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Objective Questions

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

Subjects : Commerce

Question Bank SET Commerce Exam Paper II - 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
The first macro-environmental force that a business firm generally monitors is
  1. A
    Economic environment
  2. B
    Demographic environment
  3. C
    Technological environment
  4. D
    International, Political environment
Question 7Single Answer
Ram and Shyam are partners in a firm with capital of Rs. 4,80,000 and Rs. 3,10,000 respectively. They admitted Ganesh as a partner with share of profit. Ganesh brings Rs. 3,00,000 as his capital. Ganesh’s share of goodwill will be 
  1. A
    Rs. 1,10,000 
  2. B
    Rs. 27,000
  3. C
    Rs. 17,500      
  4. D
    Rs. 70,000
Question 8Single Answer
Which of the following is deferred revenue expenditure?
  1. A
    Legal expenses incurred on the purchase of land.
  2. B
    Expenses on a mega advertisement campaign while launching a new product.
  3. C
    Expenses incurred on installation of a new machine.
  4. D
    Wages paid for construction of an additional room in a building.
Question 9Single Answer
The amount of depreciation charged to Profit and Loss Account varies every year under:
  1. A
    Fixed installment method
  2. B
    Annuity Method
  3. C
    Diminishing method
  4. D
    Insurance policy method
Question 10Single Answer
Ordinal utility analysis of the consumer’s behavior is considered superior to the cardinal utility analysis mainly due to :
  1. A
    Assumption of the rationality of the consumer’s behavior.
  2. B
    Possibility of the derivation of the consumer's demand.
  3. C
    Bifurcation of price effects into income and substitution effects.
  4. D
    Consideration of the available limited resources for satisfying
    consumer’s demand.
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
which  one  of  the  following   statements   is  correct ? 
  1. A
    Increases  in   Liabilities  are  credits  and  decreases   are  debits.
  2. B
    Increases  in   Assets  are  credits  and  decreases   are  debits.
  3. C
    Increases  in   capital   are  debits. and  decreases   are  credits
  4. D
    Increases  in   expenses  are  credits  and  decreases   are  debits
Question 17Single Answer
A  and  B  are  partners  in  a  firm  sharing   profit  and  loss  in  the  ratio  of   3 : 2 They  admit  C  into  partnership  for    share  and  the   new  ratio  between  A And  B  is  2 : 1  The  sacrificing  ratio  is  :
  1. A
    1 : 1
  2. B
    2 : 1
  3. C
    3 : 1 
  4. D
    2 : 3
Question 18Single Answer
Arrange  the  following   liabilities  in  the  order  of   company  balance  sheet.
(i)  Bank  Overdraft             (ii)  Bank  Loan
(iii)  share  Capital              (iv)  Provision  for  Taxation        
  1. A
     i, ii, iii, iv 
  2. B
     iv, iii, ii, i
  3. C
    iii, ii, i, iv   
  4. D
    iii, ii, iv, I                                                            
Question 19Single Answer
Intrinsic  value  of   a  share   is  given  by :
  1. A
    Total net assets/No of shares
  2. B
    Total assets/No of shares
  3. C
    Share capital/No of shares
  4. D
    Market capitalization /No of shares
Question 20Single Answer
When  demand  curve  is  rectangular  Hyperbola,  the  elasticity  of   demand   will Be :
  1. A
    Perfectly  elastic 
  2. B
    Unit  elastic
  3. C
    Perfectly   inelastic  
  4. D
    Highly   elastic     
Question 21Single 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 22Single 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 23Single 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 24Single 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 25Single 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 26Single Answer
which  one  of   the  following   concepts  is  used  as  und  in  the  preparation  of Funds  Flow  Statement ?
  1. A
    Current  Assets  
  2. B
    Working   Capital
  3. C
    Cash  
  4. D
    All  Financial  Resources
Question 27Single Answer
Window  dressing  is  prohibited  due  to : 
  1. A
    Conservative  Convention
  2. B
    Convention  of   Disclosure
  3. C
    Convention  of   Materiality
  4. D
    Arrear  of  book accounts                                                                      
Question 28Single Answer
Assertion (A) :Ratio  analysis  is  one  of   the  tools  employed   to  know  the  fin-Ancial   health  of   a  concern :
Reason (R) :Ratio  analysis  is  not   the  only  technique  available  to  take  invest Ment  decision :
Codes :
  1. A
    Both  (A)  and  (R)  are  true  and  (R)  is  the  correct  explanation  of  (A).
  2. B
    Both  (A)  and  (R)  are  true but  (R)  is  the  incorrect  explanation  of  (A)
  3. C
    (A)  is  true, but  (R)  is  false.
  4. D
     A)  is  false  , but  (R)  is  true         
Question 29Single Answer
which  of   the  following   relate  to  measures  of   non – performance  of  a  concern
(i) Customer  Satisfaction             (ii) Business  process  improvement
(iii)  Economic  Value  added       (iv)  Learning  organization
Choose  the  right  combination
  1. A
    (i)  (iii)  (ii)  (iv) 
  2. B
    (ii)  (iv)  (iii)
  3. C
    (iv)  (i)  (iii) 
  4. D
    (i)  (ii)  (iv)                                                  
Question 30Single Answer
Consider  the  following  parties :
(i)  Secured  creditors
(ii)  Unsecured  creditors
(iii)  Partners   who  have  granted  loans
(iv)  Partners   who  have  contributed   over   and  above  profit   sharing  ratio.Arrange  them  in  correct  sequence  in  the  event  of   dissolution   of   a  firm.
  1. A
    (ii)  (i)  (iii)  (iv)
  2. B
    (i)  (ii)  (iii) (iv)
  3. C
    (i)  (ii)  (iv)  (iii)
  4. D
    (ii)  (i)  (iv)  (iii)                                               
Question 31Single 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 32Single 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 33Single Answer
Kyoto protocol pertains to : 
  1. A
    Capital formulation  
  2. B
    Globalization
  3. C
    Environment protection
  4. D
    Unemployment reduction  
Question 34Single Answer
Uruguay  Round   pertains   to 
  1. A
    WTO 
  2. B
    IMF
  3. C
    GATT 
  4. D
    World  Bank 
Question 35Single 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 36Single Answer
which   of   the  following   is   ‘ true’  regarding   the   prudence   Principal   of  Acco-Unting ?
  1. A
    Taking   care   of  the  future  losses
  2. B
    Taking   care   of  the  future   profit
  3. C
    Taking   care   of   bad   debts
  4. D
    Taking   care  of   inventory  and   depreciation                                   
Question 37Single Answer
which   of   the  following   is   a   non – operating  expense ?
  1. A
    Salary  of   managing   director
  2. B
    Depreciation 
  3. C
    Advertisement   Expenditure
  4. D
    Interest  on  loan
Question 38Single Answer
A  and  B  are   partners   sharing  profits  in   the   ratio  of  3 :2  their   books   show  Goodwill   at   : 3000.  C  is  admitted   with  RS th  share  of  profits  and   brings  : 10,000  as   his   capital.  But  he   is  not   able  to  bring   in  cash  for   his  share Goodwill  3,000.  How   will  you  teat  this ?
  1. A
    Goodwill  is   raised   by  :  12000
  2. B
    C  will  remain  as  debtor  for  :  3,000
  3. C
    C’s  A/c  is  debited   debtor  for  :  3,000
  4. D
    Goodwill   is  raised  by  :  9,000
Question 39Single Answer
If   there  is  mutual  indebtedness  between  the  transferor  company  and  the   Transferee  company  in  business   combination, which   of   the  following   is  correct 
  1. A
    No  adjustment  is  required   in  the  books  of   the  transferor  company.
  2. B
    adjustment  is  required   in  the  books  of   the  transferor  company.
  3. C
    No  adjustment  is  required   in  the  books  of   the  transferor  company.
  4. D
    None  of  the  above    
Question 40Single Answer
Improvement   of   profit -  volume  ratio  can  be  done  by :
  1. A
    Increasing   selling  price
  2. B
    Altering  sales  mixture
  3. C
    Reducing  variable  cost
  4. D
    All  of   the  above      
Question 41Single 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 42Single 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 43Single 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 44Single 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 45Single 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 46Single Answer
Accounting  information  given  by  a  company :
Total  assests  turnover                       3  times
 Net  profit  margin  total  assets        10%  :  1,00,000
The  net  profit  is  
  1. A
    RS 10,000   
  2. B
    RS 15,000 
  3. C
    RS 25,000   
  4. D
    RS 30,000    
Question 47Single Answer
“ Make  sufficient  provisions   for  future  losses,  but  do  not  anticipate   future  Profits.’ This  statement  is  in   accordance   to  the  concept  of : 
  1. A
    Matching  
  2. B
    Objectivity
  3. C
    Conservatism  
  4. D
    Materiality
Question 48Single Answer
When  a  firm  is   dissolved , profit   or  loss  on  realization  is  shared   by  the  pa-Tners :
  1. A
    Equal 
  2. B
    In  the  ratio  of  their  capital   balances
  3. C
    In  the  profit  sharing  ratio
  4. D
    In  the  ratio  laid  down  in  Garner  Vs.  Murray          
Question 49Single Answer
The  inverse  relationship  between  variations  in  the  price  and   quantity  dema-Ded  is  not  due  to :
  1. A
    Income  Effects  
  2. B
    Substitution  Effects
  3. C
    Future  Expectations
  4. D
    Law  of   Diminishing  Marginal  Utility 
Question 50Single Answer
Consumer  is  said  to  be  in   equilibrium,  maximizing  his  total  utility, when : 
  1. A
    The  marginal  utilites  of   the  goods  consumed   are  equal.
  2. B
    The  proportions  of  the  marginal  utilites  and   respective   price  are  equal. 
  3. C
    The  consumer  gets   full   satisfaction  from  the  consumption.
  4. D
    The  consumer  feels  satisfied   with  his   expenditure  of  the  various   goods.
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