Commerce online quiz 322

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
Allotment of overhead incurred for a particular cost centre to that specific cost centre is.....
A
allocation
B
allotment
C
primary distribution
D
secondary distribution
Question 2
Added value is the change in
A
Market value
B
cost
C
income
D
none of the above.
Question 3
A business competing in a commodity like environment must focus on which of the following?
A
Price
B
Ease / speed of delivery
C
Ease of ordering
D
all of the above
Question 4
Standard costing is a technique of-
A
Planning
B
Organising
C
Coordination
D
Control
Question 5
Operating cost is usually ascertained through.....
A
a ledger account
B
profit and loss a/c
C
balance sheet
D
a statement
Question 6
Bancassurance is.....
A
an insurance scheme to insure bank deposits
B
an insurance scheme exclusively for the employees banks
C
a composite financial service offering both bank and insurance products
D
a bank deposit scheme exclusively for employees of insurance companies
Question 7
Which of the following is not a transaction?
A
Goods are purchased on cash basis for Rs.1000
B
Salaries are paid for the month of May 2010
C
Land is purchased for Rs. 10 lacs
D
An employee dismissed from the job
Question 8
The following statement with respect to currency option is wrong
A
Call option will be used by exporters.
B
Put option gives the buyer the right to sell the foreign currency.
C
Foreign currency-Rupee option is available in India.
D
An American option can be executed on any day during its currency.
Question 9
An expenditure is treated as that of a capital nature, when
A
the receiver of the amount is going to use it for the purchase of fixed assets,
B
it increases the quantity of fixed assets,
C
it is paid for meeting the normal expenses of the business,
D
none of these.
Question 10
The Tax wrongly paid under IGST instead of Tax on intra-state (Local) supply-How it will be treated in the GST?
A
Refund
B
Automatic System Adjustment
C
Online Withdrawal as and when required
D
Any of the Above.
Question 11
Which of the following is NOT a requirement for claiming the exemption from GST on job work?
A
Job work should be for a specified purposes such as processing, testing, repair, etc
B
Goods should be returned after completion with six months or such extended period
C
Manufacturer should declare the details of inputs held in stock by the job worker on behalf of manufacturer
D
Job work should pay the GST even on returning the goods within the period of six months from appointed date
Question 12
The market process involves which functions
  1. Buying
  2. Storing
  3. Grading
  4. Risk hearing
  5. Transporting
  6. Financing
  7. Selling
A
i, ii, v and vii
B
i, iv, v and vii
C
i, ii, iii, v, vi and vii
D
All of the above
Question 13
Which one of the following is NOT true about revenue expenditure?
A
These are the running expenses of the business
B
They improve the financial position of the business
C
They reduce the profit of the concern
D
They do not appear in the balance sheet
Question 14
The type of social network described as a community built around a common interest such as games, sports, music, and so on is called.....
A
general community
B
practice network
C
affinity community
D
interest-based social network
Question 15
Value of stock as concluded with help of analysis by particular investor is classified as
A
particular value
B
intrinsic value
C
fundamental value
D
Both B and C
Question 16
A usage of proceeds of new issue to retire issue with high-rate is classified as
A
refunding operation
B
funding operation
C
proceeds operation
D
deferred operation
Question 17
Who has the power to amend the order issued under section 98 or 101, to rectify any error apparent from record?
A
Advance Ruling Authority
B
Appellate Authority for the Advance Ruling
C
Authority or, as the case may be, the Appellate Authority.
D
None of the above.
Question 18
"Business ethics is related with the test of values or social values." Who said it?
A
Peter F. Drucker
B
Fredrick
C
Keith Devis
D
J. R. Betty
Question 19
Providing free samples of perfumes (scent) in magazines is an example of which of the following?
A
Classical conditioning
B
Operant conditioning
C
Social learning
D
Behavioural learning
Question 20
Can a registered person under Composition Scheme claim input tax credit?
A
Yes
B
No
C
Input tax credit on inward supply of goods only can be claimed
D
Input tax credit on inward supply of services only can be claimed
There are 20 questions to complete.

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