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

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

a.0.18

b.0.06

c.0.15

d.0.12

2. 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.Capital Gain

d.Taxable Income

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

a.Improving the earnings of equity holders.

b.Promotion of efficient services by brokers.

c.Ensuring Fair practices by companies.

d.Investor Protection.

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

a.Certain companies

b.Partnership firm

c.Association of persons

d.All types of companies

5. 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.

6. 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.Chief Minister Relief Fund.

c.Prime Minister’s National Relief Fund.

d.Jawahar Lal Nehru Memorial Fund.

7. Conversion cost is the sum of _____?

a.Direct wages, direct expenses and factory overhead

b.Direct material cost and indirect wages

c.Indirect wages and factory overhead

d.Prime cost and selling & distribution overhead

8. 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 correct.

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

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

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

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

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

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

10. 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. 15,000

b.Rs. 10,000

c.Rs. 20,000

d.Without any limit

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

a.Post Office Certificates and Deposits

b.Corporate Securities

c.Deposits with Companies

d.Bank Deposits

12. Which one is not international institution?

a.IDA

b.IMF

c.TRAI

d.IBRD

13. Broad Money has to be sensitized through:

a.All of the above

b.SLR

c.Repo Rate

d.CRR

14. Public Enterprise is defined as ______?

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

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 run by joint efforts of Centre and State Governments.

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

d.(iv)

16. Which one is not Finance Company?

a.IRDA

b.Hire-Purchase Finance Company

c.Mutual Benefit Finance Companies

d.Loan Companies

17. SDRs are popularly known as?

a.Paper Gold

b.Silver Coin

c.Currency Notes

d.Gold Coin

18. 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

19. 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 true.

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

20. 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.

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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