Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 28

Questions
1 Long term capital loss can be set off from which of the following ?
1 Short term capital gain only
2 Long term capital gain only
3 Income from business and profession
4 Capital gain head of income

Answer: Long term capital gain only
2 In which of the following long term assets, cost indexation benefit is allowed ?
1 Debentures issued by a company
2 Self generated goodwill of a business
3 Bonus shares allotted on 1-4-2000
4 Jewellery

Answer: Jewellery

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3 Minimum Alternate Tax (MAT) is imposed on
1 All companies
2 Public Limited Companies only
3 Private Limited Companies only
4 Partnership Firms and Companies

Answer: All companies
4 Which among the following is not a correct sequential combination ?
1 Macro Environment → Economic Environment → National Income → Pattern of Income Distribution
2 Business Environment → Internal Environment → Business Ethics → Payment of Fair Wages
3 Business Environment → External Environment → Micro Environment → Suppliers
4 Macro Environment → External Environment → Customers → Prospects of Business Development

Answer: Macro Environment → External Environment → Customers → Prospects of Business Development
5 Which among the following is not a correct combination ?
1 Industrial Policy – 1948
2 Industrial Policy Statement – 1977
3 Industrial Policy Statement – 1980
4 Industrial Policy Statement – 1991

Answer: Industrial Policy Statement – 1991
6 Current Ratio 2.5, Liquid Ratio 1.5 and Working Capital ` 60,000. What is Current Assets ?
1 ` 60,000
2 ` 80,000
3 ` 1,00,000
4 ` 1,20,000

Answer: ` 1,00,000
7 7. X, Y, Z are sharing profits in the ratio of 6 : 5 : 3. A is admitted into partnership for 1/8th share. The sacrificing ratio of X, Y and Z is
1 Equal
2 5/14, 4/14, 5/14
3 6 : 5 : 3
4 4 : 5 : 5

Answer: 6 : 5 : 3
8 “Make sufficient provisions for future losses, but do not anticipate future profits.” This statement is in accordance to the concept of :
1 Matching
2 Objectivity
3 Materiality
4 Conservatism

Answer: Conservatism
9 When a firm is dissolved, profit or loss on realisation is shared by the partners
1 Equal
2 In the ratio of their capital balances
3 In the profit sharing ratio
4 In the ratio laid down in Garner Vs. Murray

Answer: In the profit sharing ratio
10 The inverse relationship between variations in the price and quantity demanded is not due to
1 Income Effects
2 Substitution Effects
3 Future Expectations
4 Law of Diminishing Marginal Utility

Answer: Future Expectations
11 Consumer is said to be in equilibrium, maximizing his total utility, when
1 the marginal utilities of the two goods consumed are equal.
2 the proportions of the marginal utilities and respective prices are equal.
3 the consumer gets full satisfaction from the consumption.
4 the consumer feels satisfied with his expenditure on the various goods.

Answer: the proportions of the marginal utilities and respective prices are equal.
12 Which one of the following is not probability sampling method ?
1 Simple Random Sampling
2 Cluster Sampling
3 Judgemental Sampling
4 Systematic Sampling

Answer: Judgemental Sampling
13 The research carried out to expand the knowledge of a particular field is known as
1 Applied research
2 Qualitative research
3 Quantitative research
4 Basic research

Answer: Basic research
14 In univariate data analysis t-test is used when the data are in the form of
1 Metric data with one sample
2 Non-metric data
3 Non-metric data with independent variable
4 Metric data with independent two sample

Answer: Metric data with independent two sample
15 To show the trend for a variable, which one of the presentation method is used ?
1 Histogram
2 Frequency polygon
3 Scatter graph
4 Line graph

Answer: Line graph

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