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) Balance of Cash A/c b) Balance of Profit and Loss c) Patents A/c d) Balance of Reserves 2 / 40 2. Which of the following is not a component of gross domestic fixed capital formation? a) Gross Residential construction investment b) Gross Government Investment c) Inventory Investment d) Gross business fixed investment 3 / 40 3. Domestic income is greater than National Income if a) NFIA is positive b) NFIA is zero c) None of these d) NFIA is negative 4 / 40 4. Corporation tax is not a component of : a) Private income b) Personal Income c) National Income d) Domestic Income 5 / 40 5. 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 6 / 40 6. Which of the following is not the mode of dissolution of the firm? a) Dissolution by Court b) By Mutual Agreement c) On Happening of an Event d) Retirement of a Partner 7 / 40 7. GDPfc = GDPmp + …………………. a) Depreciation b) NIT c) NFIA d) Indirect Tax 8 / 40 8. Change in stock will be negative when: a) Closing Stock = 0 b) Closing Stock < Opening Stock c) Closing Stock > Opening Stock d) Opening Stock = 0 9 / 40 9. 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) On the credit side of Cash A/c d) In the Capital Account of Partners 10 / 40 10. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Profit and Loss A/c b) Patents A/c c) Cash A/c d) Realisation A/c 11 / 40 11. Supply of money refers to quantity of money: a) as on 31st March b) during a period of time c) at a particular point of time d) during a fiscal year 12 / 40 12. On firm’s dissolution, which one of the following account should be prepared at the last? a) Partner’s Capital Accounts b) Cash Account c) Realisation Account d) Partner’s Loan Account 13 / 40 13. Which of the following is included in national income? a) None of these b) Interest payment on loan by households to banks c) Expenditure on transportation by a firm d) Sale of bonds by a company 14 / 40 14. Which of the following is a flow concept? a) GDP at MP b) Capital Formation c) Change in stock d) All of the above 15 / 40 15. 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 but before repayment of capital c) after payment of outside liabilities or capital d) before payment of outside liabilites 16 / 40 16. Why does the Peddler knit up various thoughts? a) because he loved fairy tales b) because of greed c) because of loneliness during travelling d) because of his optimistic nature 17 / 40 17. While estimating national income, depreciation is measured from: a) Intermediate goods b) Durable Consumer goods c) Capita Goods d) Final Goods 18 / 40 18. Old age pension given by Government of India comes under: a) Current Transfer b) Capital Transfer c) Domestic Factor Payment d) Factor Income 19 / 40 19. 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 of partners in respect of their loans c) After making the payment to third party’s loans d) Before making the payment of partners in respect of their loans 20 / 40 20. Money supply includes: a) All deposits in Bank b) only demand deposits in banks c) currency with the bank d) only time deposits in banks 21 / 40 21. 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) Profit and Loss A/c c) Realisation A/c d) Cash A/c 22 / 40 22. A person of an institution who normally resides in a country and whose economic interest lies in that country is known as: a) Non Citizen of the country b) Normal Resident of a country c) Non- resident of a country d) Citizen of the country 23 / 40 23. A firm’s value added is equal to : a) Sales – Intermediate consumption b) Profit c) Sales d) Sales + Intermediate consumption 24 / 40 24. From where did the Peddler get the material to make rattraps? a) stores and farms b) factories and market c) streets railings d) roads side 25 / 40 25. 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) GDP at Current price c) National Product d) GDP at constant Price 26 / 40 26. 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 27 / 40 27. Find out factor payment from the following: a) Income tax b) Subsidies c) Old age pension d) Profit 28 / 40 28. 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 29 / 40 29. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Outside Creditors b) Partner’s Loan to Firm c) Partner’s additional capital d) Partner’s Capital 30 / 40 30. Which of the following is not a component of NFIA a) Net retained earnings from abroad b) Net compensation of employees c) Net income from property and enterpreneurship d) None of these 31 / 40 31. Which of the following is not a normal resident of a country? a) An Indian working in American Embassy b) A branch of WHO in India. c) An Indian working in WHO situated in India d) An American tourist in India 32 / 40 32. 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 33 / 40 33. Medicine supply to the Earthquake victim in India by British Government is : a) Factor Income b) Net factor Income from abroad c) Current Transfer d) Capital Transfer 34 / 40 34. Court can make an order to dissolve the firm when : a) Continued future profits are expected b) Partnership deed is fully followed c) Firm is running legal business d) Some partner has become unsound mind 35 / 40 35. 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 36 / 40 36. Who regulates money supply? a) Commercial Bank b) Government of India c) Planning Commission d) Central Bank 37 / 40 37. Which of the following is leakages? a) Investment b) Import c) Both Export and Import d) Export 38 / 40 38. Which of these is not transfer payment? a) None of these b) Scholarship c) Subsidies d) Indirect Tax 39 / 40 39. Which of the following is not in intermediate goods for a farmer? a) Tractor b) Seeds c) Fertilizer d) All of these 40 / 40 40. 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) Cash A/c d) Creditors A/c Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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