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 a flow concept? a) All of the above b) Change in stock c) GDP at MP d) Capital Formation 2 / 40 2. Find out factor payment from the following: a) Profit b) Old age pension c) Income tax d) Subsidies 3 / 40 3. Which of the following is also known as domestic factor income? a) GDPfc b) NNPfc c) NDPfc d) NNPmp 4 / 40 4. From where did the Peddler get the material to make rattraps? a) factories and market b) streets railings c) roads side d) stores and farms 5 / 40 5. 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) Cash A/c d) Partner's Capital A/c 6 / 40 6. Which of these is not transfer payment? a) Subsidies b) None of these c) Scholarship d) Indirect Tax 7 / 40 7. Old age pension given by Government of India comes under: a) Capital Transfer b) Factor Income c) Domestic Factor Payment d) Current Transfer 8 / 40 8. 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 9 / 40 9. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Liabilities A/c b) Realisation A/c c) Partner’s Capital A/c d) Asset A/c 10 / 40 10. Who regulates money supply? a) Central Bank b) Commercial Bank c) Government of India d) Planning Commission 11 / 40 11. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all a) Partner’s Loan to Firm b) Outside Creditors c) Partner’s Capital d) Partner’s additional capital 12 / 40 12. Which of the following is not in intermediate goods for a farmer? a) Seeds b) Tractor c) Fertilizer d) All of these 13 / 40 13. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Cash A/c b) Realisation A/c c) Profit and Loss A/c d) Patents A/c 14 / 40 14. 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) GDP at constant Price b) GDP at Current price c) National Product d) Real GDP 15 / 40 15. Which of the following is leakages? a) Both Export and Import b) Investment c) Export d) Import 16 / 40 16. 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) 12% simple interest d) 6% p.a. compound interest 17 / 40 17. The Drawbacks of Barter system: a) all of these b) lack of transfer of value c) lack of standard of deferred payments d) lack of measure of value 18 / 40 18. Corporation tax is not a component of : a) Private income b) Personal Income c) Domestic Income d) National Income 19 / 40 19. 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 balance of Capital Accounts of partners d) After making the payment of Outside Liabilities but before payment of Capital 20 / 40 20. Which of the following is not a component of gross domestic fixed capital formation? a) Inventory Investment b) Gross Residential construction investment c) Gross business fixed investment d) Gross Government Investment 21 / 40 21. Medicine supply to the Earthquake victim in India by British Government is : a) Factor Income b) Capital Transfer c) Current Transfer d) Net factor Income from abroad 22 / 40 22. Which of the following is not the mode of dissolution of the firm? a) Retirement of a Partner b) Dissolution by Court c) By Mutual Agreement d) On Happening of an Event 23 / 40 23. Which of these is not a component of operating surplus? a) Royalty b) Rent c) Wages d) Interest 24 / 40 24. Which item from the following will be included in national income? a) Interest payment by employees on loan given from employer b) Employees contribution to the social security schemes c) Expenditure on the maintenance of building d) Expenditure on the construction of building 25 / 40 25. 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 26 / 40 26. Which of these is not an example of leakage? a) Intermediate goods b) Taxes c) Imports d) Savings 27 / 40 27. 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) Non Citizen of the country c) Normal Resident of a country d) Citizen of the country 28 / 40 28. Money supply includes: a) currency with the bank b) All deposits in Bank c) only time deposits in banks d) only demand deposits in banks 29 / 40 29. While estimating national income, depreciation is measured from: a) Final Goods b) Durable Consumer goods c) Capita Goods d) Intermediate goods 30 / 40 30. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Realisation A/c b) Cash A/c c) Partner's Capital A/c d) Profit and Loss A/c 31 / 40 31. 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) An Indian working in WHO situated in India d) A branch of WHO in India. 32 / 40 32. Which of the following is included in national income? a) Expenditure on transportation by a firm b) Sale of bonds by a company c) None of these d) Interest payment on loan by households to banks 33 / 40 33. Which of the following is not a component of NFIA a) Net compensation of employees b) None of these c) Net income from property and enterpreneurship d) Net retained earnings from abroad 34 / 40 34. Why does the Peddler knit up various thoughts? a) because of his optimistic nature b) because of greed c) because of loneliness during travelling d) because he loved fairy tales 35 / 40 35. Which of the following is intermediate product? a) Pulses purchased by consumers b) Machine purchased by a firm c) Wheat used by household d) Wheat used by flour mill 36 / 40 36. 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 but before repayment of capital b) after payment of capital of partners c) before payment of outside liabilites d) after payment of outside liabilities or capital 37 / 40 37. Which of the following is a final expenditure? a) Computer purchased by a school b) Vegetables purchased by a restaurant c) Milk purchased by a tea-maker d) Scooter purchased by a dealer 38 / 40 38. Depreciation means: a) Loss in fixed assets due to earthquake b) Destruction of a factory due to fire c) Shut-down of a factory due to strike d) Loss in fixed assets due to normal wear and tear 39 / 40 39. On dissolution of a firm, realisation account is debited with a) Any asset taken over by one of the partners b) Cash received on sale of assets c) All outside liabilities of the firm d) All assets to be realised 40 / 40 40. 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 loan by partner c) After payment of Outsider's Liabilities d) Before Payment of Outside Liabilities Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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