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

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Free Download as PDF Commerce Quiz Questions and Answers for Competitive Exams or solved MCQs with answers. These quiz objective questions are helpful for competitive exams SSC, UPSC, IAS, IPS, CDS, NDA, Railways or RRB, psc exams of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttar Pradesh, West Bengal, Chhattisgarh, Uttarakhand, Jharkhand, Telangana etc.
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(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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