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Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 15

Questions
1 As per WTO guidelines Agreement on Agricultural AOA is not considering which of following ?
1 Direct payment to farmers
2 Least development countries do not need to make cuts.
3 R and D and any other indirect support and assistance to farmers by the government
4 Cut back of domestic policies which directly affect production and trade.

Answer: R and D and any other indirect support and assistance to farmers by the government
2 The concept that “Lack of resources often helps countries to become competitive” is related to which of the following ?
1 Competitive theory
2 Porters Diamond’s model
3 None of the above
4 Product life cycle theory

Answer: Product life cycle theory
3 Rent free accommodation provided to the government employees shall be taxable upto
1 20% of the employee’s salary
2 15% of the employee’s salary
3 licence fee fixed by the government
4 10% of the employee’s salary

Answer: licence fee fixed by the government
4 Marginal relief on income tax of a resident individual was available under which section of the Income Tax Act, 1961 for the assessment year 2015-16 ?
1 Section 86
2 Section 88 E
3 Section 89
4 Section 87 A

Answer: Section 87 A
5 As per the Income Tax Act, 1961, rate of tax for long term capital gain for the assessment year 2015-16 is
1 20%
2 10%
3 30%
4 25%

Answer: 20%
6 As per the Income Tax, 1961, capital gain arising from the sale of agricultural land owned for 5 years in rural areas is
1 Taxable as short term capital gains
2 Taxable as long term capital gains
3 Exempted
4 Partly taxable and partly exempted

Answer: Exempted
7 Capital expenditure on scientific research in a previous year, which could not be absorbed due to insufficiency of profit in the relevant assessment year, can be carried forward for its setting off upto
1 Next assessment year
2 Ten assessment years
3 Five assessment years
4 Indefinite number of assessment years

Answer: Indefinite number of assessment years
8 Withdrawl of government from a sector partially or fully is known as
1 Modernization
2 Liberalization
3 Globalization
4 Privatization

Answer: Privatization
9 In case the amount claimed by the consumer is ` 89 lakhs, then which of the following will handle the case ?
1 District consumer redressal forum
2 State consumer dispute redressal commission
3 National consumer dispute redressal commission
4 Supreme Court of India

Answer: State consumer dispute redressal commission
10 India relaxed quantitative restrictions on imports of 1429 items in 2000 and 2001 as per the commitment to which of the following ?
1 GATT
2 SAFTA
3 NAM
4 WTO

Answer: WTO
11 Capital in the business is treated as a liability due to
1 Dual aspect concept
2 Going concern concept
3 Accrual concept
4 Business entity concept

Answer: Business entity concept
12 X, Y and Z are partners in a firm sharing profits and losses equally. They decided to share profits in ratio of 2 : 1 : 2 respectively. The gaining ratio of X and Z will be
1 1 : 2
2 2 : 1
3 3 : 2
4 1 : 1

Answer: 1 : 1
13 The directors of X Ltd. resolved to forfeit 2000 equity shares of ` 10 each. On these shares ` 7.50 per share was paid up, but final call of ` 2.50 per share was unpaid. 1,000 of the forfeited shares were reissued at ` 7 per share. Capital Reserve Account will be credited by
1 4,500
2 ` 7,500
3 2,500
4 5,000

Answer: 4,500
14 In case the quantity of a commodity demanded changes due to change in price of the commodity, it is called
1 Increase or decrease in demand
2 Expansion or contraction of demand
3 Law of demand
4 Positive change in demand

Answer: Expansion or contraction of demand
15 The impact of the price variation is to change :
1 the degree of elasticity of demand as well as the degree of the elasticity of supply in the same direction.
2 the degree of the elasticity of demand as well as the degree of the elasticity of supply in the inverse direction.
3 the degree of the elasticity of demand but not the degree of the elasticity of supply.
4 the degree of the elasticity of supply but not the degree of the elasticity of demand.

Answer: the degree of the elasticity of demand as well as the degree of the elasticity of supply in the inverse direction.

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