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

1. 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.(iv)

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

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

a.Ensuring Fair practices by companies.

b.Promotion of efficient services by brokers.

c.Investor Protection.

d.Improving the earnings of equity holders.

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

a.Revenue Gain

b.Capital Gain

c.Taxable Income

d.Exempted Income

4. Broad Money has to be sensitized through:

a.All of the above

b.CRR

c.SLR

d.Repo Rate

5. 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)

6. Which one is not Finance Company?

a.Loan Companies

b.Hire-Purchase Finance Company

c.IRDA

d.Mutual Benefit Finance Companies

7. Which one is not international institution?

a.TRAI

b.IDA

c.IMF

d.IBRD

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

a.All of the above

b.Secondary sector has not changed much.

c.Service sector contribution has gone up.

d.Primary sector contribution has gone down.

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

a.Indian Partnership Act, 1932

b.Indian Contract Act, 1872

c.Act of Parliamentarians in Lok Sabha

d.Negotiable Instruments Act, 1881

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

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

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

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

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

a.Deposits with Companies

b.Corporate Securities

c.Bank Deposits

d.Post Office Certificates and Deposits

12. SDRs are popularly known as?

a.Currency Notes

b.Silver Coin

c.Gold Coin

d.Paper Gold

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

a.Association of persons

b.Certain companies

c.All types of companies

d.Partnership firm

14. Conversion cost is the sum of _____?

a.Prime cost and selling & distribution overhead

b.Direct material cost and indirect wages

c.Direct wages, direct expenses and factory overhead

d.Indirect wages and factory overhead

15. Public Enterprise is defined as ______?

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

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

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

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

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

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

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

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

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

a.Chief Minister Relief Fund.

b.National Foundation for communal Harmony.

c.Jawahar Lal Nehru Memorial Fund.

d.Prime Minister’s National Relief Fund.

18. 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.IIPO organizes trade fairs and exhibitions.

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

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

a.0.06

b.0.15

c.0.18

d.0.12

20. 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.Without any limit

b.Rs. 20,000

c.Rs. 15,000

d.Rs. 10,000

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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