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

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

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

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

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 not Finance Company?

a.Mutual Benefit Finance Companies

b.IRDA

c.Hire-Purchase Finance Company

d.Loan Companies

4. Which one is not international institution?

a.IMF

b.TRAI

c.IBRD

d.IDA

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

a.Deposits with Companies

b.Bank Deposits

c.Post Office Certificates and Deposits

d.Corporate Securities

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

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

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

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

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

a.Investor Protection.

b.Ensuring Fair practices by companies.

c.Improving the earnings of equity holders.

d.Promotion of efficient services by brokers.

8. Conversion cost is the sum of _____?

a.Direct material cost and indirect wages

b.Direct wages, direct expenses and factory overhead

c.Indirect wages and factory overhead

d.Prime cost and selling & distribution overhead

9. 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 owned and managed by public authorities for definite set of public purposes.

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

10. Which one of the statements is not true?

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

b.IIPO organizes trade fairs and exhibitions.

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

d.Institutional infrastructure facilitates market intelligence.

11. 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.Without any limit

c.Rs. 15,000

d.Rs. 20,000

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

a.Exempted Income

b.Capital Gain

c.Revenue Gain

d.Taxable Income

13. SDRs are popularly known as?

a.Silver Coin

b.Currency Notes

c.Gold Coin

d.Paper Gold

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

a.Act of Parliamentarians in Lok Sabha

b.Indian Contract Act, 1872

c.Negotiable Instruments Act, 1881

d.Indian Partnership Act, 1932

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

a.Certain companies

b.Association of persons

c.All types of companies

d.Partnership firm

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

a.0.18

b.0.15

c.0.06

d.0.12

17. Broad Money has to be sensitized through:

a.CRR

b.All of the above

c.SLR

d.Repo Rate

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

a.All of the above

b.Primary sector contribution has gone down.

c.Service sector contribution has gone up.

d.Secondary sector has not changed much.

19. 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.Prime Minister’s National Relief Fund.

c.Chief Minister Relief Fund.

d.National Foundation for communal Harmony.

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

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

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

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