Questions
1
In a marine insurance, when must the insurable interest exist ?
Answer: At the time of loss of subject matter
2
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
Answer: Subrogation
3
In foreign trade, what is the price quoted by a supplier which includes all charges incurred up to door delivery of goods to the buyer, called ?
Answer: Franco price
4
Which one of the following statements is correct in respect of Duty Drawback Scheme ?
Answer: Compensating importers to the extent of import duty paid by them for importing life-saving drugs
5
By which of the following methods a Company Secretary can be removed from his post ?
Answer: By passing a resolution in Board Meeting
6
The ‘Doctrine of Indoor Management’ provides protection to the–
Answer: Outsiders
9
Redeemable Preference shares of Rs. 1‚00‚000 are redeemed at a premium of 5%. With this object equity shares of Rs. 40‚000 are issued at par. What amount should be transferred to Capital Redemption Reserve Account ?
Answer: Rs. 60‚000
11
In the absence of a Partnership Deed, the rate of interest allowed on the partner’s loan to the firm is–
Answer: 6%
12
A and B were sharing profits of a business in the ratio of 3 : 2. They admit C into partnership, who gets 1/3 of A’s share of profit from A, 1/2 of B’s share of profit from B.
The new profit sharing ratio will be–
Answer: 2 : 1 : 2
13
Advance Income-tax is shown in the–
Answer: Assets side of the Balance Sheet
14
Which of the following statement is correct ?
Answer: Under strategic sale method of disinvestment, the government sells a major share to a strategic partner
15
……........… has been founded to act as permanent watchdog on the international trade.
Answer: WTO
16
Convertibility of the rupee implies–
Answer: Freely permitting the conversion of rupee to other major currencies and vice versa
17
What of the following is false about W.T.O. ?
Answer: Only countries having more than prescribed level of total GDP can become its member
19
Consider the following statements–
1. Letter of credit cannot be opened by mail.
2. Contracts of export of goods and services against payment to be secured partly or fully beyond 90 days are treated as deferred payment exports.
Which of the statements given above is/are correct ?Answer: Both 1 and 2
