Reply. (a) Grocery store A cooperative society is not a new concept. This makes decision making quick and easy. Short answersmultiple choice questions : Solutions of Questions on Page Number : 52 Today, government is encouraging co-operative societies to help society at large. Mitron, my [T25] series contains 25 Mock MCQ sets primarily aimed at UPSC IAS/IPS Civil Service exam aspirants. A sole proprietorship refers to a form of business organisation in which an individual is the sole owner of the business. This implies that the cooperative society can hold properties in its own name and enter into contracts. The organisational structure in which there is separation of ownership and management is called a company. Hence, the correct answer is option (c). Factors determining Choice of a Business Form (c) No vote All Rights Reserved. Such a partner (by estoppel) is actually not a partner, as he or she neither contributes any capital to the firm nor actively participates in the operations of the firm and is not entitled to any share in the firm’s profits or losses. Answer : This does not mean that a cooperative society does not earn profits or a company does not render service to society. Answer : Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. Inefficient Management . Limited Resources . Q1 :What do you understand by a sole proprietorship firm? A person can be regarded as a ‘partner by estoppel’, if he or she through his/her actions or behaviour, leaves an impression on third parties that he or she is a partner in a particular firm. (a) Sole proprietorship A cooperative society is a voluntary association of persons who get together to protect their economic interests. Limitations Of Cooperative Society . Also, the co-opted members shall not have the right to vote in any election of the co-operative society or be eligible to be elected as office bearers of the board. Encourages thrift. (c) A non-registered partnership firm cannot enforce its claims against a third party in a court. Despite the limitations in terms of size and resources, many people prefer sole proprietorship over any other forms of business primarily because of the numerous benefits associated with the sole proprietorship business form. (c) Possibility of conflicts: In a partnership firm, the power of decision making is shared among the partners. Merits of Cooperative Societies The registration of a partnership firm is not compulsory, which eases its formation. (a) Limited Capital: Most of the cooperative societies suffer from lack of capital. Cooperatives are organizations of individuals who pursue a common economic goal. Accordingly, if the funds available to the firm fall short of requirement for the repayment of debts, then the private assets of a partner by estoppel can be used to repay the debts. Ease of formation: Since it is a voluntary organisation it is easy to form by any ten members. (c) Unlimited society is not best form of cooperation for agricultural commodities. However, if a proprietor wants to deal in drugs and liquor, then he or she must to acquire a licence. The major advantages of a cooperative society are equality in voting, members’ limited liability, stable existence, economy in operations, support from government, and ease of formation. (a) General public (c) Karta (c) Legal consultancy (a) One share one vote A) societal B) Operational C) Functional D) none of the above. It will have continuous existence. You can attempt various tests through our website and you will be able to evaluate as well as improve your overall preparation level for the actual written exam. (d) Craft centre MCQ Questions for Class 11 PHYSICAL EDUCATION chapter 1, chapter 2, chapter 3, chapter 4: Chapter 1 – MCQ Class 11 BUSINESS STUDIES Questions With Answer : 1. Continuous existence: The society will not be affected by the death or insolvency of a member. Types of Cooperative Societies As a result, the life of a cooperative society remains unaffected by the death, insolvency or insanity of its members. The head of a joint Hindu family business is called the karta. The following are a few limitations of a sole proprietor firm. Vacancy in MP Cooperative Society Recruitment 2018 Apply Online cooperatives.mp.gov.in 3629 Jr. Q6 :Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organisation? 4. Discuss the factors that determine the choice of form of organisation. Society and Urban Cooperative Banks are examples of co-operative credit society. ADVERTISEMENTS: 2. (a) Grocery store Farmers developed cooperative organizations to limit the power of rail companies. The groups should contain high achievers and low achievers. (c) Nominal partner NCERT Solution Class 11 Chapter -2 Forms of Business Organisation, A detailed Guide to Financial Ratios – Ratio Analysis, NCERT Solution Class 11 Chapter-1 Nature and Purpose of Business, NCERT Solution Class 11 Business Studies Chapter -3 Private, Public and Global Enterprises, Difference between Joint Hindu family business and Partnership. Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. Answer : A cooperative society has to transfer at-least one-fourth of its profits to general reserve. (b) Medical store In the event of death, insanity, bankruptcy or physical ailment of a sole proprietor, the life of the business is adversely affected. Cooperative societies are classified into the following six types. Thus, a cooperative society is a voluntary association of individuals who join together to protect or promote their common interests. The first thing cooperative societies do to individual members is development of savings culture. Thus, it is a favourable form of organisation for small businesses. (b) Commencement of business: A private company can start its business operations right from the day of receiving the certificate of incorporation. (a) Partnership (a) The partners of a non-registered firm cannot file a suit against a third party; however, non-registration of a partnership firm does not prevent other firms from suing it . now what is the turnover limit for Society GST registration. (b) Joint Hindu family business This makes the decision-making process in a partnership firm comparatively more balanced than in any other form of business ownership. Cooperatives are organizations of individuals who pursue a common economic goal. Q.13) What is the limit of members in case of a Private Company? Encourages thrift. Time Limit: 30 minutes. Therefore it need not depend on outsider’s funds to meet its future financial requirements. Co-operative Society: HSC B. Social Service: The basic philosophy of cooperatives is self-help and mutual help. 15. (d) Company Q1 :For which of the following types of business do you think a sole proprietorship form of organisation would be more suitable, and why? Hence, as a result, a partnership firm faces financial constraints, which in turn impedes its growth prospects. The word ‘cooperative’ means an organisation in which the stakeholders work with one another. (b) Partnership These common features enhance the effectiveness of cooperative learning groups. Answer : The karta is the eldest male member of a Joint Hindu family who is responsible for decision making in the family business. The reason is that a legal consultancy and a chartered accountancy firm require high managerial ability to handle the diverse activities and the comparatively wide range of operations. (d) All business organisations Living in a housing society is an asset when it comes to tax deductions. When individuals voluntarily join together to protect and promote their common interests, they form a cooperative society. This implies that all members have equal voting rights irrespective of the amount of capital they have contributed to the society. Why? Cooperative learning groups can consist of two to five students, but groups of three to four are also effective. (a) Proprietor This is because of the various legal disadvantages associated with non-registration. Therefore, the choice of the appropriate business form is made only after the evaluation of all these business factors. This is where the role of a common seal becomes important. The State Legislature shall provide for the reservation of one seat for the Scheduled Castes or the Scheduled Tribes and two seats for women on the board of every co-operative society having members from such a category of persons. But a partnership firm, with the consent of all the partners, can admit a minor to share the profits of the firm; but he cannot be asked to either contribute capital or bear the losses incurred by the business. Answer : (a) Consumer cooperative societies: These are formed to provide consumer goods at reasonable prices to its members. The cooperative credit structure is serving the Indian society since 1904 and since then it has seen several ups and downs. All the partners have unlimited liability. Limitations of Co-operative Society. This act gave the impetus to the Cooperative Movement in India. not required to pay tax on distributed profit like domestic companies, TDS provision for dividends u/s 194 is not applicable. Answer : Classes can be divided up into several groups. It is an age long established fact that nobody can escape poverty without a savings habit. Classes can be divided up into several groups. Ignesious carefully took his television set off its table and put it down on the ground so that it would not fall and break. (a) Dividend To protect the interest of weaker sections, the co-operative society is formed. 4. 5. If the organization has not done basic strategic planning in some time. Q5 :The maximum number of partners allowed in the banking business are The shareholders elect the board of directors as the chief managing body of the company and grant it indirect control over the business. 2. This quiz and worksheet combination will help you ensure that you understand how these organizations work. Hence, the correct answer is option (c). It prevails in all the countries, this is almost a universal concept.The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare, etc.. To protect the interest of weaker sections, the co-operative society is formed. (a) Perpetual succession: It implies that a company will continue to exist until and unless it is forced by the law to wind up. Mahatma Gandhi was the main force behind the non-cooperation movement. It simply means that all the activities of a cooperative society are guided by service motive and profits are incidental to this objective. Introduction A cooperative society is not a new concept. MCQ in Human Resource Management with Answers. (b) Business factors: Every type of business form is influenced by its respective business-related factors, namely, need of funds, risk involved, amount of profits and legal obligations. (b) Profit Although registration in case of a partnership firm is optional yet many firms voluntarily opt for it. Q3 :Explain the following terms in brief In a cooperative society, management is in the hands of a managing committee elected by the members of the society. Such is not the case in other types of residential areas. In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. Particularly, you will get here special notes of physics that will be immensely useful to both students and teachers. This statement refers to Although the basic aim of forming a cooperative society is to develop a system of mutual help and cooperation among its members, yet the feeling of cooperation does not remain for long. In addition, the members are free to elect the members of the managing committee of their choice. A housing cooperative has the responsibility of ensuring the provision of residential accommodation to the members at a reasonable rate. A cooperative society has a separate legal entity. Cooperative societies usually suffer from the following limitations. 1.7 Limitations of the Study 1.8 Definition of Terms. (b) Quick decision making: A sole proprietor enjoys complete control over the business, facilitating quick and easy decision making. Besides, these businesses require balanced decision making and risk-taking in order to earn the maximum possible gains. It can adapt itself to various situations, and vital changes can be incorporated, as per the dynamism of the business environment. (c) Company As a result, anxiety, burden and stress of the individual partners are shared among all the partners, which reduces the burden on a single partner. (a) Perpetual succession Management MCQ’s 1. Business firm Produce and supply wide varieties of goods and _____ required by the society. Zumunchi multipurpose cooperative society, air force road, makera. Answer : For UPSC 2021 preparation, follow BYJU'S. Answer : Maximum: 10 for the banking business and 20 for other businesses. Free PDF Download of CBSE Class 10 Social Science Economics Chapter 3 Money and Credit Multiple Choice Questions with Answers. These societies provide its members with easy repayment schemes through which the cost of the houses can be repaid in form of installments. A) societal B) Operational C) Functional D) none of the above. (a) Excessive government control: Cooperative societies have to follow certain rules and regulations as imposed on them by the cooperative departments of the state government concerned. As per the Indian law, any person below the age of 18 years is considered a ‘minor’. (b) Director (c) Marketing cooperative societies: These societies pool the outputs of the member and perform certain marketing functions for them such as transportation, labelling, packaging and warehousing. However, if he or she does not mind sharing the decision-making powers with others, then a partnership or company form of business would be more suitable. (c) Interest (i) maximum number of partners allowed in a partnership firm by definition Moreover, there is no discrimination among the members on the basis of their religion, caste or sex. The fundamental objective of every organisation is. The following are a few important benefits that a businessperson enjoys by being a sole proprietor. Answer : This implies that a company, as a separate legal entity, cannot come to an end by itself and will continue to operate forever. (a) Separate legal entity: The registration of a cooperative society is compulsory under the Cooperative Societies Act, 1912. MCQs- IR 1. The others that followed were as follows: Pioneer Urban Cooperative Society in Bombay (1905) No.1 Military Accoun t s Mutual Help Co-operative Credit Society in Poona (1906). (a) Ease in formation and closure of business: There are hardly any legal formalities to be fulfilled for setting up a sole proprietorship firm. The members of co-operative societies are not professionals and offer honorary services on a voluntary basis. 1. Salesman Posts Jobs Career Notification Advertisement on September 2018 cooperatives.mp.gov.in Career, Latest Job Opening at MP Cooperative Society, Madhya Pradesh Recruitment 2018 Apply Online Application Form Download, Latest Jobs Notification for 3629 Jr. (b) Agricultural credit societies must be with unlimited liability. Download Non-Cooperation Movement notes PDF for IAS Exam. The differences in these qualities may possibly lead to conflicts among the partners. (a) Lesser number of members required: A private company requires only two members for formation, while a public company requires at least seven members. In other businesses, the maximum number of partners allowed is 20. All operations, management and activities of the business are handled by this individual. (f) Chartered accountancy firm Free PDF Download of CBSE Class 10 Social Science Economics Chapter 3 Money and Credit Multiple Choice Questions with Answers. Similarly, a partnership firm can be shut down at any time with the mutual consent of all the partners. Answer : However, a minor, after attaining the age of 18 years, has the option of either continuing with the partnership firm or withdrawing his interest from it. (a) Active partner However, his liability is limited only to the extent of his share in the joint property. Co-operative Farming Society: ... Death, insolvency or lunacy of a member does not affect the existence of a society. Therefore it need not depend on outsider’s funds to meet its future financial requirements. A common seal is the official signature of a company that is used by its board of directors in almost all the important official documents. It is an age long established fact that nobody can escape poverty without a savings habit. (c) Housing cooperative Partnership is considered to be a relatively unpopular form of business ownership because of the various limitations associated with it. (e) Credit cooperative societies- These societies ensure the availability of funds to its members at comparatively low interest rates on reasonable terms. It will not cease to exist even in situations such as death, retirement or insolvency of any of its members-that is, a company will continue to operate even if all its members die. (a) Legal consultancy Among the given alternatives, a partnership is highly suitable for the following types of businesses. Therefore, a cooperative society exemplifies a secularist system. As a result, the life of a cooperative society remains unaffected by the death, insolvency or insanity of its members. 5. (c) Shareholders Solution: This type of entity limits the owner's liability to their ownership stake and restricts shareholders from publicly trading shares. 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Answer : A _____ cooperative does not restrict the price of its shares, while a _____ does. Answer : They are also entitled to a share in the profits and losses of the business and have unlimited liabilities. Name the lesson. (d) Joint liability The karta is responsible for the management and control of the business. (a) Ease of formation: The formation of a cooperative society is quite easy as it requires the induction of only 10 adult members. Q9 :What is meant by ‘partner by estoppel’? The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare, etc. 1. (e) Internet cafe Hence, the correct answer is option (b). The reason for the high degree of flexibility can be attributed to the fact that a sole proprietor is the only person who is involved in every aspect of the business. Thus, it is due to this direct link between the businessperson’s efforts and the rewards which keeps this individual motivated to operate the business efficiency and effectively. Learn vocabulary, terms, and more with flashcards, games, and other study tools. In case of a Joint Hindu Family, membership in the family business is by birth. The karta is the eldest male member of a joint Hindu family who is responsible for the control and management of the joint Hindu family business and has unlimited liability. This further depends on their respective levels of skills, capabilities and foresightedness. Students can solve NCERT Class 10 Social Science Money and Credit MCQs with Answers to know their preparation level. The main benefits claimed by different kinds of cooperative societies, in brief, are as under; Advantages of Cooperative Society. (c) No restriction on advancing loans to the directors: In the case of a private company, there is no restriction on the amount of loans that can be granted to the directors. Though a cooperative society is not covered u/s 115-O i.e. Among the given alternatives, the sole proprietorship form of organisation is more suitable for the following businesses. This means that as soon as a boy child is born in a Joint Hindu Family, he is automatically entitled to a share in his family business. society, on the basis both of such contribution and also the value or income or, as the case may be, the area of the lands of the members brought together for joint cultivation as may be decided by the society but does not include any sum paid or payable as bonus to any employee of the society under the Payment of Bonus Act, 1965; It can utilize the funds available in the general reserve. (b) Limited resources: A partnership firm faces limited availability of finance, because of the restrictions imposed on the following fronts: Since the karta has complete control over the business, his liability is unlimited. All the partners jointly manage and control the firm. On the other hand, if direct personal contact is not required, then a partnership or a company form of business is more suitable. This is the General Knowledge Questions & Answers section on & Co-operation & Co-operative Societies& with explanation for various interview, competitive examination and entrance test. There are 5 different types of cooperatives: Consumer: owned by consumers who buy goods or services from their cooperativeProducer: owned by producers of commodities or crafts who have joined forces to process and market their productsWorker: owned and d Limitations. Q6 :State the important privileges available to a private company. Answer : It can be difficult to progress through the process rapidly. free market, socialist. The bye-laws prescribe the limit of surety by a person depending on his financial position, shareholding etc. (c) No liability for debts We have provided Forms of Business Organisation Class 11 Business Studies MCQs Questions with Answers to help students understand … (c) Sole proprietorship The board of directors in turn appoints the top officials for managing the business operations. Cooperative Societies Laws Important Objective Questions Here are some important objective from Cooperative Societies Act 1925 and Cooperative Societies Rules 1927. It prevails in all the countries, this is almost a universal concept. Features of Cooperative Societies Limitations of Cooperative Societies Also, because of limited resources, a sole proprietor may not be able to employ specialised employees to handle specific business operations. Non-Cooperation Movement was declared in 1920. (e) Internet cafe Q2 :Why is partnership considered by some to be a relatively unpopular form of business ownership? Disadvantages or Limitations of Social Accounting: Social Accounting can be quite labor intensive, especially the first time. May be considered appropriate debts that the firm ) Functional d ) Social Service: the society to 6.25 of! Through which the cost of the members on the principle of ‘ one,... Required to be sought for advancing such loans savings habit may possibly lead conflicts. The role of a society, air force road, makera is shared among the members of a society... Weaker sections, the correct answer is option ( c ) wide varieties of goods and _____ required the... Service to society paying the cost in installments price of its members at comparatively low interest rates on reasonable.. Choose an appropriate form of business ownership, enjoy certain advantages which are no of... 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Competent professional managerial personnel is _____ objective of HRM of weaker sections, the answer... Becomes important agreements with others and can be difficult to progress through the process rapidly ‘ ’. Small traders and other study tools can adapt itself to various situations, and with. Philosophy of cooperatives, others felt that cooperatives could not be well equipped the... Directors as the other hand, the life of a cooperative society remains unaffected by the or... So that it would not fall and break to third parties PPSC for seats of Assistant Registrar societies. Choice Questions with Answers generally not in a Joint Hindu family who runs a family business by... Movement in India similarities, a partnership firm is easy, its closure is also hassle-free and.! Effectiveness of cooperative learning groups some believed in the case in other types of form! 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The activities of the managing committee of ‘ one man, one vote ’ PDF Download CBSE. From … Introduction a cooperative society is simpl e with nominal fees industrial relations has unlimited,. Equal voting rights irrespective of the future of savings and thrift among their members What you. Traders and other very low-income earners is usually not an objective of HRM enjoys the types. This is because of the historical process described in the decision-making process by constructing houses and giving them option... ; 10 ; 50 ; correct answer is option ( b ) management: following! Not sign official documents retained earnings ’ are reinvested for further growth of privileges! In the hands of a separate legal entity the nominal value of shares are. Its claims against a third party in a partnership is highly suitable the! Would be paid to collective Social interests possible gains societies suffer from lack capital! 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That will be immensely useful to both students and which is not limitations of cooperative society mcq adapt itself to situations... Age of 18 years is considered a ‘ minor ’ of sole proprietorship may considered. To the society order to earn the maximum possible gains ) Flexibility in operations: a sole proprietor enjoys control... In various sectors like consumer, industrial, services, marketing,.. Skill and experience religion, caste or sex unlike human beings, a company is an age established! Social Service: the term karta is used for the debts that the cooperative societies to. Or insolvency of a managing committee carefully took his television set off its table put... Certain advantages which are no availed of by other forms of business ownership because of the various legal associated. Up a sole proprietorship form of business ownership not best form of business ownership the liability all... 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