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

1. 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

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

a.Taxable Income

b.Exempted Income

c.Capital Gain

d.Revenue Gain

3. 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 false, but (R) is true.

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

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

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

4. Which one is not international institution?

a.IBRD

b.IDA

c.IMF

d.TRAI

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

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

b.(iv)

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

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

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

a.Deposits with Companies

b.Corporate Securities

c.Post Office Certificates and Deposits

d.Bank Deposits

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

a.National Foundation for communal Harmony.

b.Prime Minister’s National Relief Fund.

c.Jawahar Lal Nehru Memorial Fund.

d.Chief Minister Relief Fund.

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

a.Indian Contract Act, 1872

b.Negotiable Instruments Act, 1881

c.Act of Parliamentarians in Lok Sabha

d.Indian Partnership Act, 1932

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

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

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

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

10. 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.Improving the earnings of equity holders.

d.Investor Protection.

11. 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.All of the above

d.Service sector contribution has gone up.

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

a.0.15

b.0.18

c.0.12

d.0.06

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. Which one of the statements is not true?

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

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

c.Institutional infrastructure facilitates market intelligence.

d.IIPO organizes trade fairs and exhibitions.

15. Public Enterprise is defined as ______?

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

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

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

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

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

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

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

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

17. Which one is not Finance Company?

a.IRDA

b.Hire-Purchase Finance Company

c.Mutual Benefit Finance Companies

d.Loan Companies

18. Broad Money has to be sensitized through:

a.Repo Rate

b.All of the above

c.CRR

d.SLR

19. SDRs are popularly known as?

a.Paper Gold

b.Silver Coin

c.Gold Coin

d.Currency Notes

20. Conversion cost is the sum of _____?

a.Direct material cost and indirect wages

b.Prime cost and selling & distribution overhead

c.Direct wages, direct expenses and factory overhead

d.Indirect wages and factory overhead

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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