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. Old age pension given by Government of India comes under: a) Current Transfer b) Factor Income c) Domestic Factor Payment d) Capital Transfer 2 / 40 2. Which item from the following will be included in national income? a) Employees contribution to the social security schemes b) Expenditure on the maintenance of building c) Expenditure on the construction of building d) Interest payment by employees on loan given from employer 3 / 40 3. Medicine supply to the Earthquake victim in India by British Government is : a) Net factor Income from abroad b) Capital Transfer c) Current Transfer d) Factor Income 4 / 40 4. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Partner's Capital A/c b) Cash A/c c) Realisation A/c d) Profit and Loss A/c 5 / 40 5. Which of the following is not a component of NFIA a) Net income from property and enterpreneurship b) None of these c) Net compensation of employees d) Net retained earnings from abroad 6 / 40 6. 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) Before the payment of loans given by third party b) After making the payment of Outside Liabilities but before payment of Capital c) After making the payment of balance of Capital Accounts of partners d) After making the payment of loans given by third party 7 / 40 7. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Cash A/c b) Partner's Capital A/c c) Realisation A/c d) Profit and Loss A/c 8 / 40 8. In the absence of partnership deed, interest on capital is allowed at the rate of: a) None of these b) 6% p.a. simple interest c) 6% p.a. compound interest d) 12% simple interest 9 / 40 9. Depreciation means: a) Loss in fixed assets due to earthquake b) Loss in fixed assets due to normal wear and tear c) Destruction of a factory due to fire d) Shut-down of a factory due to strike 10 / 40 10. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Patents A/c b) Profit and Loss A/c c) Cash A/c d) Realisation A/c 11 / 40 11. 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) Cash A/c c) Partner's Capital A/c d) Realisation A/c 12 / 40 12. A firm’s value added is equal to : a) Sales – Intermediate consumption b) Sales c) Profit d) Sales + Intermediate consumption 13 / 40 13. Which of the following is intermediate product? a) Machine purchased by a firm b) Wheat used by flour mill c) Pulses purchased by consumers d) Wheat used by household 14 / 40 14. Which of the following is a flow concept? a) Change in stock b) GDP at MP c) All of the above d) Capital Formation 15 / 40 15. Which of the following is also known as domestic factor income? a) NNPfc b) GDPfc c) NNPmp d) NDPfc 16 / 40 16. Money supply includes: a) All deposits in Bank b) only demand deposits in banks c) only time deposits in banks d) currency with the bank 17 / 40 17. Which of the following is leakages? a) Investment b) Both Export and Import c) Import d) Export 18 / 40 18. 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) Real GDP b) National Product c) GDP at constant Price d) GDP at Current price 19 / 40 19. Change in stock will be negative when: a) Closing Stock < Opening Stock b) Opening Stock = 0 c) Closing Stock = 0 d) Closing Stock > Opening Stock 20 / 40 20. The Drawbacks of Barter system: a) all of these b) lack of measure of value c) lack of standard of deferred payments d) lack of transfer of value 21 / 40 21. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Partner’s additional capital b) Partner’s Capital c) Partner’s Loan to Firm d) Outside Creditors 22 / 40 22. In which condition a partnership firm is deemed to be dissolved? a) On expiry of the period of partnership b) On a partner’s admission c) On loss in partnership d) On retirement of a partner 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) before payment of outside liabilites d) after payment of outside liabilities but before repayment of capital 24 / 40 24. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NFIA will be 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 less than zero 25 / 40 25. Whom does this story revolve around? a) the Peddler- the Rattrap seller b) the crofter c) the crofter and his daughter d) the ironman 26 / 40 26. Which of the following is not in intermediate goods for a farmer? a) All of these b) Tractor c) Seeds d) Fertilizer 27 / 40 27. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Cash A/c b) Realisation A/c c) Loan by Partner A/c d) Capital A/c of Partners 28 / 40 28. 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 29 / 40 29. Which of the following is not a component of gross domestic fixed capital formation? a) Gross Residential construction investment b) Gross business fixed investment c) Inventory Investment d) Gross Government Investment 30 / 40 30. Why does the Peddler knit up various thoughts? a) because of loneliness during travelling b) because of greed c) because of his optimistic nature d) because he loved fairy tales 31 / 40 31. 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 32 / 40 32. Which of these is not an example of leakage? a) Intermediate goods b) Imports c) Taxes d) Savings 33 / 40 33. Domestic income is greater than National Income if a) NFIA is zero b) NFIA is negative c) None of these d) NFIA is positive 34 / 40 34. 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) GDPfc b) GDPmp c) NDPmp d) NNPfc 35 / 40 35. When the value of same output is counted more than once while measuring national income it results: a) Less Measurement of National Income b) More Measurement of National Income c) Correct Measurement of National Income d) None of these 36 / 40 36. 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 37 / 40 37. Which of the following is a final expenditure? a) Computer purchased by a school b) Milk purchased by a tea-maker c) Scooter purchased by a dealer d) Vegetables purchased by a restaurant 38 / 40 38. Which of the following is not a problem of Barter system? a) Unemployment b) Double coincidence of wants c) Store of Value d) Unit of Account 39 / 40 39. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Realisation Account b) Sundry Debtors Account c) Bank Account d) Partners Capital Accounts 40 / 40 40. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In capital ratio b) Gaining Ratio c) Equally d) In Profit sharing ratio Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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