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Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 28

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(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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
Answer: Line graph

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