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. In which condition a partnership firm is deemed to be dissolved? a) On loss in partnership b) On expiry of the period of partnership c) On a partner’s admission d) On retirement of a partner 2 / 40 2. 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 additional capital c) Partner’s Loan to Firm d) Outside Creditors 3 / 40 3. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners a) In capital ratio b) Gaining Ratio c) Equally d) In Profit sharing ratio 4 / 40 4. Which of the following is a final expenditure? a) Vegetables purchased by a restaurant b) Scooter purchased by a dealer c) Milk purchased by a tea-maker d) Computer purchased by a school 5 / 40 5. At the time of dissolution of partnership firm, Deferred Revenue Expenditure is transferred to a) Realisation A/c b) Loan by Partner A/c c) Capital A/c of Partners d) Cash A/c 6 / 40 6. Corporation tax is not a component of : a) National Income b) Private income c) Personal Income d) Domestic Income 7 / 40 7. Which of the following is intermediate product? a) Machine purchased by a firm b) Wheat used by flour mill c) Pulses purchased by consumers d) Wheat used by household 8 / 40 8. Which of these is not transfer payment? a) None of these b) Subsidies c) Scholarship d) Indirect Tax 9 / 40 9. Which of the following is not in intermediate goods for a farmer? a) Fertilizer b) Tractor c) All of these d) Seeds 10 / 40 10. Unrecorded liability, when paid on dissolution of a firm is debited to : a) Liabilities A/c b) Asset A/c c) Realisation A/c d) Partner’s Capital A/c 11 / 40 11. Whom does this story revolve around? a) the Peddler- the Rattrap seller b) the ironman c) the crofter d) the crofter and his daughter 12 / 40 12. Which of the following is transferred to Realisation A/c? a) Patents A/c b) Balance of Cash A/c c) Balance of Profit and Loss d) Balance of Reserves 13 / 40 13. Domestic income is greater than National Income if a) NFIA is positive b) None of these c) NFIA is zero d) NFIA is negative 14 / 40 14. Old age pension given by Government of India comes under: a) Capital Transfer b) Domestic Factor Payment c) Current Transfer d) Factor Income 15 / 40 15. What does the rattrap seller resort to, at times, make his both ends meet? a) thievery and begging b) selling cookies c) drug peddling d) robbery 16 / 40 16. 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 balance of Capital Accounts of partners c) After making the payment of Outside Liabilities but before payment of Capital d) After making the payment of loans given by third party 17 / 40 17. Amount received from sale of unrecorded asset at the time of dissolution of the firm is credited to a) Profit and Loss A/c b) Realisation A/c c) Partner's Capital A/c d) Cash A/c 18 / 40 18. Money supply includes: a) All deposits in Bank b) only time deposits in banks c) only demand deposits in banks d) currency with the bank 19 / 40 19. Which of the following is not a normal resident of a country? a) An American tourist in India b) A branch of WHO in India. c) An Indian working in WHO situated in India d) An Indian working in American Embassy 20 / 40 20. Why does the Peddler knit up various thoughts? a) because of greed b) because of loneliness during travelling c) because he loved fairy tales d) because of his optimistic nature 21 / 40 21. While estimating national income, depreciation is measured from: a) Durable Consumer goods b) Final Goods c) Capita Goods d) Intermediate goods 22 / 40 22. Depreciation means: a) Shut-down of a factory due to strike b) Loss in fixed assets due to normal wear and tear c) Loss in fixed assets due to earthquake d) Destruction of a factory due to fire 23 / 40 23. On firm’s Dissolution, Patents realised at ₹ 50,000. State which account will be credited. a) Patents A/c b) Realisation A/c c) Cash A/c d) Profit and Loss A/c 24 / 40 24. Change in stock will be negative when: a) Opening Stock = 0 b) Closing Stock = 0 c) Closing Stock > Opening Stock d) Closing Stock < Opening Stock 25 / 40 25. Which of these is not a component of operating surplus? a) Wages b) Royalty c) Rent d) Interest 26 / 40 26. Which item from the following will be included in national income? a) Expenditure on the construction of building b) Expenditure on the maintenance of building c) Interest payment by employees on loan given from employer d) Employees contribution to the social security schemes 27 / 40 27. 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) Less Measurement of National Income d) Correct Measurement of National Income 28 / 40 28. Which of these is transfer income? a) Rent b) Wages c) Profit d) Gifts received from abroad 29 / 40 29. 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 30 / 40 30. Supply of money refers to quantity of money: a) during a fiscal year b) at a particular point of time c) as on 31st March d) during a period of time 31 / 40 31. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to a) Sundry Debtors Account b) Bank Account c) Realisation Account d) Partners Capital Accounts 32 / 40 32. On firm’s dissolution, which one of the following account should be prepared at the last? a) Partner’s Loan Account b) Partner’s Capital Accounts c) Realisation Account d) Cash Account 33 / 40 33. GDPfc = GDPmp + …………………. a) Indirect Tax b) NFIA c) Depreciation d) NIT 34 / 40 34. 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 Current price b) GDP at constant Price c) National Product d) Real GDP 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) In the Capital Account of Partners d) On the credit side of Cash A/c 36 / 40 36. The Drawbacks of Barter system: a) all of these b) lack of transfer of value c) lack of measure of value d) lack of standard of deferred payments 37 / 40 37. Which of the stat ement is correct? a) GNPmp will be greater than GDPmp when NFIA will be more than 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 NIT will be zero 38 / 40 38. Who regulates money supply? a) Government of India b) Central Bank c) Commercial Bank d) Planning Commission 39 / 40 39. On dissolution of a firm, realisation account is debited with a) Any asset taken over by one of the partners b) All assets to be realised c) All outside liabilities of the firm d) Cash received on sale of assets 40 / 40 40. Which of the following is a flow concept? a) All of the above b) Change in stock c) Capital Formation d) GDP at MP Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Spread the love
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