CUET Business Studies Test 1 19/12/2022 One Mark Solution CUET 0 /40 3 12345678910111213141516171819202122232425262728293031323334353637383940 CUET Business Studies Test 1 NameEmail 1 / 40 1. Which of the following is not a component of gross domestic fixed capital formation? a) Gross business fixed investment b) Inventory Investment c) Gross Residential construction investment d) Gross Government Investment 2 / 40 2. Which of these is not a component of operating surplus? a) Rent b) Wages c) Interest d) Royalty 3 / 40 3. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NIT will be zero b) GNPmp will be greater than GDPmp when NFIA will be less than zero c) GNPmp will be greater than GDPmp when NFIA will be zero d) GNPmp will be greater than GDPmp when NFIA will be more than zero 4 / 40 4. Old age pension given by Government of India comes under: a) Current Transfer b) Domestic Factor Payment c) Factor Income d) Capital Transfer 5 / 40 5. Which of the following is a final expenditure? a) Vegetables purchased by a restaurant b) Milk purchased by a tea-maker c) Scooter purchased by a dealer d) Computer purchased by a school 6 / 40 6. Which of the following is intermediate product? a) Pulses purchased by consumers b) Machine purchased by a firm c) Wheat used by flour mill d) Wheat used by household 7 / 40 7. Court can make an order to dissolve the firm when : a) Some partner has become unsound mind b) Partnership deed is fully followed c) Firm is running legal business d) Continued future profits are expected 8 / 40 8. What does the rattrap seller resort to, at times, make his both ends meet? a) drug peddling b) robbery c) thievery and begging d) selling cookies 9 / 40 9. Which of the following is not a normal resident of a country? a) An American tourist in India b) An Indian working in WHO situated in India c) An Indian working in American Embassy d) A branch of WHO in India. 10 / 40 10. At the time of dissolution of firm, at what stage the balance of Partner’s Capital Account are paid? a) Before Payment of Outside Liabilities b) After payment of Outsider's Liabilities c) Before payment of loan by partner d) After payment of Outsider's Liabilities and Partner's Loan 11 / 40 11. Which of the following is a flow concept? a) All of the above b) Capital Formation c) GDP at MP d) Change in stock 12 / 40 12. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? a) After making the payment to third party for their loans as well as partners loans b) After making the payment to third party’s loans c) After making the payment of partners in respect of their loans d) Before making the payment of partners in respect of their loans 13 / 40 13. If the money value of final goods and services produced by normal residents of a country in a year, measured at the prices of the current year then it is called as: a) GDP at Current price b) National Product c) GDP at constant Price d) Real GDP 14 / 40 14. GDPfc = GDPmp + …………………. a) NFIA b) Depreciation c) NIT d) Indirect Tax 15 / 40 15. Which of the following is transferred to Realisation A/c? a) Balance of Profit and Loss b) Balance of Cash A/c c) Balance of Reserves d) Patents A/c 16 / 40 16. Find out factor payment from the following: a) Old age pension b) Income tax c) Subsidies d) Profit 17 / 40 17. Corporation tax is not a component of : a) National Income b) Domestic Income c) Personal Income d) Private income 18 / 40 18. Domestic income is greater than National Income if a) NFIA is negative b) NFIA is zero c) None of these d) NFIA is positive 19 / 40 19. From where did the Peddler get the material to make rattraps? a) roads side b) stores and farms c) streets railings d) factories and market 20 / 40 20. Which of the following is not the mode of dissolution of the firm? a) Dissolution by Court b) Retirement of a Partner c) On Happening of an Event d) By Mutual Agreement 21 / 40 21. A firm’s value added is equal to : a) Sales b) Sales + Intermediate consumption c) Sales – Intermediate consumption d) Profit 22 / 40 22. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Liabilities A/c b) Partner’s Capital A/c c) Realisation A/c d) Asset A/c 23 / 40 23. Money supply includes: a) All deposits in Bank b) currency with the bank c) only demand deposits in banks d) only time deposits in banks 24 / 40 24. At the time of dissolution of firm, loan given by partner to the firm is paid out of the amount realised on sale of assets a) after payment of outside liabilities or capital b) after payment of capital of partners c) after payment of outside liabilities but before repayment of capital d) before payment of outside liabilites 25 / 40 25. On firm’s dissolution, which one of the following account should be prepared at the last? a) Realisation Account b) Partner’s Loan Account c) Partner’s Capital Accounts d) Cash Account 26 / 40 26. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Profit and Loss A/c b) Cash A/c c) Patents A/c d) Realisation A/c 27 / 40 27. Which of these is transfer income? a) Gifts received from abroad b) Rent c) Profit d) Wages 28 / 40 28. Which of the following is not in intermediate goods for a farmer? a) Tractor b) Seeds c) All of these d) Fertilizer 29 / 40 29. Which of the following is not a problem of Barter system? a) Unemployment b) Unit of Account c) Double coincidence of wants d) Store of Value 30 / 40 30. Which item from the following will be included in national income? a) Expenditure on the construction of building b) Interest payment by employees on loan given from employer c) Employees contribution to the social security schemes d) Expenditure on the maintenance of building 31 / 40 31. Who regulates money supply? a) Government of India b) Central Bank c) Commercial Bank d) Planning Commission 32 / 40 32. While estimating national income, depreciation is measured from: a) Final Goods b) Durable Consumer goods c) Intermediate goods d) Capita Goods 33 / 40 33. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Cash A/c b) Loan by Partner A/c c) Realisation A/c d) Capital A/c of Partners 34 / 40 34. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Sundry Debtors Account b) Bank Account c) Realisation Account d) Partners Capital Accounts 35 / 40 35. On Dissolution, Goodwill Account is transferred to a) In the Capital Account of Partners b) On the Debit side of Realisation A/c c) On the Credit side of Realisation A/c d) On the credit side of Cash A/c 36 / 40 36. Which of the following is leakages? a) Both Export and Import b) Import c) Export d) Investment 37 / 40 37. Change in stock will be negative when: a) Opening Stock = 0 b) Closing Stock > Opening Stock c) Closing Stock = 0 d) Closing Stock < Opening Stock 38 / 40 38. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Cash A/c b) Realisation A/c c) Partner's Capital A/c d) Profit and Loss A/c 39 / 40 39. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Profit and Loss A/c b) Realisation A/c c) Cash A/c d) Partner's Capital A/c 40 / 40 40. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 6% p.a. simple interest b) 6% p.a. compound interest c) 12% simple interest d) None of these Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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