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Objective Questions

Latest MP SET Commerce Exam Question (Objective Questions), MCQ in English

Subjects : Commerce

Question Bank MP SET Commerce Exam - English
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Commerce

Question 1Single Answer
For the following statements of Assertions (A) and Reasoning (R) indicate the correct code from the alternatives given:Assertion (A): Liberalization means corporatization of departmental undertakings and public undertakings.Reasoning (R): Freedom to public sector undertakings to access capital market.
 Codes: 
  1. A
    Both (A) and (R) are true and (R) is correct explanation of (A).
  2. B
    Both (A) and (R) are true and (R) is not correct explanation of (A).
  3. C
    (A) is true but (R) is false.
  4. D
    (A) is false but (R) is true.
Question 2Single Answer
Match the items of List-I with List-II and indicate the correct code:
         List-I                                             List-II
(a)Fiscal Policy                         (i) Mitigation of National hazards
(b)Technology Policy                 (ii) Balance of Payments
(c)Macro-Economic Policy        (iii) Fiscal Federalism
(d)Monetary Policy                     (iv) Inflation
Codes:
  1. A
    (a)  (b)    (c)  (d)
    (i)   (ii)   (iii)  (iv)
  2. B
    (iii)   (i)  (ii)  (iv)
  3. C
    (iv)  (iii) (i) (ii)
  4. D
    (ii) (i)  (iv )(iii)
Question 3Single Answer
Which of the following factor is not directly responsible for slowing down the growth of infrastructure?
  1. A
    High level of perceived political risk.
  2. B
    High level of sunk cost.
  3. C
    High probability of time and cost over-run. 
  4. D
    Introduction of competition in all sectors.
Question 4Single Answer
Out of the following which is not a major component of Gross Domestic Product (GDP)?
  1. A
    Personal Consumption Expenditure
  2. B
    Gross Private Domestic Investment
  3. C
    Net Personal Income
  4. D
    Net Exports
Question 5Single Answer
Which of the following is not a forum of Consumer Dispute Redressal System?
  1. A
    Local forum
  2. B
    Distirct forum
  3. C
    State forum (State Commission)
  4. D
    National Commission
Question 6Single Answer
Who is Father of Scientific Management ?
  1. A
    Henry Fayol
  2. B
    Elton Mayo
  3. C
    Chester Bernard
  4. D
    F. W. Taylor
Question 7Single Answer
Appointment of a Company Secretary is made by –
  1. A
    Promoters
  2. B
    Board of Directors
  3. C
    Debenture holders
  4. D
    Government
Question 8Single Answer
Bonus Shares are issued to –
  1. A
    Equity Shareholders
  2. B
    Preference Shareholders
  3. C
    Debenture Holders
  4. D
    Secured Creditors
Question 9Single Answer
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
  1. A
    Subrogation
  2. B
    Utmost good faith
  3. C
    Contribution
  4. D
    Average clause
Question 10Single Answer
Rs. 10,000 spent on the replacement of worn out parts of an electronic machinery is treated as –
  1. A
    Capital expenditure
  2. B
    Revenue expenditure
  3. C
    Deferred revenue expenditure
  4. D
    Capital loss
Question 11Single Answer
By Which  Act, the government checks restrictive trade practices ?
  1. A
    FEMA – 1999 
  2. B
    Consumer Protection  Act, 1986
  3. C
    Industrial  Policy  Act, 1991
  4. D
    none of the above
Question 12Single Answer
In which year the new Industrial policy was announced ?
  1. A
    1997 
  2. B
    1951
  3. C
    1991 
  4. D
    1998   
Question 13Single Answer
The Narasimham Committee made separate recommendations for the reforms Of ……..
  1. A
    Manufacturing sector      
  2. B
    Banking sector
  3. C
    Agriculture sector 
  4. D
    Insurance Sector 
Question 14Single Answer
Match  the  following :
Books                           Authors
 (a)India  and  Economic          (i)  Bhagwatij
        Reforms
 (b)  Development  Planning      (ii)  Chakravarty. S.
      The  Indian  Experience
 (c)  India : Economic                (iii)  Drenz, and  Amartyasen
Development  and 
      Social  Opportunity
 (d)  Fiscal  policy  of  Underd-    (iv)   Chelliah, RJ.
Eveloped   Countries
Codes :
  1. A
    (a)        (b)           (c)            (d)
    (i)         (ii)            (iii)           (iv)
  2. B
    (ii)        (iii)           (iv)            (i)
  3. C
    (iii)       (iv)           (ii)             (i
  4. D
    (i)        (iv)           (iii)            (ii)              
Question 15Single Answer
which    of  the  following   accounting   equations   is  not   correct ?
  1. A
    Assets   Liabilities  =  Equity
  2. B
    Assets    Equity   =  Liabilities
  3. C
    Assets  +  Liabilities  =  Equity
  4. D
    Liabilities  +  Equity   =  Assets 
Question 16Single Answer
GDP at factor cost is : 
  1. A
    p (Q) + p (S)
  2. B
    GDP – IT – S
  3. C
    GDP + DT  + S
  4. D
    GDP – DT + S                                           
Question 17Single Answer
which one is not the main objective of fiscal policy India ?
  1. A
    To increase liquidity in the economy.
  2. B
    To promote price stability.
  3. C
    To minimize the inequalities of income and wealth.
  4. D
    To promote employment opportunities  
Question 18Single Answer
which one is not an element of internal environment ?
  1. A
    Marketing Capability
  2. B
    Operational Capability
  3. C
    Money and Capital market
  4. D
    Personnel  Capability 
Question 19Single Answer
Out  of  the  following,  Which  four  benefits  are  available  to  host   countries  from 
     MNCs ?
(i)  Transfer   of  technology
(ii)  Learning  of   business  mannerism
(iii)  Strategic  information  sharing
(iv)  Creation  of  jobs
(v)  Entertainment
(vi) Better  utilization  of  resources
(vii)  Enhancing  Social  Contacts
(viii)  Improved  competition  in  local  economy
  1. A
    (i)  (iii)  (v)  (vii)
  2. B
    (ii)  (iv)  (vi)  (viii)
  3. C
    (i)  (vi)  (vi)  (viii)   
  4. D
    (iii)  (vi)  (vii)  (viii)                                    
Question 20Single Answer
Environmental  degradation  does  not  consist  of :
  1. A
    Land  degradation  and  soil  erosion
  2. B
    Problem  of  overgrazing  and  ecological  degradation
  3. C
    Floods
  4. D
    None  of   the  above
Question 21Single Answer
Who is the fiscal agent and advisor to government  in monetary and finan-Cial matters?
  1. A
    NABARD
  2. B
    SBI
  3. C
    RBI
  4. D
    None
Question 22Single Answer
Match the items of list –I with the items of list –II :
List –I                                                  List – II 
(a) National Manufacturing             (i)  Industrial Licensing policy
Competitiveness Council
(b)  National Investment                (ii) Eleventh Five Year plan
     Fund (NIP)
(c)  The  Industries (Devel-          (iii) The Competition Act, 2002
     Opment and Regulation)
    Act(IDRA), 1951
(d)  Increase in Employment          (iv) Public Sector Undertakings
Codes :
  1. A
    (a)        (b)          (c)        (d)
    (iv)         (i)         (ii)         (iii)
  2. B
    (iii)        (iv)         (i)          (ii)
  3. C
    (i)         (ii)            (iii)       (iv)
  4. D
    (iv)        (iii)           (ii)        (i)                                                                 
Question 23Single Answer
Kyoto protocol pertains to : 
  1. A
    Capital formulation  
  2. B
    Globalization
  3. C
    Environment protection
  4. D
    Unemployment reduction  
Question 24Single Answer
Uruguay  Round   pertains   to 
  1. A
    WTO 
  2. B
    IMF
  3. C
    GATT 
  4. D
    World  Bank 
Question 25Single Answer
which   of   the  following   are  outside   the  scope   of   the  Consumer   Protect-Ion  Act, 1986 ?
  1. A
    Newspaper   industry
  2. B
    Services  provided   under   contract   of   personal   service
  3. C
    Banking  industry
  4. D
    Both (A)  and  (B)   
Question 26Single Answer
Match  the   items  of   List –I   with  List –II :
List –I                     List – II 
(a) Industries  Development  Regulation      (i)  1947
          Act
(b)  Import  and  Export  Control  Act             (ii)  1948
(c)  foreign  Exchange  Management  Act     (iii)  1951
(d)  Factories  Act                                           (iv)  1999
Identify  the  correct   combination :
Codes :
  1. A
    (a)       (b)       (c)        (d)
    (i)       (iii)        (iv)       (ii)
  2. B
    (iii)       (i)          (ii)        (iv)
  3. C
    (iii)        (i)          (iv)       (ii)
  4. D
    (iii)       (iv)        (ii)         (i)         
Question 27Single Answer
Which  among   the  following  is   not  a  correct  sequential  combination ?
  1. A
    Macro  Environment ➝ Economic  Environment ➝  National  Income ➝  pattern  of Income  Distribution
  2. B
    Business  Environment ➝  Internal  Environment ➝  Business  Ethics  ➝  payment Of   Fair  Wages
  3. C
    Business  Environment ➝  External  Environment ➝ Micro  Environment ➝ Suppli-Ers
  4. D
    Micro  Environment ➝External  Environment ➝ Customers  ➝ Prospects  of Business  Development
Question 28Single Answer
Statement – I :The  industrial  policy  of  the  government  of  India  is  aimed  at  Increasing  the  tempo  of  industrial  development.
Statement – II :After  the  New  Industrial  policy – 1991,  the  balance  of   Trade For  India  has  always  been  positive.
Codes :
  1. A
    Statement  (I) is  correct,  but  (II)  is  incorrect
  2. B
    Statement  (II) is  correct,  but  (I)  is  incorrect
  3. C
    Both  Statement  (I)  and  (II)  are  correct
  4. D
     Both  Statement  (I)  and  (II)  are in correct
Question 29Single Answer
Current  Ratio 2.5,  Liquid  Ratio  1.5  and  Working  Capital  : 60000.  What  is  Current  assets ? 
  1. A
    RS 60000  
  2. B
    RS  80,000  
  3. C
    RS 1,00,000 
  4. D
    RS 1,20,000 
Question 30Single Answer
X,Y,Z  are  sharing   profits  in  the   ratio  of  6 : 5 : 3  A  is  admitted    into  partner-Ship  for  1/8th   share.  The  sacrificing   ratio  of  X , Y, and  Z  is :
  1. A
    Equal  
  2. B
    6 : 5 : 3
  3. C
    5/14, 4/14, 5/14 
  4. D
    4 : 5: 5
Question 31Single Answer
Environmental  degeneration  does  not  consist   of  :
  1. A
    Land  degeneration  and  soil  erosion 
  2. B
    Problem  of  over  grazing  and  ecological  degeneration
  3. C
    Floods
  4. D
    None  of   the  above  
Question 32Single Answer
Which  of  the  following   is   not   the   main  objective  of  “  Fiscal  Policy  of  India” 
  1. A
    To  increase  liquidity  in  economy
  2. B
    To  promote  price  stability
  3. C
    To  minimize  the  in – equality  in  income  and  wealth
  4. D
     To  promote  employment  opportunities     
Question 33Single Answer
Liberalization  means :  
  1. A
    Reducing  number  of  reserved  industries  from  17  to  8
  2. B
    Liberating  the  industry,  trade  and  economy  from  unwanted  restriction
  3. C
    Opening  up  economy   to  the  world  by   attaining  international  competitivenes 
  4. D
    Free  determination  of   interest rate     
Question 34Single Answer
Assertion  (A)  :  Industrialization  of  an  economy  is  considered   synonymous With  growth
Reasoning (R)  :The  transfer  of   resources   from  agrarian  to  industrial  may  be Capital  or  lab our  or  both.
Codes  : 
  1. A
    Both  (A )  and  ( R ) are  true  and  ( R )  is  correct  explanation  of  ( A).
  2. B
    Both  (A )  and  ( R ) are  true  but  ( R ) is  not  the  correct  explanation  of  ( A).
  3. C
    (A) is  true  but  (R) is  false.
  4. D
    (A) is  false  but  (R) is  true .         
Question 35Single Answer
Globalization is the term used to describe process of removal of  restriction On Which one of the following  ?
  1. A
    Foreign trade 
  2. B
    Investment
  3. C
    Both  (a)  and  (b)   
  4. D
    None of  the above 
Question 36Single Answer
Interest   on   loan  taken  for  the   purchase  of   fixed   assets  is  a :
  1. A
    Revenue   Expenditure 
  2. B
    Capital Expenditure
  3. C
    Deferred   Revenue   Expenditure  
  4. D
    Capital  loss  
Question 37Single Answer
DualAspect  Concept   results  in  the  following   accounting   equation : 
  1. A
    Revenue =  Expenses
  2. B
    Capital +  Profits  = Assets  + Expenses
  3. C
    Capital  +  Liabilities  =  Assets
  4. D
    capital  +  drawing  =  owner ‘s  Equity
Question 38Single Answer
Match  the   items  in  Column – 1  with  the  items  in  Column – 2 :
    Column – 1                                Column – 2
 (a)  Materiality  concept        (i) The  same  accounting  method  used  by  a 
                                                                   Firm   from  one  period  to   another
 (b)  going  Concern  Concept   (ii)  An  inappropriate   assumption  of   a  firm  
                                                                   Being   bankrupt
 (c)  Historical  Cost  concept     (iii)  A  normal   basis  used  for   accounting 
                                                                    Assets.
 (d)  Consistency  concept        (iv)  relates  to  the  importance  of  an  item  or 
                                                                   Event
Codes :   
  1. A
    (a)          (b)      (c)      (d)
     (iv)      (ii)      (iii)       (i)
  2. B
    (i)       (ii)       (iii)       (iv)
  3. C
     (ii)       (iii)     (iv)       (i)
  4. D
    (iv)     (ii)      (i)         (iii) 
Question 39Single Answer
X’   ltd.  Has  a   liquid   ratio   of   2  : 1  if   its   stock   is  :  40,000  and  its  current  Liabilities   are  of   :  1  Lac,  its  ratio  will  be : 
  1. A
    1.4  times   
  2. B
    2.4  times
  3. C
    1.2  times  
  4. D
    3.4  times 
Question 40Single Answer
Comparison   of    the   current   year   with   the  financial  statements   of  the Current  year  with  the   performance   of  previous   years  of   the  same  firm’ , is Know  as :
  1. A
    Trend  Analysis   
  2. B
    Horizontal  Analysis
  3. C
    Intra – firm   comparison 
  4. D
    All  of   the   above 
Question 41Single Answer
Which of the following denote the structural changes in Indian economy ? 
  1. A
    Primary sector contribution has gone down.
  2. B
    Service sector contribution has gone up
  3. C
    Secondary sector has not changed much
  4. D
    All of the   
Question 42Single Answer
Broad Money has to be sensitized through : 
  1. A
    CRR
  2. B
    SLR
  3. C
    Repo  Rate 
  4. D
    All  of   these                                                                   
Question 43Single Answer
Which  one  is  not  an  element  of  legal  environment ?
  1. A
    Act   of   Parliamentarians  in  Lok  Sabah
  2. B
    Indian  Contract  Act, 1872 
  3. C
    Indian  Partnership  Act, 1932
  4. D
    \Negotiable  instruments  Act,  1881                                                              
Question 44Single Answer
Out of the following Which are foure 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
Codes :
  1. A
    (i),(ii), (vi) and (viii) 
  2. B
    (i),(ii), (iv) and  (vii)  
  3. C
    (ii), (iii), (vi)and (vii)   
  4. D
    (iii),  (v),  (vii) and  (viii)
Question 45Single Answer
Public  Enterprise  is  defined   as : 
  1. A
    An  organization   run  by   joint   efforts   of  Centre  and  State  Goverments.
  2. B
    An  organization   which  caters   to  the  needs  relating  to  public  utilites.
  3. C
    An  organization   in  which  capital  is   invested  by  public.
  4. D
    An  organization  owned  and   managed   by  public  authorities  for   definite  set  Of   public   purposes. 
Question 46Single Answer
Match  list –I  with  list –II   and  select  the  correct   Answer .
List –I                                                      List – II 
 (i)  Measurement  of  in           (a)  Accrues  to  the  equity  of   owners come
(ii)  Recognition  of   expen     (b)  Recognition  of   revenuese        
(iii)  Basis  of   realiza-             (c)  Mathching  revenue  with  expensesation
 (iv)  Identification  of  rev        (d)  Accounting  periodenue
Codes : 
  1. A
    (i)         (ii)       (iii)          (iv)
    (a)        (b)       (c)          (d)         
  2. B
    (b)       (a)       (c)          (d)    
  3. C
    (c)       (d)       (a)          (b)   
  4. D
    (c)       (d)       (b)          (a)  
Question 47Single Answer
Consider  the  following  items :
(i)  Debentures                 (ii)  Prepaid   rent
(iii) Interest  accrued (iv)  Bank  overdraft
Which  of  them  are  current  liabilities ?
  1. A
    (i), (ii), (iii)  and  (iv)
  2. B
    (iv)
  3. C
    (ii), (iii)  and  (iv) 
  4. D
    (i), (ii), and  (iii) 
Question 48Single Answer
Conversion  cost  is  the  sum  of :
  1. A
    Indirect  wages  and  factory   overhead
  2. B
    Direct  wages, direct  expenses   and  factory   overhead
  3. C
    Direct  material  cost  and  indirect   wages
  4. D
    Prime  cost  and  selling  &  distribution   overhead
Question 49Single Answer
Assertion (A) :Premium  received  on  issue  of   shares  is  credited  to   sharesPremium  account  but  not  to  profit  and   Loss  account.
Reason (R) :Since  share  premium  is  not  a  trading  profit,  It  is  not  distributed To  shares  holders. 
  1. A
    Both  (A)  and  (R)  are  true  but  (R) is  not  correct   explanation  to  (A).
  2. B
    (A) is  false  but  (R) is  correct.
  3. C
     Both  (A)  and  (R)  are  true  and (R) is    correct   explanation  to  (A).
  4. D
    (A) is  correct but  (R) is  false.
Question 50Single Answer
Consider   the  following :
(i)  Basic   defensive  and  interval  ratio              (ii)   Current  ratio
(iii)  Super quick  ratio                                            (iv)  Quick  ratio
Arrange  these  ratios  in  sequence  to   reflect  the  liquidity  in  descending   order.
  1. A
    (ii), (iv), (iii)  and  (i)
  2. B
    (i), (ii), (iv)  and  (iii) 
  3. C
    (iv), (ii), (iii)  and  (i) 
  4. D
    (iii), (iv), (i)  and  (ii)    
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