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 these is transfer income? a) Gifts received from abroad b) Wages c) Profit d) Rent 2 / 40 2. In which condition a partnership firm is deemed to be dissolved? a) On retirement of a partner b) On loss in partnership c) On expiry of the period of partnership d) On a partner’s admission 3 / 40 3. Which of the following is not a component of gross domestic fixed capital formation? a) Gross Government Investment b) Gross Residential construction investment c) Gross business fixed investment d) Inventory Investment 4 / 40 4. On Dissolution, Goodwill Account is transferred to a) On the Debit side of Realisation A/c b) In the Capital Account of Partners c) On the Credit side of Realisation A/c d) On the credit side of Cash A/c 5 / 40 5. Which of the following is not in intermediate goods for a farmer? a) All of these b) Fertilizer c) Seeds d) Tractor 6 / 40 6. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Partner’s Capital b) Outside Creditors c) Partner’s Loan to Firm d) Partner’s additional capital 7 / 40 7. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Cash A/c b) Patents A/c c) Realisation A/c d) Profit and Loss A/c 8 / 40 8. Find out factor payment from the following: a) Old age pension b) Income tax c) Subsidies d) Profit 9 / 40 9. Why does the Peddler knit up various thoughts? a) because of his optimistic nature b) because of loneliness during travelling c) because of greed d) because he loved fairy tales 10 / 40 10. Which of the following is also known as domestic factor income? a) NNPmp b) NNPfc c) GDPfc d) NDPfc 11 / 40 11. Which of the following is a flow concept? a) Capital Formation b) All of the above c) Change in stock d) GDP at MP 12 / 40 12. GDPfc = GDPmp + …………………. a) NIT b) NFIA c) Indirect Tax d) Depreciation 13 / 40 13. Which of the following is leakages? a) Export b) Import c) Investment d) Both Export and Import 14 / 40 14. Which of the following is not the mode of dissolution of the firm? a) On Happening of an Event b) Retirement of a Partner c) By Mutual Agreement d) Dissolution by Court 15 / 40 15. Medicine supply to the Earthquake victim in India by British Government is : a) Net factor Income from abroad b) Current Transfer c) Capital Transfer d) Factor Income 16 / 40 16. Which of the following is transferred to Realisation A/c? a) Balance of Profit and Loss b) Balance of Reserves c) Patents A/c d) Balance of Cash A/c 17 / 40 17. At the time of dissolution of firm, at what stage the balance of Partner’s Capital Account are paid? a) After payment of Outsider’s Liabilities and Partner’s Loan b) Before Payment of Outside Liabilities c) After payment of Outsider’s Liabilities d) Before payment of loan by partner 18 / 40 18. Which of the following is intermediate product? a) Machine purchased by a firm b) Pulses purchased by consumers c) Wheat used by household d) Wheat used by flour mill 19 / 40 19. Which of the following is not a component of NFIA a) Net retained earnings from abroad b) None of these c) Net compensation of employees d) Net income from property and enterpreneurship 20 / 40 20. On firm’s dissolution, which one of the following account should be prepared at the last? a) Partner’s Loan Account b) Realisation Account c) Cash Account d) Partner’s Capital Accounts 21 / 40 21. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Partner’s Capital A/c b) Liabilities A/c c) Asset A/c d) Realisation A/c 22 / 40 22. Which of these is not a component of operating surplus? a) Rent b) Wages c) Interest d) Royalty 23 / 40 23. 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) All assets to be realised d) Any asset taken over by one of the partners 24 / 40 24. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 6% p.a. compound interest b) None of these c) 6% p.a. simple interest d) 12% simple interest 25 / 40 25. Which item from the following will be included in national income? a) Expenditure on the maintenance of building b) Employees contribution to the social security schemes c) Interest payment by employees on loan given from employer d) Expenditure on the construction of building 26 / 40 26. Money supply includes: a) only time deposits in banks b) All deposits in Bank c) currency with the bank d) only demand deposits in banks 27 / 40 27. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Realisation A/c b) Cash A/c c) Capital A/c of Partners d) Loan by Partner A/c 28 / 40 28. Who regulates money supply? a) Commercial Bank b) Planning Commission c) Central Bank d) Government of India 29 / 40 29. 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 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) Before the payment of loans given by third party 30 / 40 30. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Partner’s Capital A/c b) Realisation A/c c) Creditors A/c d) Cash A/c 31 / 40 31. What does the rattrap seller resort to, at times, make his both ends meet? a) selling cookies b) drug peddling c) robbery d) thievery and begging 32 / 40 32. Court can make an order to dissolve the firm when : a) Partnership deed is fully followed b) Firm is running legal business c) Continued future profits are expected d) Some partner has become unsound mind 33 / 40 33. Which of the following is included in national income? a) Expenditure on transportation by a firm b) Interest payment on loan by households to banks c) None of these d) Sale of bonds by a company 34 / 40 34. 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’s loans b) After making the payment to third party for their loans as well as partners 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 35 / 40 35. Supply of money refers to quantity of money: a) during a period of time b) at a particular point of time c) as on 31st March d) during a fiscal year 36 / 40 36. Depreciation means: a) Destruction of a factory due to fire b) Loss in fixed assets due to normal wear and tear c) Loss in fixed assets due to earthquake d) Shut-down of a factory due to strike 37 / 40 37. Old age pension given by Government of India comes under: a) Factor Income b) Current Transfer c) Capital Transfer d) Domestic Factor Payment 38 / 40 38. Domestic income is greater than National Income if a) None of these b) NFIA is negative c) NFIA is zero d) NFIA is positive 39 / 40 39. Which of the following is not a problem of Barter system? a) Double coincidence of wants b) Store of Value c) Unit of Account d) Unemployment 40 / 40 40. 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) NDPmp b) NNPfc c) GDPmp d) GDPfc Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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