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Latest Railway PGT Teacher Commerce Exam Question (Objective Questions), MCQ in English

Subjects : Commerce, General Awareness, General Intelligence and Reasoning, General Science, Mathematics

Question Bank Railway PGT Teacher (Commerce) Exam - English
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Commerce

Question 1Single 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 2Single 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 3Single Answer
Bonus Shares are issued to –
  1. A
    Equity Shareholders
  2. B
    Preference Shareholders
  3. C
    Debenture Holders
  4. D
    Secured Creditors
Question 4Single 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 5Single 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 6Single Answer
Which is the most potent driver of business transformation during Covid-19 pandemic ?
  1. A
    Ethical consciousness
  2. B
    Scale economies and pricing power
  3. C
    Technology adoption and innovation
  4. D
    Supply chain logistics and government interventions
Question 7Single Answer
Counter Vailing Duties (CVD) are often imposed on imports to off set the impact of :
  1. A
    Predatory pricing
  2. B
    Export subsidies
  3. C
    Dumping
  4. D
    Low cost financing
Question 8Single Answer
To prevent opportunistic takeover of domestic firms amid Covid-19 pandemic. Foreign Direct Investment (FDI) from countries that share borders with India is allowed through :
  1. A
    Automatic route
  2. B
    Government route
  3. C
    FIPB route
  4. D
    DPIIT route
Question 9Single Answer
Factor conditions in Michael Porter’s competitive advantage National Include :
  1. A
    Market size
  2. B
    Demand conditions
  3. C
    Internationally competitive suppliers
  4. D
    Skilled labour and scientific knowledge
Question 10Single Answer
In case the purchasing company agrees to act as the agent of the vendor for collection of the book debts, in the books of the purchasing company, the amount of debtors should be credited to :
  1. A
    Vendor’s debtors account
  2. B
    Vendor’s suspense account
  3. C
    Debtors account
  4. D
    Creditors account
Question 11Single Answer
An efficient control system helps to
  1. A
    Accomplish organisational objectives
  2. B
    Boost employee morale
  3. C
    Judge accuracy of standards
  4. D
    All of the above
Question 12Single Answer
Controlling function of an organisation is
  1. A
    Forward-looking
  2. B
    Backward-looking
  3. C
    Forward as well as backward-looking
  4. D
    None of the above
Question 13Single Answer
Management audit is a technique to keep a check on the performance of
  1. A
    Company
  2. B
    Management of the company
  3. C
    Shareholders
  4. D
    Customers
Question 14Single Answer
Budgetary control requires the preparation of
  1. A
    Training schedule
  2. B
    Budgets
  3. C
    Network diagram
  4. D
    Responsibility centres
Question 15Single Answer
Which of the following is not applicable to responsibility accounting ?
  1. A
    Investment centre
  2. B
    Accounting centre
  3. C
    Profit centre
  4. D
    Cost centre
Question 16Single Answer
Which of the following is related to microeconomics ?
  1. A
    Inflation in the economy
  2. B
    Problem of unemployment
  3. C
    National Income
  4. D
    Income from the railways
Question 17Single Answer
The study of microeconomics and macro economics is.
  1. A
    Independent of each other
  2. B
    Interrelated to each other
  3. C
    Both (a) and (b)
  4. D
    None of these
Question 18Single Answer
Who is the father of economics ?
  1. A
    Karl Marx            
  2. B
    J.M. Keynes
  3. C
    Adam Smith               
  4. D
    Alfred Marshall
Question 19Single Answer
In economics, scarcity refers to a situation when.
  1. A
    Demand for goods exceeds its supply
  2. B
    Supply of goods exceeds its demand
  3. C
    Supply of goods is equal to its demand
  4. D
    Both (a) and (b)
Question 20Single Answer
...... economics states 'what is’ and not 'what should be.
  1. A
    Positive
  2. B
    Normative
  3. C
    Modern
  4. D
    None of these
Question 21Single Answer
The primary function of money is:
  1. A
    Medium of exchange
  2. B
    Store of value
  3. C
    Unit of account
  4. D
    All of the above
Question 22Single Answer
Which of the following is NOT a characteristic of money?
  1. A
    Durability
  2. B
    Portability
  3. C
    Divisibility
  4. D
    Flexibility
Question 23Single Answer
The value of money is primarily determined by:
  1. A
    The government issuing the money
  2. B
    The quantity of money in circulation
  3. C
    The faith and confidence of the people in the money
  4. D
    The cost of producing money
Question 24Single Answer
Which of the following is an example of commodity money?
  1. A
    Paper currency
  2. B
    Gold coins
  3. C
    Fiat money
  4. D
    Banknotes
Question 25Single Answer
Which type of money has value based on government decree, not intrinsic value?
  1. A
    Commodity money
  2. B
    Fiat money
  3. C
    Token money
  4. D
    Bank money
Question 26Single Answer
What is the primary purpose of accounting?
  1. A
    To calculate profits
  2. B
    To record financial transactions
  3. C
    To prepare financial statements
  4. D
    To calculate taxes
Question 27Single Answer
Which of the following is NOT a branch of accounting?
  1. A
    Financial accounting
  2. B
    Cost accounting
  3. C
    Management accounting
  4. D
    Taxation accounting
Question 28Single Answer
Which of the following is an international accounting standard-setting body?
  1. A
    IASC
  2. B
    ICAI
  3. C
    IASB
  4. D
    SEBI
Question 29Single Answer
What is the full form of IAS in accounting?
  1. A
    International Accounting Standards
  2. B
    Internal Accounting Standards
  3. C
    International Audit Standards
  4. D
    Indian Accounting Standards
Question 30Single Answer
What is the main difference between financial accounting and management accounting?
  1. A
    Management accounting deals with internal reporting, while financial accounting deals with external reporting.
  2. B
    Financial accounting is more detailed than management accounting.
  3. C
    Management accounting is based on auditing principles.
  4. D
    Financial accounting focuses on cost control.
Question 31Single Answer
What is the primary objective of statistics?
  1. A
    To present data in graphical form
  2. B
    To summarize and analyze data for decision-making
  3. C
    To calculate probability
  4. D
    To collect raw data
Question 32Single Answer
Which of the following is NOT a characteristic of statistics?
  1. A
    Collection of data
  2. B
    Analysis of data
  3. C
    Unbiased interpretation of data
  4. D
    Only theoretical application
Question 33Single Answer
The Law of Statistical Regularity suggests that:
  1. A
    Data from large populations are always accurate
  2. B
    A small sample will always be accurate
  3. C
    The distribution of the sample data will reflect the population data under certain conditions
  4. D
    Only the median of a data set can be used for analysis
Question 34Single Answer
Which of the following is a limitation of statistics?
  1. A
    It is universally applicable to all fields
  2. B
    It cannot provide conclusive answers without data
  3. C
    It guarantees accurate predictions in every case
  4. D
    It can solve non-measurable problems
Question 35Single Answer
In the context of sampling, which is the best description of "probability sampling"?
  1. A
    Random selection of a few observations
  2. B
    Each unit of the population has an equal chance of being selected
  3. C
    Selection based on expert opinions
  4. D
    Units are selected based on geographical location
Question 36Single Answer
Which of the following is NOT an essential element of a valid contract under the Indian Contract Act, 1872?
  1. A
    Offer
  2. B
    Acceptance
  3. C
    Registration
  4. D
    Consideration
Question 37Single Answer
According to Section 2(h) of the Indian Contract Act, 1872, a contract is an agreement enforceable by law. What is the term used for an agreement not enforceable by law?
  1. A
    Void Agreement
  2. B
    Voidable Contract
  3. C
    Bilateral Contract
  4. D
    Executed Contract
Question 38Single Answer
A contract is formed when the offer is accepted. What term is used to describe the acceptance of an offer?
  1. A
    Consideration
  2. B
    Promise
  3. C
    Proposal
  4. D
    Consent
Question 39Single Answer
In which of the following cases does an agreement become a contract?
  1. A
    When it is made with a promise
  2. B
    When both parties are legally competent
  3. C
    When the offer and acceptance meet the criteria prescribed by law
  4. D
    All of the above
Question 40Single Answer
Under Indian Contract Law, the term "Consideration" refers to:
  1. A
    A gift
  2. B
    A past voluntary act
  3. C
    A lawful act performed in exchange for a promise
  4. D
    A moral obligation
Question 41Single Answer
Which of the following is defined as "Income" under Income Tax Act?
  1. A
    Any amount received by an individual
  2. B
    Income from any source derived during the year
  3. C
    Only salary income
  4. D
    Only agricultural income
Question 42Single Answer
Which of the following is considered as Agricultural Income?
  1. A
    Income from a dairy farm
  2. B
    Rent from agricultural land
  3. C
    Income from sale of seeds
  4. D
    Income from the sale of machinery used for agriculture
Question 43Single Answer
What is the meaning of "Assessment Year"?
  1. A
    Year in which income is earned
  2. B
    Year following the financial year in which income is assessed
  3. C
    Year in which taxes are calculated
  4. D
    Year when the tax is paid
Question 44Single Answer
Which of the following is included in Gross Total Income?
  1. A
    Only salary income
  2. B
    Income from salary, house property, business, etc.
  3. C
    Agricultural income only
  4. D
    Income from casual transactions
Question 45Single Answer
Which of the following is a deduction from Gross Total Income?
  1. A
    Income from casual income
  2. B
    Premium on health insurance
  3. C
    Income from agricultural operations
  4. D
    Rent received for property
Question 46Single Answer
What is the primary objective of an audit?
  1. A
    To detect and prevent fraud.
  2. B
    To ensure that financial statements are free from error.
  3. C
    To express an opinion on the fairness of financial statements.
  4. D
    To provide tax advice to the client.
Question 47Single Answer
Who are the primary users of audited financial statements?
  1. A
    Shareholders
  2. B
    Creditors
  3. C
    Investors
  4. D
    All of the above
Question 48Single Answer
What are the three main types of audit opinions?
  1. A
    Unqualified, qualified, disclaimer of opinion
  2. B
    Favorable, unfavorable, no opinion
  3. C
    Clean, qualified, adverse
  4. D
    Positive, negative, neutral
Question 49Single Answer
What does an unqualified audit opinion mean?
  1. A
    The financial statements are free from material misstatements.
  2. B
    The financial statements contain some material misstatements.
  3. C
    The auditor is unable to express an opinion on the financial statements.
  4. D
    The financial statements are materially misstated.
Question 50Single Answer
What does a qualified audit opinion mean?
  1. A
    The financial statements are free from material misstatements.
  2. B
    The financial statements contain some material misstatements.
  3. C
    The auditor is unable to express an opinion on the financial statements.
  4. D
    The financial statements are materially misstated.
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