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

1. 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.

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

a.Service sector contribution has gone up.

b.Secondary sector has not changed much.

c.Primary sector contribution has gone down.

d.All of the above

3. Which one of the statements is not true?

a.Institutional infrastructure facilitates market intelligence.

b.IIPO organizes trade fairs and exhibitions.

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

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

4. 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)

5. 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.Jawahar Lal Nehru Memorial Fund.

c.National Foundation for communal Harmony.

d.Prime Minister’s National Relief Fund.

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. Which one is not international institution?

a.TRAI

b.IBRD

c.IDA

d.IMF

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

a.Exempted Income

b.Taxable Income

c.Revenue Gain

d.Capital Gain

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

a.0.15

b.0.06

c.0.18

d.0.12

10. Broad Money has to be sensitized through:

a.SLR

b.All of the above

c.Repo Rate

d.CRR

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

a.Ensuring Fair practices by companies.

b.Improving the earnings of equity holders.

c.Investor Protection.

d.Promotion of efficient services by brokers.

12. 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. 20,000

c.Rs. 15,000

d.Without any limit

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

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

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

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

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

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

15. Conversion cost is the sum of _____?

a.Prime cost and selling & distribution overhead

b.Indirect wages and factory overhead

c.Direct wages, direct expenses and factory overhead

d.Direct material cost and indirect wages

16. SDRs are popularly known as?

a.Currency Notes

b.Gold Coin

c.Paper Gold

d.Silver Coin

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

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

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

a.Association of persons

b.All types of companies

c.Partnership firm

d.Certain companies

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

a.Indian Contract Act, 1872

b.Act of Parliamentarians in Lok Sabha

c.Negotiable Instruments Act, 1881

d.Indian Partnership Act, 1932

20. Which one is not Finance Company?

a.Mutual Benefit Finance Companies

b.Loan Companies

c.IRDA

d.Hire-Purchase Finance Company

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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