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. 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 2 / 40 2. Which of these is not transfer payment? a) Subsidies b) None of these c) Scholarship d) Indirect Tax 3 / 40 3. 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 4 / 40 4. Which of the following is a final expenditure? a) Vegetables purchased by a restaurant b) Scooter purchased by a dealer c) Computer purchased by a school d) Milk purchased by a tea-maker 5 / 40 5. Court can make an order to dissolve the firm when : a) Continued future profits are expected b) Firm is running legal business c) Some partner has become unsound mind d) Partnership deed is fully followed 6 / 40 6. From where did the Peddler get the material to make rattraps? a) streets railings b) factories and market c) roads side d) stores and farms 7 / 40 7. The Drawbacks of Barter system: a) lack of measure of value b) lack of standard of deferred payments c) all of these d) lack of transfer of value 8 / 40 8. Which of the following is not the mode of dissolution of the firm? a) Retirement of a Partner b) On Happening of an Event c) By Mutual Agreement d) Dissolution by Court 9 / 40 9. 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) Gross Government Investment d) Inventory Investment 10 / 40 10. Medicine supply to the Earthquake victim in India by British Government is : a) Factor Income b) Net factor Income from abroad c) Capital Transfer d) Current Transfer 11 / 40 11. Which of the following is not in intermediate goods for a farmer? a) Tractor b) All of these c) Fertilizer d) Seeds 12 / 40 12. Which of the following is not a component of NFIA a) None of these b) Net compensation of employees c) Net income from property and enterpreneurship d) Net retained earnings from abroad 13 / 40 13. 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 14 / 40 14. 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 zero d) GNPmp will be greater than GDPmp when NFIA will be more than zero 15 / 40 15. Which of the following is transferred to Realisation A/c? a) Patents A/c b) Balance of Cash A/c c) Balance of Reserves d) Balance of Profit and Loss 16 / 40 16. Old age pension given by Government of India comes under: a) Capital Transfer b) Current Transfer c) Factor Income d) Domestic Factor Payment 17 / 40 17. Corporation tax is not a component of : a) Personal Income b) Private income c) Domestic Income d) National Income 18 / 40 18. Which of these is transfer income? a) Wages b) Profit c) Rent d) Gifts received from abroad 19 / 40 19. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Patents A/c b) Cash A/c c) Realisation A/c d) Profit and Loss A/c 20 / 40 20. Change in stock will be negative when: a) Closing Stock < Opening Stock b) Opening Stock = 0 c) Closing Stock > Opening Stock d) Closing Stock = 0 21 / 40 21. 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) More Measurement of National Income d) Correct Measurement of National Income 22 / 40 22. Which of these is not a component of operating surplus? a) Wages b) Interest c) Rent d) Royalty 23 / 40 23. While estimating national income, depreciation is measured from: a) Capita Goods b) Durable Consumer goods c) Intermediate goods d) Final Goods 24 / 40 24. Which of the following is included in national income? a) None of these b) Expenditure on transportation by a firm c) Interest payment on loan by households to banks d) Sale of bonds by a company 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) Expenditure on the construction of building d) Interest payment by employees on loan given from employer 26 / 40 26. Which of these is not an example of leakage? a) Intermediate goods b) Imports c) Taxes d) Savings 27 / 40 27. What does the rattrap seller resort to, at times, make his both ends meet? a) drug peddling b) selling cookies c) robbery d) thievery and begging 28 / 40 28. At the time of Dissolution, a Partner gives his personal assets to firm’s creditor in settlement, the account credited will be a) Cash A/c b) Creditors A/c c) Partner's Capital A/c d) Realisation A/c 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) Before Payment of Outside Liabilities c) After payment of Outsider's Liabilities and Partner's Loan d) After payment of Outsider's Liabilities 30 / 40 30. 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 outside liabilities or capital b) after payment of capital of partners c) after payment of outside liabilities but before repayment of capital d) before payment of outside liabilites 31 / 40 31. 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 to third party’s loans c) Before making the payment of partners in respect of their loans d) After making the payment of partners in respect of their loans 32 / 40 32. A firm’s value added is equal to : a) Profit b) Sales + Intermediate consumption c) Sales d) Sales – Intermediate consumption 33 / 40 33. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Asset A/c b) Realisation A/c c) Liabilities A/c d) Partner’s Capital A/c 34 / 40 34. Which of the following is also known as domestic factor income? a) NNPfc b) NNPmp c) NDPfc d) GDPfc 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 loans given by third party b) Before the payment of loans given by third party c) After making the payment of Outside Liabilities but before payment of Capital d) After making the payment of balance of Capital Accounts of partners 36 / 40 36. Which of the following is leakages? a) Export b) Investment c) Import d) Both Export and Import 37 / 40 37. In which condition a partnership firm is deemed to be dissolved? a) On loss in partnership b) On a partner’s admission c) On retirement of a partner d) On expiry of the period of partnership 38 / 40 38. Domestic income is greater than National Income if a) NFIA is negative b) NFIA is zero c) NFIA is positive d) None of these 39 / 40 39. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 6% p.a. compound interest b) 12% simple interest c) None of these d) 6% p.a. simple interest 40 / 40 40. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Realisation A/c b) Cash A/c c) Profit and Loss A/c d) Partner's Capital A/c Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
Leave a Reply