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

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

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

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

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

2. 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. 10,000

b.Rs. 15,000

c.Without any limit

d.Rs. 20,000

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

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

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

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

d.(iv)

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

a.0.06

b.0.12

c.0.15

d.0.18

5. Which one is not international institution?

a.IMF

b.TRAI

c.IDA

d.IBRD

6. Public Enterprise is defined as ______?

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

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

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

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

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

a.Indian Partnership Act, 1932

b.Negotiable Instruments Act, 1881

c.Act of Parliamentarians in Lok Sabha

d.Indian Contract Act, 1872

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

a.Bank Deposits

b.Post Office Certificates and Deposits

c.Deposits with Companies

d.Corporate Securities

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

a.Partnership firm

b.Association of persons

c.Certain companies

d.All types of companies

10. Broad Money has to be sensitized through:

a.CRR

b.SLR

c.All of the above

d.Repo Rate

11. 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 true.

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

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

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

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

a.Investor Protection.

b.Improving the earnings of equity holders.

c.Ensuring Fair practices by companies.

d.Promotion of efficient services by brokers.

13. Which one of the statements is not true?

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

b.Institutional infrastructure facilitates market intelligence.

c.IIPO organizes trade fairs and exhibitions.

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

14. SDRs are popularly known as?

a.Currency Notes

b.Paper Gold

c.Gold Coin

d.Silver Coin

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

a.Primary sector contribution has gone down.

b.Secondary sector has not changed much.

c.Service sector contribution has gone up.

d.All of the above

16. Conversion cost is the sum of _____?

a.Prime cost and selling & distribution overhead

b.Direct wages, direct expenses and factory overhead

c.Direct material cost and indirect wages

d.Indirect wages and factory overhead

17. 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 correct.

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

18. Which one is not Finance Company?

a.IRDA

b.Hire-Purchase Finance Company

c.Loan Companies

d.Mutual Benefit Finance Companies

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

a.Exempted Income

b.Revenue Gain

c.Taxable Income

d.Capital Gain

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

a.Prime Minister’s National Relief Fund.

b.Chief Minister Relief Fund.

c.National Foundation for communal Harmony.

d.Jawahar Lal Nehru Memorial Fund.

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

Submit a Comment Cancel reply

General

CBSE School Lessons

Popular Pages