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, Goodwill Account is transferred to a) In the Capital Account of Partners b) On the credit side of Cash A/c c) On the Debit side of Realisation A/c d) On the Credit side of Realisation A/c 2 / 40 2. Money supply includes: a) currency with the bank b) only time deposits in banks c) All deposits in Bank d) only demand deposits in banks 3 / 40 3. Who regulates money supply? a) Planning Commission b) Commercial Bank c) Central Bank d) Government of India 4 / 40 4. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Loan by Partner A/c b) Cash A/c c) Capital A/c of Partners d) Realisation A/c 5 / 40 5. From where did the Peddler get the material to make rattraps? a) roads side b) factories and market c) streets railings d) stores and farms 6 / 40 6. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NFIA will be less than zero b) GNPmp will be greater than GDPmp when NFIA will be zero c) GNPmp will be greater than GDPmp when NIT will be zero d) GNPmp will be greater than GDPmp when NFIA will be more than zero 7 / 40 7. Find out factor payment from the following: a) Income tax b) Old age pension c) Profit d) Subsidies 8 / 40 8. In which condition a partnership firm is deemed to be dissolved? a) On expiry of the period of partnership b) On a partner’s admission c) On loss in partnership d) On retirement of a partner 9 / 40 9. 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) Partner’s Loan to Firm c) Partner’s additional capital d) Outside Creditors 10 / 40 10. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Sundry Debtors Account b) Realisation Account c) Partners Capital Accounts d) Bank Account 11 / 40 11. Which of the following is leakages? a) Investment b) Import c) Both Export and Import d) Export 12 / 40 12. 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 13 / 40 13. Which of these is not an example of leakage? a) Imports b) Savings c) Intermediate goods d) Taxes 14 / 40 14. Which of the following is not a component of NFIA a) Net retained earnings from abroad b) Net income from property and enterpreneurship c) Net compensation of employees d) None of these 15 / 40 15. Which of the following is not a problem of Barter system? a) Store of Value b) Double coincidence of wants c) Unit of Account d) Unemployment 16 / 40 16. What does the rattrap seller resort to, at times, make his both ends meet? a) robbery b) thievery and begging c) drug peddling d) selling cookies 17 / 40 17. Supply of money refers to quantity of money: a) during a fiscal year b) during a period of time c) as on 31st March d) at a particular point of time 18 / 40 18. A person of an institution who normally resides in a country and whose economic interest lies in that country is known as: a) Citizen of the country b) Non Citizen of the country c) Non- resident of a country d) Normal Resident of a country 19 / 40 19. In the absence of partnership deed, interest on capital is allowed at the rate of: a) 12% simple interest b) None of these c) 6% p.a. simple interest d) 6% p.a. compound interest 20 / 40 20. On Dissolution, if a partner pays firm’s liability which of the following account is debited? a) Partner's Capital A/c b) Realisation A/c c) Profit and Loss A/c d) Cash A/c 21 / 40 21. On dissolution of a firm, realisation account is debited with a) Cash received on sale of assets b) Any asset taken over by one of the partners c) All outside liabilities of the firm d) All assets to be realised 22 / 40 22. 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 23 / 40 23. 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 24 / 40 24. Old age pension given by Government of India comes under: a) Factor Income b) Domestic Factor Payment c) Current Transfer d) Capital Transfer 25 / 40 25. Which of the following is not in intermediate goods for a farmer? a) Seeds b) Fertilizer c) Tractor d) All of these 26 / 40 26. Which of the following is also known as domestic factor income? a) NDPfc b) GDPfc c) NNPmp d) NNPfc 27 / 40 27. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? a) Before making the payment of partners in respect of their 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) After making the payment to third party’s loans 28 / 40 28. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Patents A/c b) Profit and Loss A/c c) Realisation A/c d) Cash A/c 29 / 40 29. 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) GDP at Current price c) Real GDP d) GDP at constant Price 30 / 40 30. Whom does this story revolve around? a) the crofter b) the Peddler- the Rattrap seller c) the ironman d) the crofter and his daughter 31 / 40 31. Which of these is not transfer payment? a) Indirect Tax b) None of these c) Scholarship d) Subsidies 32 / 40 32. Domestic income is greater than National Income if a) NFIA is zero b) NFIA is positive c) NFIA is negative d) None of these 33 / 40 33. 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) Before the payment of loans given by third party b) After making 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 34 / 40 34. Which of these is transfer income? a) Wages b) Rent c) Gifts received from abroad d) Profit 35 / 40 35. The Drawbacks of Barter system: a) lack of standard of deferred payments b) lack of transfer of value c) all of these d) lack of measure of value 36 / 40 36. 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 37 / 40 37. 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 American tourist in India d) An Indian working in WHO situated in India 38 / 40 38. Which of these is not a component of operating surplus? a) Rent b) Wages c) Interest d) Royalty 39 / 40 39. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In capital ratio b) In Profit sharing ratio c) Gaining Ratio d) Equally 40 / 40 40. Which of the following is transferred to Realisation A/c? a) Balance of Profit and Loss b) Balance of Cash A/c c) Balance of Reserves d) Patents A/c Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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