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Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 20

Questions
1 Which of the following is not a measure for quality of service for consumer ?
1 Responsiveness
2 Empathy
3 Competition
4 Tangibility

Answer: Competition
2 A descriptive thought that a person holds about something is called
1 Belief
2 Attitude
3 Learning
4 Perception

Answer: Belief
3 Deferment, Autonomy of object, use of the common place, involvement/detachment and use of metaphor are description of which of the following technique ?
1 Brainstorming
2 Forced Relationship
3 Attribute listing
4 Synectics

Answer: Synectics
4 Which of the following statements relating to incentive payments is correct ?
1 In Halsey incentive plan, bonus paid to a worker is equal to 50 percent of time saved divided by rate per hour.
2 In Rowan incentive plan, bonus paid to employee is equal to the proportion of the time saved to the standard time.
3 In Taylor’s differential piece rate system, a worker whose output exceeds standard output is paid 100 per cent of piece rate and a worker whose output falls short of standard is paid only 50 percent of piece rate.
4 The Rowan incentive plan is the base of all other incentive, payment plans.

Answer: In Rowan incentive plan, bonus paid to employee is equal to the proportion of the time saved to the standard time.
5 Which one of the following industrial relations approach believes in state intervention via legislation and the creation of industrial tribunals as supporting management’s interest rather than ensuring a balance between the competing groups ?
1 Unitary approach
2 Pluralistic approach
3 Judiciary approach
4 Marxist approach

Answer: Marxist approach
6 What is the term coined for the system of communication and consultation, either formal or informal, by which workers of an organization are kept informed, as and when required, about the affairs of the undertaking and through which they express their opinion and contribute to decision-making process of management ?
1 Collective Bargaining
2 Empowerment
3 Workers’ participation in management
4 Welfare state

Answer: Workers’ participation in management
7 What is the popular term used for that type of option in Foreign Exchange Market which provides the holder the right to purchase or sell foreign currency at the most favorable exchange rate realized over the life of the option ?
1 Forward reversing option
2 Preference option
3 Basket option
4 Look back option

Answer: Look back option
8 What is the term used popularly for the situation when a speculator, being dominant in the market, expects a drop in the value of a particular currency and he begins selling it forward ?
1 International Fisher Effect
2 Interest Rate Parity Effect
3 Relative Version Effect
4 Bandwagon Effect

Answer: Bandwagon Effect
9 Identify the correct statement.
1 The Maastricht Treaty signed in February 1992 renamed European Community (EC) as European Economic Community (EEC).
2 The main objective of the formation of ASEAN Free Trade Area in 1993 was to soften the restrictions on the movement of professionals in the region and helping poorer countries
3 The SAARC is a regional grouping scheme among Six South Asian Countries.
4 The European Union, including European Monetary Union, was the biggest and most important regional integrative scheme.

Answer: The European Union, including European Monetary Union, was the biggest and most important regional integrative scheme.
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10 What is the situation referred to as, amongst the following, when intra-region trade is duty free but there is variation in tariff structure for import from a third country ?
1 Customs Union
2 Common Market
3 Economic Union
4 Free Trade Area

Answer: Free Trade Area
11 Which of the following statements is not correct relating to comparison of FDI with trade ?
1 Only one market can better be served with differentiated products.
2 FDI overcomes tariff and transport cost involved in trade.
3 It reduces financial risk through greater diversification.
4 It creates harmonious political relations.

Answer: Only one market can better be served with differentiated products.
12 An equipment was acquired at a cost of ` 10 lacs and was put to use in Scientific Research. After one year of research the equipment was brought into another business of the assessee. For charging depreciation, Block of Assets shall be increased by
1 ` 10 lacs.
2 Market value of the equipment on the date it was brought into another business.
3 Cost or market value of the equipment, whichever is less.
4 NIL

Answer: NIL
13 If an assessee is engaged in the business of growing and manufacturing tea in India, the portion of agricultural income in that case shall be
1 100%
2 50%
3 40%
4 60%

Answer: 60%
14 Which of the following statements is not correct ?
1 X is an individual assessee. He pays a monthly rent of ` 10,000 pm. He cannot deduct tax at source.
2 X is an individual assessee. He pays a monthly rent of ` 10,000 pm. He cannot deduct tax at source.
3 No tax is deducted at source in respect of interest on securities issued by a domestic company.
4 Bank will deduct tax at source @ 10% if bank fixed deposit’s interest credit is more than ` 10,000 in a year.

Answer: No tax is deducted at source in respect of interest on securities issued by a domestic company.
15 X donated ` 20,000 to a charitable institution, which is eligible for deduction u/s 80 G, during the financial year 2015-16. His total income during the period was ` 1,50,000. How much deduction he can claims u/s 80 G ?
1 ` 7,500
2 ` 15,000
3 ` 20,000
4 ` 10,000

Answer: ` 7,500

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