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 ?
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 ?
Answer: Product life cycle theory
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3
Rent free accommodation provided to the government employees shall be taxable upto
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 ?
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
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
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
Answer: Indefinite number of assessment years
8
Withdrawl of government from a sector partially or fully is known as
Answer: Privatization
9
In case the amount claimed by the consumer is ` 89 lakhs, then which of the following will handle the case ?
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 ?
Answer: WTO
11
Capital in the business is treated as a liability due to
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
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
Answer: 4,500
14
In case the quantity of a commodity demanded changes due to change in price of the commodity, it is called
Answer: Expansion or contraction of demand
15
The impact of the price variation is to change :
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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