UGC NET Mock 17 on Commerce – 20 Questions for Practice

1. The apex consumer court in India is referred to as ____?

2. Who is Chairman of 13th Finance Commission?

3. In the call/notice money market, which of the following participants are allowed to trade?

4. Assertion (A): A futures contract specifies in advance the exchange rate to be used, but it is not as flexible as a forward contract. Reason (R): A futures contract is for specific currency amount and a specific maturity date.

5. Any amount of money received in excess of Rs. 50,000 without consideration is fully taxable in the hands of ______?

6. Master budget is a ____?

7. Which of the following deductions will not come under Sec. 80 of the Income Tax Act?

8. Out of the following, which are the important objectives of IMF? (i) To promote exchange rate stability (ii) To create standby reserves (iii) To print International currency notes (iv) To establish a multilateral system of payments. (v) To maintain orderly exchange rate stability (vi) To create employment

9. ABC Ltd was incorporated with an authorised Share Capital of Rs. 1, 00,000 equity shares of Rs. 10 each. The Board of Directors of the company decided to allot 10,000 shares credited as fully paid to the promoters of the company for their services. Which account should be debited in the books of ABC Ltd.?

10. When a banking company is placed under moratorium under Section 45 of the Banking (Regulation) Act, 1949, the RBI must prepare a scheme of _____?

11. In a reconstruction scheme, the reduction of capital may take the form of ____?

12. Insurance expenses paid to bring an equipment from the place of purchase to the place of installation is a type of _____?

13. Possible impact of WTO on various aspects of the Indian economy: (i) Quantitative restriction will be allowed. (ii) Second hand cars will be imported. (iii) There will be dumping of Chinese goods. (iv) Increase in population. (v) Child labour exploitation (vi) Unemployment will increase Which combination is appropriate?

14. The main features of TRIMS are: (i) All restrictions on foreign capital are imposed. (ii) No restriction is imposed on any area of investment. (iii) Restrictions on repatriation of dividend is eliminated. (iv) Imports of raw material is allowed freely. (v) No limit on the extent of foreign investment. Indicate the correct combination

15. Assertion (A): Economic integration abolishes cross-national economic discrimination. Reason (R): Geographical proximity is an important reason for economic integration.

16. Direct supervision over depositories and mutual funds is undertaken by ___?

17. Assertion (A): TRIPS requires an understanding about the scope of the new patent regime. Reason (R): Patent protection will be extended to micro organisms, non-biological and micro-biological processes and plant varieties.

18. While determining the normal rate of return for the valuation of shares in Market Value Method, which of the following should be taken into consideration?

19. X purchased a land in the P.Y. 1997- 98 for Rs. 50,000. This land was sold by him during the P.Y. 2009-10 for Rs. 8,00,000. The fair market value of this land on 1-4-81 was Rs. 1,20,000. If the Cost Inflation Index for the A.Y. 2010-11 is 632, his capital gain for the A.Y. 2010-11 will be

20. Given that: Fair rent of a let out house property is Rs. 75,000. Its Municipal value is Rs. 60,000, standard rent is Rs. 72,000 and actual rent received is Rs. 63,000. What is the Gross Annual Value of this house property?