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 in intermediate goods for a farmer? a) Seeds b) Tractor c) Fertilizer d) All of these 2 / 40 2. Which of the following is a flow concept? a) All of the above b) GDP at MP c) Change in stock d) Capital Formation 3 / 40 3. Which of the following is not a normal resident of a country? a) An Indian working in WHO situated in India b) A branch of WHO in India. c) An American tourist in India d) An Indian working in American Embassy 4 / 40 4. Court can make an order to dissolve the firm when : a) Firm is running legal business b) Some partner has become unsound mind c) Partnership deed is fully followed d) Continued future profits are expected 5 / 40 5. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In capital ratio b) Equally c) In Profit sharing ratio d) Gaining Ratio 6 / 40 6. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Liabilities A/c b) Asset A/c c) Realisation A/c d) Partner’s Capital A/c 7 / 40 7. Find out factor payment from the following: a) Profit b) Subsidies c) Old age pension d) Income tax 8 / 40 8. On dissolution of a firm, realisation account is debited with a) Any asset taken over by one of the partners b) All outside liabilities of the firm c) All assets to be realised d) Cash received on sale of assets 9 / 40 9. In which condition a partnership firm is deemed to be dissolved? a) On loss in partnership b) On expiry of the period of partnership c) On retirement of a partner d) On a partner’s admission 10 / 40 10. Medicine supply to the Earthquake victim in India by British Government is : a) Capital Transfer b) Net factor Income from abroad c) Factor Income d) Current Transfer 11 / 40 11. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? a) Before making the payment of partners in respect of their loans b) After making the payment of partners in respect of their loans c) After making the payment to third party’s loans d) After making the payment to third party for their loans as well as partners loans 12 / 40 12. Which of the following is a final expenditure? a) Vegetables purchased by a restaurant b) Computer purchased by a school c) Milk purchased by a tea-maker d) Scooter purchased by a dealer 13 / 40 13. 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 more than zero d) GNPmp will be greater than GDPmp when NFIA will be zero 14 / 40 14. Which of these is not transfer payment? a) Subsidies b) Indirect Tax c) None of these d) Scholarship 15 / 40 15. Change in stock will be negative when: a) Closing Stock = 0 b) Opening Stock = 0 c) Closing Stock > Opening Stock d) Closing Stock < Opening Stock 16 / 40 16. Which of the following is not the mode of dissolution of the firm? a) On Happening of an Event b) Dissolution by Court c) By Mutual Agreement d) Retirement of a Partner 17 / 40 17. The net value at Market Price of final goods and services during an accounting year within the domestic territory of a country is known as a) GDPmp b) NNPfc c) GDPfc d) NDPmp 18 / 40 18. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Realisation A/c b) Patents A/c c) Profit and Loss A/c d) Cash A/c 19 / 40 19. A firm’s value added is equal to : a) Sales b) Sales – Intermediate consumption c) Sales + Intermediate consumption d) Profit 20 / 40 20. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Cash A/c b) Capital A/c of Partners c) Loan by Partner A/c d) Realisation A/c 21 / 40 21. Which of these is not an example of leakage? a) Taxes b) Imports c) Intermediate goods d) Savings 22 / 40 22. 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) Cash A/c c) Partner's Capital A/c d) Realisation A/c 23 / 40 23. 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 capital of partners b) after payment of outside liabilities or capital c) after payment of outside liabilities but before repayment of capital d) before payment of outside liabilites 24 / 40 24. What does the rattrap seller resort to, at times, make his both ends meet? a) thievery and begging b) robbery c) selling cookies d) drug peddling 25 / 40 25. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Creditors A/c b) Partner's Capital A/c c) Cash A/c d) Realisation A/c 26 / 40 26. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Partner’s Loan to Firm b) Partner’s additional capital c) Outside Creditors d) Partner’s Capital 27 / 40 27. 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 28 / 40 28. GDPfc = GDPmp + …………………. a) Depreciation b) NFIA c) Indirect Tax d) NIT 29 / 40 29. Which of the following is leakages? a) Import b) Export c) Investment d) Both Export and Import 30 / 40 30. Which item from the following will be included in national income? a) Expenditure on the maintenance of building b) Interest payment by employees on loan given from employer c) Expenditure on the construction of building d) Employees contribution to the social security schemes 31 / 40 31. Which of these is transfer income? a) Wages b) Rent c) Profit d) Gifts received from abroad 32 / 40 32. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Partner's Capital A/c b) Profit and Loss A/c c) Cash A/c d) Realisation A/c 33 / 40 33. The Drawbacks of Barter system: a) lack of transfer of value b) lack of measure of value c) lack of standard of deferred payments d) all of these 34 / 40 34. From where did the Peddler get the material to make rattraps? a) streets railings b) factories and market c) stores and farms d) roads side 35 / 40 35. Which of the following is also known as domestic factor income? a) GDPfc b) NNPmp c) NDPfc d) NNPfc 36 / 40 36. When the value of same output is counted more than once while measuring national income it results: a) None of these b) Less Measurement of National Income c) Correct Measurement of National Income d) More Measurement of National Income 37 / 40 37. 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) GDP at constant Price c) National Product d) Real GDP 38 / 40 38. On Dissolution, Goodwill Account is transferred to a) On the Credit side of Realisation A/c b) On the Debit side of Realisation A/c c) In the Capital Account of Partners d) On the credit side of Cash A/c 39 / 40 39. 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 and Partner's Loan c) Before payment of loan by partner d) After payment of Outsider's Liabilities 40 / 40 40. A person of an institution who normally resides in a country and whose economic interest lies in that country is known as: a) Normal Resident of a country b) Citizen of the country c) Non- resident of a country d) Non Citizen of the country Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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