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 transferred to Realisation A/c? a) Patents A/c b) Balance of Cash A/c c) Balance of Profit and Loss d) Balance of Reserves 2 / 40 2. Corporation tax is not a component of : a) Domestic Income b) Personal Income c) National Income d) Private income 3 / 40 3. A firm’s value added is equal to : a) Profit b) Sales c) Sales + Intermediate consumption d) Sales – Intermediate consumption 4 / 40 4. Which of these is not an example of leakage? a) Savings b) Taxes c) Imports d) Intermediate goods 5 / 40 5. Depreciation means: a) Shut-down of a factory due to strike b) Loss in fixed assets due to normal wear and tear c) Loss in fixed assets due to earthquake d) Destruction of a factory due to fire 6 / 40 6. While estimating national income, depreciation is measured from: a) Capita Goods b) Final Goods c) Intermediate goods d) Durable Consumer goods 7 / 40 7. Which item from the following will be included in national income? a) Interest payment by employees on loan given from employer b) Expenditure on the construction of building c) Expenditure on the maintenance of building d) Employees contribution to the social security schemes 8 / 40 8. 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 9 / 40 9. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NFIA will be less than zero b) GNPmp will be greater than GDPmp when NFIA will be more than zero c) GNPmp will be greater than GDPmp when NIT will be zero d) GNPmp will be greater than GDPmp when NFIA will be zero 10 / 40 10. Old age pension given by Government of India comes under: a) Factor Income b) Current Transfer c) Capital Transfer d) Domestic Factor Payment 11 / 40 11. What does the rattrap seller resort to, at times, make his both ends meet? a) thievery and begging b) robbery c) drug peddling d) selling cookies 12 / 40 12. On dissolution of a firm, realisation account is debited with a) All outside liabilities of the firm b) Cash received on sale of assets c) Any asset taken over by one of the partners d) All assets to be realised 13 / 40 13. On Dissolution, Goodwill Account is transferred to a) In the Capital Account of Partners b) On the credit side of Cash A/c c) On the Credit side of Realisation A/c d) On the Debit side of Realisation A/c 14 / 40 14. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 12% simple interest b) None of these c) 6% p.a. simple interest d) 6% p.a. compound interest 15 / 40 15. GDPfc = GDPmp + …………………. a) NIT b) Depreciation c) NFIA d) Indirect Tax 16 / 40 16. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Partner’s Capital A/c b) Realisation A/c c) Asset A/c d) Liabilities A/c 17 / 40 17. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Cash A/c b) Realisation A/c c) Profit and Loss A/c d) Patents A/c 18 / 40 18. Which of these is transfer income? a) Profit b) Gifts received from abroad c) Rent d) Wages 19 / 40 19. Which of the following is a flow concept? a) GDP at MP b) Change in stock c) Capital Formation d) All of the above 20 / 40 20. Which of the following is not a problem of Barter system? a) Store of Value b) Unemployment c) Unit of Account d) Double coincidence of wants 21 / 40 21. Find out factor payment from the following: a) Old age pension b) Subsidies c) Income tax d) Profit 22 / 40 22. Which of the following is not a component of NFIA a) Net income from property and enterpreneurship b) Net retained earnings from abroad c) None of these d) Net compensation of employees 23 / 40 23. Which of the following is not a normal resident of a country? a) A branch of WHO in India. b) An Indian working in WHO situated in India c) An Indian working in American Embassy d) An American tourist in India 24 / 40 24. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Realisation A/c b) Partner's Capital A/c c) Cash A/c d) Creditors A/c 25 / 40 25. Who regulates money supply? a) Commercial Bank b) Planning Commission c) Central Bank d) Government of India 26 / 40 26. 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) National Product b) GDP at Current price c) GDP at constant Price d) Real GDP 27 / 40 27. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Loan by Partner A/c b) Capital A/c of Partners c) Realisation A/c d) Cash A/c 28 / 40 28. Which of the following is also known as domestic factor income? a) NNPfc b) NDPfc c) GDPfc d) NNPmp 29 / 40 29. At the time of dissolution of firm, at what stage the balance of Partner’s Capital Account are paid? a) Before payment of loan by partner b) After payment of Outsider's Liabilities and Partner's Loan c) After payment of Outsider's Liabilities d) Before Payment of Outside Liabilities 30 / 40 30. 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 31 / 40 31. Which of the following is not a component of gross domestic fixed capital formation? a) Gross Residential construction investment b) Inventory Investment c) Gross Government Investment d) Gross business fixed investment 32 / 40 32. Domestic income is greater than National Income if a) NFIA is negative b) None of these c) NFIA is zero d) NFIA is positive 33 / 40 33. Which of these is not transfer payment? a) Scholarship b) Subsidies c) None of these d) Indirect Tax 34 / 40 34. 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) before payment of outside liabilites b) after payment of outside liabilities or capital c) after payment of capital of partners d) after payment of outside liabilities but before repayment of capital 35 / 40 35. At the time of dissolution of firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets : a) After making the payment of Outside Liabilities but before payment of Capital b) After making the payment of loans given by third party c) After making the payment of balance of Capital Accounts of partners d) Before the payment of loans given by third party 36 / 40 36. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In Profit sharing ratio b) Gaining Ratio c) In capital ratio d) Equally 37 / 40 37. Supply of money refers to quantity of money: a) at a particular point of time b) as on 31st March c) during a period of time d) during a fiscal year 38 / 40 38. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Realisation A/c b) Profit and Loss A/c c) Partner's Capital A/c d) Cash A/c 39 / 40 39. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Bank Account b) Partners Capital Accounts c) Realisation Account d) Sundry Debtors Account 40 / 40 40. When the value of same output is counted more than once while measuring national income it results: a) Correct Measurement of National Income b) More Measurement of National Income c) None of these d) Less Measurement of National Income Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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