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Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 18

Questions
1 Who gave the surplus value theory of wage ?
1 David Ricardo
2 Karl Marx
3 Adam Smith
4 F.A. Walker

Answer: Karl Marx
2 Who gave the systems approach to industrial relations ?
1 Beatrice Webb
2 Eric Trist
3 Henry Fayol
4 John Dunlop

Answer: John Dunlop
3 As per the Income Tax Act, 1961 for the assessment year 2015-16, a deduction u/s 80 QQB for authors of books of literacy, artistic or scientific nature is allowed upto
1 1,00,000
2 2,00,000
3 2,40,000
4 3,00,000

Answer: 3,00,000
4 The statutory limit for deduction u/s 80 GG of Income tax Act, 1961, for the assessment year 2015-16 is
1 ` 2,000 per month
2 2,500 per month
3 ` 5,000 per month
4 ` 3,000 per month

Answer: ` 2,000 per month
5 Which of the following factor is not directly responsible for slowing down the growth of infrastructure ?
1 High level of perceived political risk.
2 High level of sunk cost.
3 High probability of time and cost over-run.
4 Introduction of competition in all sectors.

Answer: Introduction of competition in all sectors.
6 Out of the following which is not a major component of Gross Domestic Product (GDP) ?
1 Personal Consumption Expenditure
2 Gross Private Domestic Investment
3 Net Personal Income
4 Net Exports

Answer: Net Personal Income
7 Which of the following is not a forum of Consumer Dispute Redressal System ?
1 Local forum
2 District forum
3 State Forum (State Commission)
4 National Commission

Answer: Local forum
8 Which of the following is a deferred revenue expenditure ?
1 Legal expenses incurred on the purchase of land.
2 Expenses on a mega advertisement campaign while launching a new product
3 Expenses incurred on installation of a new machine.
4 Wages paid for construction of an additional room in the building.

Answer: Expenses on a mega advertisement campaign while launching a new product
9 The amount of depreciation charged to Profit and Loss Account varies every year under :
1 Fixed instalment method
2 Annuity method
3 Insurance policy method
4 Diminishing balance method

Answer: Diminishing balance method
10 Ordinal utility analysis of the consumer’s behaviour is considered superior to the cardinal utility analysis mainly due to
1 assumption of the rationality of the consumer’s behaviour.
2 possibility of the derivation of the consumer’s demand.
3 bifurcation of price effects into income and substitution effects.
4 consideration of the available limited resources for satisfying consumer’s demand

Answer: bifurcation of price effects into income and substitution effects.
11 Monopoly is not considered desirable from the point of view of the society mainly because the monopolist endeavours to
1 earn net revenue on sale of all goods including those involving no cost of production
2 earn net revenue on sale of goods in short run as well as long run
3 charge different prices for the same product from the different categories of buyers
4 produce below economic capacity level when he exhibits satisfaction with normal profit only.

Answer: produce below economic capacity level when he exhibits satisfaction with normal profit only.
12 When the data are classified only on the basis of descriptive characteristics which cannot be quantified is known as
1 Geographical classification
2 Chronological classification
3 Qualitative classification
4 Quantitative classification

Answer: Qualitative classification
13 Which one of the following is a false description ?
1 In a moderately asymmetrical distribution, the empirical relationship between Mean, Mode and Median suggested by Karl Pearson is Mean – Mode = 3 (Mean – Median)
2 Coefficient of variation is an absolute measure of dispersion.
3 Measure of skewness indicates the direction and extent of skewness in the distribution of numerical values in the data set.
4 Kurtosis refers to the degree of flatness or peakedness in the region around the mode of a frequency curve.

Answer: Coefficient of variation is an absolute measure of dispersion.
14 Which type of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise and performance ?
1 Channel differentiation
2 Services differentiation
3 People differentiation
4 Product differentiation

Answer: Channel differentiation
15 Which one of the following is the most likely result of a marketing strategy that attempts to serve all potential customers ?
1 All customers will be delighted.
2 Customer-perceived value will be increased.
3 The company will need to follow up with a demarketing campaign.
4 Not all customers will be satisfied.

Answer: Not all customers will be satisfied.

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