Commerce Questions and Answers - Set 28

Questions

1 Long term capital loss can be set off from which of the following ?

1 Short term capital gain only

2 Long term capital gain only

3 Income from business and profession

4 Capital gain head of income

View Answer

Answer: Long term capital gain only

2 In which of the following long term assets, cost indexation benefit is allowed ?

1 Debentures issued by a company

2 Self generated goodwill of a business

3 Bonus shares allotted on 1-4-2000

4 Jewellery

View Answer

Answer: Jewellery

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3 Minimum Alternate Tax (MAT) is imposed on

1 All companies

2 Public Limited Companies only

3 Private Limited Companies only

4 Partnership Firms and Companies

View Answer

Answer: All companies

4 Which among the following is not a correct sequential combination ?

1 Macro Environment → Economic Environment → National Income → Pattern of Income Distribution

2 Business Environment → Internal Environment → Business Ethics → Payment of Fair Wages

3 Business Environment → External Environment → Micro Environment → Suppliers

4 Macro Environment → External Environment → Customers → Prospects of Business Development

View Answer

Answer: Macro Environment → External Environment → Customers → Prospects of Business Development

5 Which among the following is not a correct combination ?

1 Industrial Policy – 1948

2 Industrial Policy Statement – 1977

3 Industrial Policy Statement – 1980

4 Industrial Policy Statement – 1991

View Answer

Answer: Industrial Policy Statement – 1991

6 Current Ratio 2.5, Liquid Ratio 1.5 and Working Capital ` 60,000. What is Current Assets ?

1 ` 60,000

2 ` 80,000

3 ` 1,00,000

4 ` 1,20,000

View Answer

Answer: ` 1,00,000

7 7. X, Y, Z are sharing profits in the ratio of 6 : 5 : 3. A is admitted into partnership for 1/8th share. The sacrificing ratio of X, Y and Z is

1 Equal

2 5/14, 4/14, 5/14

3 6 : 5 : 3

4 4 : 5 : 5

View Answer

Answer: 6 : 5 : 3

8 “Make sufficient provisions for future losses, but do not anticipate future profits.” This statement is in accordance to the concept of :

1 Matching

2 Objectivity

3 Materiality

4 Conservatism

View Answer

Answer: Conservatism

9 When a firm is dissolved, profit or loss on realisation is shared by the partners

1 Equal

2 In the ratio of their capital balances

3 In the profit sharing ratio

4 In the ratio laid down in Garner Vs. Murray

View Answer

Answer: In the profit sharing ratio

10 The inverse relationship between variations in the price and quantity demanded is not due to

1 Income Effects

2 Substitution Effects

3 Future Expectations

4 Law of Diminishing Marginal Utility

View Answer

Answer: Future Expectations

11 Consumer is said to be in equilibrium, maximizing his total utility, when

1 the marginal utilities of the two goods consumed are equal.

2 the proportions of the marginal utilities and respective prices are equal.

3 the consumer gets full satisfaction from the consumption.

4 the consumer feels satisfied with his expenditure on the various goods.

View Answer

Answer: the proportions of the marginal utilities and respective prices are equal.

12 Which one of the following is not probability sampling method ?

1 Simple Random Sampling

2 Cluster Sampling

3 Judgemental Sampling

4 Systematic Sampling

View Answer

Answer: Judgemental Sampling

13 The research carried out to expand the knowledge of a particular field is known as

1 Applied research

2 Qualitative research

3 Quantitative research

4 Basic research

View Answer

Answer: Basic research

14 In univariate data analysis t-test is used when the data are in the form of

1 Metric data with one sample

2 Non-metric data

3 Non-metric data with independent variable

4 Metric data with independent two sample

View Answer

Answer: Metric data with independent two sample

15 To show the trend for a variable, which one of the presentation method is used ?

1 Histogram

2 Frequency polygon

3 Scatter graph

4 Line graph

View Answer

Answer: Line graph

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