# Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 24

Questions
1 A flexible budget requires careful study and classification of expenses into
1 Product expenses and period expenses
2 Past and current expenses
3 Administrative, selling and factory expenses
4 Fixed, semi-variable and variable expenses

Answer: Fixed, semi-variable and variable expenses
2 Responsibility accounting aims at collecting and reporting costing information
1 Department-wise
2 Department-wise
3 Product-wise
4 Cost centre-wise

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3 Return on Investment (RoI) is computed as
1 Net Profit Ratio × Capital Turnover Ratio
2 Operating Net Profit Ratio × Shareholders Fund
3 Net Profit / Sales
4 Cost of Sales / Capital Employed

Answer: Net Profit Ratio × Capital Turnover Ratio
4 The type of lease requiring an agreement between the financier and lessor is known as
1 Financial lease
2 Sale and lease back
3 Leveraged lease
4 Operating lease

5 Monopolists prefer to sell the products in the markets with
1 Elastic demand
2 Unitary elastic demand
3 Absence of elasticity of demand
4 Inelastic demand

6 In the hypothesis testing procedure a researcher may commit type II error in which of the following conditions ?
1 When the true null hypothesis is rejected.
2 When the alternative hypothesis is accepted.
3 When the false null hypothesis is accepted.
4 When the true null hypothesis is accepted.

Answer: When the false null hypothesis is accepted.
7 Which one of the following tenets is not correct in the context of Central Limit Theorem ?
1 If a population from which a sample is drawn is normally distributed the sampling distribution of mean (SDM) will be normal for all sample sizes.
2 The mean of the SDM is the population mean.
3 If the population is not normal from which the sample is drawn, the SDM is not normal for any sample size.
4 If the population is not normal from which a sample is drawn, the SDM approaches normality as the sample size increases

Answer: If the population is not normal from which the sample is drawn, the SDM is not normal for any sample size.
8 Which one of the following is not an example of tax evasion?
1 Submitting misleading documents.
2 Not maintaining proper accounts of income earned.
3 Suppression of facts.
4 Interpreting the tax law in ones own way to minimise tax liability.

Answer: Interpreting the tax law in ones own way to minimise tax liability.
9 Which one of the following is not the purpose of performance-monitoring research ?
1 To provide feedback for evaluation and control.
2 To indicate things that are not going as planned.
3 To help the organisation to plan various activities.
4 It is required to explain why something went wrong

Answer: To help the organisation to plan various activities.
10 The transformation of raw data into a form that will make them easy to understand and interpret, rearranging and manipulating data to generate information is called
1 Descriptive research
2 Causal research
3 Exploratory
4 Descriptive analysis

11 Which of the following is not a method of segmenting a market ?
1 Behavioural segmentation
2 Psychographic segmentation
3 Benefits segmentation
4 Customer segmentation

12 Consumer attitudes and beliefs about diet, health and nutrition are influenced by
1 Economic environment
2 Social environment
3 Natural environment
4 Cultural environment

13 Which of the following is not a product-mix strategy ?
2 Simplification
3 Alteration

14 “Relationship” in marketing means
1 Relation between buyer and seller
2 Relation between sales person
3 Relation between company and consumers
4 All of the above

Answer: Relation between company and consumers
15 Franchising is a practice of :
1 Leasing for a prescribed period of time, the right to use firm’s successful business model and brand.
2 Selling out a successful business model and brand
3 Hiring a firm’s successful business model and brand.
4 None of the above.

Answer: Leasing for a prescribed period of time, the right to use firm’s successful business model and brand.

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