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
Advertisement
Article and Schedule Quiz Start Test!

DOWNLOAD CURRENT AFFAIRS PDF FROM APP

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.

View All Commerce Practice Test Sets

ADRE 2.0 FULL LENGTH MOCK TEST

Take Mock Tests

Missiles Mock Test Start Test!
SSC MTS Mock Test Start Test
IBPS CLERK MOCK TEST Start Test
SSC MTS 2022 JULY 26 Shift 1 (ENGLISH) Start Test!
SSC GD Previous Year Paper 2021 Nov 17 Shift - I (Hindi) Start Test!
SSC CGL Tier - 1 PYP 2022 April 21 Shift- 1 (ENGLISH) Start Test!
MPSC PAPER I MOCK TEST 1 (ENGLISH) Start Test!
IB Security Assistant Mock test 1 (english) Start Test!
UP POLICE CONSTABLE MOCK TEST 1 Start Test!
DELHI POLICE CONSTABLE MOCK TEST 1 (HINDI) Start Test!
Advertisement
Assam Direct Recruitment Test Series

Latest Test Series

ssc cgl test series

SSC CGL

Start Test 1000+ Tests Latest patternView Course
delhi policesi test series

DELHI POLICE SI

Start Test 1000+ Tests Latest patternView Course
west bengal psc test series

WEST BENGAL PSC

Start Test 1000+ Tests Latest patternView Course
cisf head constable test series

CISF CONSTABLE

Start Test 1000+ Tests Latest patternView Course
Junior Associate of the Indian Institute of Bankers(JAIIB) test series

JAIIB

Start Test 30 Full Length Tests View Course
adre 2024 test series

ADRE 2024

Start Test 25000+ QUESTIONS SOLUTIONSView Course
RRB RRC GROUP D test series

RRB RRC GROUP D

Start Test 15000+ QUESTIONS Latest patternView Course
UP POLICE SI test series

UP POLICE SI

Start Test 16000+ QUESTIONS Latest patternView Course
CLICK HERE TO VIEW ALL COURSES