Commerce Questions and Answers for Competitive Exams | Commerce Quiz Set 6

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Questions
1 Which one of the following is not a major punishment ?
1 Withholding of increments
2 Demotion
3 Transfer
4 Suspension

Answer: Transfer
2 NAFTA came into force from January, 1994 embracing :
1 The USA, Canada, Cuba, Trinidad and Tobago
2 The USA, Canada, Mexico
3 Cuba, Mexico, USA, Havana
4 Trinidad, The USA, Mexico

Answer: The USA, Canada, Mexico
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3 A common market is one where :
1 all the trading nations agree commonly to levy a common and uniform tariff rate for all goods.
2 all the trading nations agree commonly to rationalise tariff and non-tariff barriers mutually to promote intra-region trade.
3 there is a customs union along with free intra - union movement of factors of production.
4 there is an economic union along with free intra-union movement of residents

Answer: there is a customs union along with free intra - union movement of factors of production.
4 The Maastricht Treaty of February, 1992 renamed the European Community (EC) as :
1 the European Union (EU)
2 the European Economic Union (EEU)
3 the European Monetary Union (EMU)
4 the European Economic Community (EEC)

Answer: the European Union (EU)
5 In which of the following cases, Assessing officer has the discretion to assess the income of the previous year in the previous year or in the subsequent assessment year ?
1 Shipping business of non-residents
2 Association of Persons (AOP) or Body of Individuals (BOI) formed for a particular event or purpose
3 Assessment of persons likely to transfer property to avoid tax
4 Discontinued business

Answer: Discontinued business
6 Rental income received by a foreign individual, from another foreign individual, in respect of the property situated in Delhi is taxable in the hands of :
1 Resident and Ordinarily Resident (OR) only
2 Ordinarily Resident (OR) and Not Ordinarily Resident (NOR) only
3 Non Resident (NR) only
4 Ordinarily Resident (OR), Not Ordinarily Resident (NOR) and Non Resident (NR)

Answer: Ordinarily Resident (OR), Not Ordinarily Resident (NOR) and Non Resident (NR)
7 Which of the following income is not chargeable under the head ‘income from business and profession’ ?
1 Profits and Gains carried on by an assessee during the previous year.
2 Income derived by a trade professional or similar association from specific services performed for its members.
3 Income from the activity of owning or owning and maintaining race horses.
4 Salary received by a partner of a firm from the same firm

Answer: Income from the activity of owning or owning and maintaining race horses.
8 Mr. A earned a capital gain of ` 100 lakhs on 31-2-2014 from the sale of a long term capital asset (land) within the limits of Jaipur corporation. If he invests ` 60 lakhs, out of ` 100 lakhs, in Rural Electricity Corporation Bonds approved under Sec. 54 EC in 20-2-2014, what is the amount of exemption he can claim under Sec. 54 EC of Income Tax Act for the AY 2014-15 ?
1 60 lakhs
2 50 lakhs
3 100 lakhs
4 100 lakhs

Answer: 50 lakhs
9 This paper contains fifty (50) objective type questions of two (2) marks each. All questions are compulsory
1 KOSPI
2 Nikkie
3 NASDAQ
4 Dow Jones

Answer: NASDAQ
10 The Human Development Index (HDI) is introduced by :
1 UNDP
2 UNICEF
3 IMF
4 World Bank

Answer: UNDP
11 The basic difference between a static budget and flexible budget is that
1 A flexible budget considers only variable costs but a static budget considers all costs.
2 Flexible budgets allow management latitude in meeting goals, whereas static budget is based on fixed standards.
3 A flexible budget is applicable for a single department only but a static budget for entire production facility
4 A flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production

Answer: A flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production
12 A retiring partner continues to be liable for obligations incurred after his retirement :
1 If unpaid amount is transferred to his loan account.
2 If he does not give public notice.
3 If he starts a similar business elsewhere
4 In all the situations till he survives

Answer: If he does not give public notice.
13 When opening stock is ` 50,000, closing stock is ` 60,000 and the cost of goods sold is ` 2,20,000, the stock turnover ratio is :
1 2 times
2 3 times
3 4 times
4 5 times

Answer: 4 times
14 A rectangular hyperbola shaped demand curve on all its points has
1 Equal slopes of the price demand curve
2 Price elasticity equal to unity
3 Varying price elasticity
4 Both slope and price elasticity equal

Answer: Price elasticity equal to unity
15 In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where :
1 Marginal cost is the minimum
2 Average cost is the minimum
3 Both marginal cost and average cost are equal
4 Marginal cost is higher than average cost

Answer: Marginal cost is higher than average cost

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