CUET Business Studies Test 1 19/12/2022 One Mark Solution CUET 0 /40 2 12345678910111213141516171819202122232425262728293031323334353637383940 CUET Business Studies Test 1 NameEmail 1 / 40 1. Change in stock will be negative when: a) Closing Stock < Opening Stock b) Closing Stock > Opening Stock c) Closing Stock = 0 d) Opening Stock = 0 2 / 40 2. While estimating national income, depreciation is measured from: a) Durable Consumer goods b) Final Goods c) Capita Goods d) Intermediate goods 3 / 40 3. Which of the following is leakages? a) Investment b) Both Export and Import c) Import d) Export 4 / 40 4. Which of these is not an example of leakage? a) Imports b) Savings c) Intermediate goods d) Taxes 5 / 40 5. Which of the following is not a normal resident of a country? a) An American tourist in India b) An Indian working in American Embassy c) A branch of WHO in India. d) An Indian working in WHO situated in India 6 / 40 6. Which of the following is not a component of gross domestic fixed capital formation? a) Inventory Investment b) Gross Government Investment c) Gross Residential construction investment d) Gross business fixed investment 7 / 40 7. 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 8 / 40 8. Why does the Peddler knit up various thoughts? a) because he loved fairy tales b) because of his optimistic nature c) because of loneliness during travelling d) because of greed 9 / 40 9. Domestic income is greater than National Income if a) None of these b) NFIA is positive c) NFIA is zero d) NFIA is negative 10 / 40 10. GDPfc = GDPmp + …………………. a) Indirect Tax b) NFIA c) NIT d) Depreciation 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) Realisation A/c b) Creditors A/c c) Partner’s Capital A/c d) Cash A/c 12 / 40 12. Which of the following is not a problem of Barter system? a) Double coincidence of wants b) Unit of Account c) Unemployment d) Store of Value 13 / 40 13. Depreciation means: a) Destruction of a factory due to fire b) Shut-down of a factory due to strike c) Loss in fixed assets due to normal wear and tear d) Loss in fixed assets due to earthquake 14 / 40 14. 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 Capital c) Partner’s additional capital d) Partner’s Loan to Firm 15 / 40 15. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) Equally b) In capital ratio c) Gaining Ratio d) In Profit sharing ratio 16 / 40 16. Which of the following is not a component of NFIA a) Net compensation of employees b) None of these c) Net retained earnings from abroad d) Net income from property and enterpreneurship 17 / 40 17. Medicine supply to the Earthquake victim in India by British Government is : a) Net factor Income from abroad b) Factor Income c) Capital Transfer d) Current Transfer 18 / 40 18. What does the rattrap seller resort to, at times, make his both ends meet? a) robbery b) drug peddling c) selling cookies d) thievery and begging 19 / 40 19. A person of an institution who normally resides in a country and whose economic interest lies in that country is known as: a) Non- resident of a country b) Citizen of the country c) Normal Resident of a country d) Non Citizen of the country 20 / 40 20. 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) Real GDP c) GDP at constant Price d) GDP at Current price 21 / 40 21. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Profit and Loss A/c b) Realisation A/c c) Patents A/c d) Cash A/c 22 / 40 22. 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 zero c) GNPmp will be greater than GDPmp when NFIA will be less than zero d) GNPmp will be greater than GDPmp when NFIA will be more than zero 23 / 40 23. 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 24 / 40 24. The Drawbacks of Barter system: a) lack of transfer of value b) lack of measure of value c) lack of standard of deferred payments d) all of these 25 / 40 25. On dissolution of a firm, realisation account is debited with a) All outside liabilities of the firm b) Any asset taken over by one of the partners c) All assets to be realised d) Cash received on sale of assets 26 / 40 26. Which of these is transfer income? a) Rent b) Gifts received from abroad c) Wages d) Profit 27 / 40 27. 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 28 / 40 28. 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) NNPfc c) NDPmp d) GDPmp 29 / 40 29. Find out factor payment from the following: a) Income tax b) Profit c) Subsidies d) Old age pension 30 / 40 30. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Cash A/c b) Realisation A/c c) Partner’s Capital A/c d) Profit and Loss A/c 31 / 40 31. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Asset A/c b) Partner’s Capital A/c c) Liabilities A/c d) Realisation A/c 32 / 40 32. When the value of same output is counted more than once while measuring national income it results: a) More Measurement of National Income b) None of these c) Correct Measurement of National Income d) Less Measurement of National Income 33 / 40 33. In which condition a partnership firm is deemed to be dissolved? a) On retirement of a partner b) On loss in partnership c) On a partner’s admission d) On expiry of the period of partnership 34 / 40 34. Which of the following is not the mode of dissolution of the firm? a) By Mutual Agreement b) Retirement of a Partner c) On Happening of an Event d) Dissolution by Court 35 / 40 35. 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 36 / 40 36. Which of the following is also known as domestic factor income? a) NDPfc b) NNPfc c) GDPfc d) NNPmp 37 / 40 37. Court can make an order to dissolve the firm when : a) Firm is running legal business b) Partnership deed is fully followed c) Some partner has become unsound mind d) Continued future profits are expected 38 / 40 38. Corporation tax is not a component of : a) Personal Income b) Private income c) Domestic Income d) National Income 39 / 40 39. 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 40 / 40 40. Which of these is not transfer payment? a) None of these b) Indirect Tax c) Scholarship d) Subsidies Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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