UGC NET Mock Test 6 on Commerce - 20 Questions for Practice

1. Which one is not international institution?

a.TRAI

b.IBRD

c.IDA

d.IMF

2. Consider the following items: (i) Debentures (ii) Prepaid rent (iii) Interest accrued (iv) Bank overdraft Which of them are current liabilities?

a.(i), (ii) and (iii)

b.(i), (ii), (iii) and (iv)

c.(iv)

d.(ii), (iii) and (iv)

3. Which one is a not Non-Marketable security?

a.Post Office Certificates and Deposits

b.Deposits with Companies

c.Corporate Securities

d.Bank Deposits

4. Which one is not an element of legal environment?

a.Act of Parliamentarians in Lok Sabha

b.Negotiable Instruments Act, 1881

c.Indian Contract Act, 1872

d.Indian Partnership Act, 1932

5. SDRs are popularly known as?

a.Gold Coin

b.Currency Notes

c.Silver Coin

d.Paper Gold

6. The Securities and Exchange Board of India was not entrusted with the function of ?

a.Investor Protection.

b.Promotion of efficient services by brokers.

c.Improving the earnings of equity holders.

d.Ensuring Fair practices by companies.

7. Which one of the statements is not true?

a.Institutional infrastructure facilitates market intelligence.

b.Letter of credit does not indicate that the bank will pay the value of imports to the exporter.

c.STC is the chief canalizing agent for export and import of agricultural products.

d.IIPO organizes trade fairs and exhibitions.

8. Broad Money has to be sensitized through:

a.Repo Rate

b.CRR

c.SLR

d.All of the above

9. Interest on capital paid by a firm to its partners, under the Income Tax Act, 1961, is allowed

a.0.12

b.0.18

c.0.06

d.0.15

10. Under Section 80E of the Income Tax Act, 1961 deduction in respect of payment of interest on loan taken for higher education shall be allowed up to

a.Rs. 20,000

b.Rs. 10,000

c.Without any limit

d.Rs. 15,000

11. Conversion cost is the sum of _____?

a.Indirect wages and factory overhead

b.Prime cost and selling & distribution overhead

c.Direct material cost and indirect wages

d.Direct wages, direct expenses and factory overhead

12. Which one is not Finance Company?

a.Hire-Purchase Finance Company

b.Mutual Benefit Finance Companies

c.Loan Companies

d.IRDA

13. Under capital gains head of the Income Tax Act, the income from the sale of Household Furniture is

a.Exempted Income

b.Taxable Income

c.Revenue Gain

d.Capital Gain

14. Assertion (A): Indent may be open or closed. Open indent does not specify the price and other details of the goods. The closed indent specifies the brand, price, number, packing, shipping mode, insurance, etc.
Reason (R): This is required as a part of export procedures.

a.(R) is true, but (A) is false.

b.(A) is true, but (R) is false.

c.Both (A) and (R) are not correct.

d.Both (A) and (R) are correct.

15. For the Assessment Year 2011-12, deduction under Sec. 80G is available without any limit but at the rate of 50% on?

a.Jawahar Lal Nehru Memorial Fund.

b.Chief Minister Relief Fund.

c.Prime Minister’s National Relief Fund.

d.National Foundation for communal Harmony.

16. Assertion (A): Use of paper money is replaced by plastic money. The future will see the electronic money clearance through satellite networking.
Reason (R): RBI is encouraging e-banking.

a.Both (A) and (R) are false.

b.(A) is false, but (R) is true.

c.(A) is true, but (R) is false.

d.Both (A) and (R) are true.

17. Minimum Alternative Tax (MAT) under Sec.115 JB of the Income Tax Act is applicable on?

a.Association of persons

b.All types of companies

c.Partnership firm

d.Certain companies

18. Out of the following, which are four dimensions of Human Development Index?
(i) Life Expectancy
(ii) Literacy Level
(iii) Success Rate of Marriages
(iv) Standard of Living
(v) Crime Rate
(vi) Corruption Level
(vii) Economic Entitlement
(viii) Foreign Visits

a.(iii), (v), (vii) and (viii)

b.(i), (ii), (iv) and (vii)

c.(ii), (iii), (vi) and (vii)

d.Code: (i), (ii), (vi) and (viii)

19. Which of the following denote the structural changes in Indian economy?

a.Primary sector contribution has gone down.

b.All of the above

c.Secondary sector has not changed much.

d.Service sector contribution has gone up.

20. Public Enterprise is defined as ______?

a.An organisation which caters to the needs relating to public utilities.

b.An organisation owned and managed by public authorities for definite set of public purposes.

c.An organisation run by joint efforts of Centre and State Governments.

d.An organisation in which capital is invested by the public.

UGC NET Mock 6 on Commerce – 20 Questions for Practice

UGC NET Mock Test 6 on Commerce – 20 Questions for Practice

Take Test 6 20 questions for Practice – Commerce Test 6

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