimited) companies; minimum paid up capital for private (Rs. 1 lakh) and public (Rs. 3 lakhs) companies; audit requirements (compulsory for both); and rights/obligations governed by Memorandum and Articles of Association for companies and partnership deed for firms.

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Faizan Ch
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2K views3 pages

Company Basic Concept MCQ's

This document contains 32 multiple choice questions about company basics and differences between public and private companies. Some key details covered include: the minimum number of members for public (5) and private (2) companies; maximum number of members for private (50) and public (unlimited) companies; minimum paid up capital for private (Rs. 1 lakh) and public (Rs. 3 lakhs) companies; audit requirements (compulsory for both); and rights/obligations governed by Memorandum and Articles of Association for companies and partnership deed for firms.

Uploaded by

Faizan Ch
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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COMPANY BASIC MCQS

WWW.EASYNOKR.COM
COMPANY MCQ’s
1. Minimum number of members in case of public company
a) 1 b) 2 c) 5 d) 7

2. Minimum number of members in case of private company is


a) 1 b) 2 c) 3 d) None of these

3. Maximum no. of members in case of private company is


a) 50 b) 100 c) 150 d) 200

4. Maximum no .of members in case of public company is


1) 0 b) unlimited c) 50 d) 100

5. How many months did the company can continue its business u/s 45 _______
a) 1 b) 2 c) 5 d) 6

6. Minimum subscription should be received with in ______days


a) 120 b) 125 c) 130 d) 135

7. If minimum subscription is not received application money should be refunded with in


______days
a) 20 b) 25 c) 30 d) 10

8. Liability of a member in case of a private company is


a) Limited b) Unlimited c) Both (a) or (b) d) None of the above

9. Maximum no. of persons in case of partnership banking business ______


a) 10 b) 20 c) 30 d) 5

10. Minimum paid up share capital in case of a private company is _______


a) 1 Lakh b) 2 Lakhs c) 3 Lakhs d) 4 Lakhs

11. Minimum paid up share capital in case of a public company is ________


a) 1 Lakh b) 3 Lakhs c) 5 Lakhs d) 7 Lakhs

12. Minimum no. of Directors in case of a public company is __________


a) 1 b) 2 c) 3 d) 4

13. Minimum no. of Directors in case of private company is _______


a) 1 b) 2 c) 3 d) 4

1
PREPARED BY: FAIZAN CH – MBA, MS-FINANCE 0333-6973219
COMPANY BASIC MCQS
WWW.EASYNOKR.COM

14. Age limit of Directors in case of public company is ______


a) 65 b) 70 c) 75 d) 80

15. Age limit of Directors in case of private company is _________


a) 65 b) 70 c) 75 d) No limit

16. The company’s nationality is decided by its


a) Shareholders b) Registered office
c) Place at books of accounts are kept d) None of the above
17. The liability of members if company is limited by guarantee.
a) Unpaid value of shares b) Guarantee amount
c) Unlimited liability d) None of the above
18. The liability of members if company is limited by shares
a) Unpaid value of shares b) Guarantee amount
c) Unlimited liability d) None of the above
19. If the company failed to refund application money within 130 days from the date of
issue of prospectus on non-receipt of minimum subscription who will be personally liable.
a) Company b) Directors c) Shareholders d) None of these
20. Transfer of shares in the company is
a) Restricted b) Freely transferable c) Prohibited d) None of these
21. Transfer of shares in the partnership firm is
a) Restricted b) Freely transferable c) Prohibited d) None of these
22. Generally Company liability is
a) Limited b) Unlimited c) Situation does not arise d) None of these
23. Generally partnership firm liability is
a) Limited b) Unlimited c) Situation does not arise d) None of these
24. Partners are of the firm
a) Owners b) Employers c) Agents d) None of these
25. XYZ private company had reduced to a single member and continued business more
than 6 months. The company’s liability will be.
a) Limited b) Unlimited c) Restricted c) None of the above.
26. In the case of partnership firm. Audit is
a) Compulsory b) Optional c) None of the above. c) A & B both
27. In the case of Company. Audit is
a) Compulsory b) Optional c) None of the above c) A & B both

2
PREPARED BY: FAIZAN CH – MBA, MS-FINANCE 0333-6973219
COMPANY BASIC MCQS
WWW.EASYNOKR.COM
28. Generally rights and obligations of the company are regulated in
a) A.O.A b) M.O.A c) Partnership deed. d) None of these
29. Generally rights and obligations of the Partnership firm are regulated in
a) A.O.A b) M.O.A c) Partnership deed. d) None of these
30. The term company is defined under which sec of the Act?
a) Sec 3 (1) b) Sec 4 (2) c) Sec 2 (4) d) Sec 1 (3)
31. Property of the company belongs to
a) Company b) Shareholders c) Members d) Promoters
32. Which company shares can be freely transferable
a) Private Company b) Public Company c) Both (a) & (b) d) None of the above

3
PREPARED BY: FAIZAN CH – MBA, MS-FINANCE 0333-6973219

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