It is not so easy on the part of the proprietor to have personal contact with customers and suppliers at the same time. Explain the factors which affect the choice of form of business organization. The National Mission for Clean Ganga (NMCG) is organising the annual ‘Ganga Utsav’ on November 2nd , 3rd & 4th, 2020 on a virtual platform. Describe the meaning and types of internal trade. (iii) 5. A small amount of registration fee is also deposited along with the application. Brief pointers on the chapters follow: This chapter is introductory to the Business Studies subject where students become familiar with concepts of business, trade and commerce and what those three entail along with its features. The capital of a company is divided into number of parts each one of which are called: Question 1. Also describe briefly different types of cooperative societies. The entrepreneur with initiative and certain amount of capital can set up such form of business. Answer: Registration of a partnership firm is not compulsory under law. Define Articles of Association. Which value is of utmost importance when partnership form of business is used? It cannot file a legal suit against any of its partners. Features: Question 6. Answer: Partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses. (i) Twenty (ii) Ten Question 2. You can easily download the solutions and start solving questions to make it easier for yourself! (i) Limited liability (ii) Unlimited liability 2. 5. The sole proprietorship business is not free from criticism. Understand the role of indigenous banking system in trade and commerce. (c) Members (d) Karta The right of a third party to sue the unregistered firm or its partners. Tick the appropriate answer. As had been explained earlier, his position/ office is independent and there is no comparable office in any system in the world. Free from Government control: Sole proprietorship is the least regulated form of business. This statement refers to: He is not bound to pay income of joint family in any fixed proportion to other members. Objectives of Learning The Chapter 8 Business Studies Class 11. 1. It cannot claim adjustment for any sum exceeding Rs 100. Answer: The right of all the partners in a partnership to act as the agents for the partnership’s normal business activities, with the authority to bind the partnership in to business agreements which have been entered into is called mutual agency. It is also important to use mutual agency in utmost good faith keeping in mind the interests of all partners. (iii) Housing cooperative (iv) Credit cooperative The Head of the Joint Hindu family Business is called (i) Proprietor (ii) Director It is important for all the students who are in Class 11 currently. We cannot hope a single individual to possess all the managerial, talents necessary to carry on a business efficiently. Question 6. Multiple Choice Questions This helps the entrepreneur in selecting form of business of his choice. If a partnership liability results, he or she is liable as though he or she were an actual member of the partnership. Changing business scenarios has brought a paradigm shift to newer business models. Click here to download NCERT Solutions for questions of Class 11 Business Studies NCERT Book. Answer: Answer. Limited resources: The financial resources of any small business as an individual is limited. Which document is called charter of a company? After studying the chapter, a student should be able to solve the sources of business finance Class 11 NCERT Solutions easily. Different types of cooperative societies are explained below: Question.4. Incorporation, Question 2. (c) Partners (d) All of the above (ii) Common Seal: The expression ‘Common Seal’ is not defined in the Companies Act, 1956. (a) Partnership Act (b) Hindu Law 6. Business studies require you to memorise a lot of business laws and trade sanctions. Answer: The Articles of Association are the rules for the management of the internal affairs of a company. Explain. Suppose an unregistered firm owes ? The date on which each partner joined the firm. Limited managerial capability: Modern business requires updated managerial skills in each and every sphere of activity. (iii) Karta: Karta is the head of Joint Hindu family business. Question 8. A person is free to join a cooperative society, and can also leave anytime as per his desire.

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