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WorksheetsYellow Belt Basic
Total questions: 25
Worksheet time: 19mins
Name
Class
Date
1.
Dinesh Enterprises had set a budget of Rs. 1,00,000 for their Marketing expenses, they have utilized only Rs. 45,000. The balance 55,000 will be called as ____________ .
a)
Budget Surplus
b)
Budget Deficit
c)
Balanced Budget
d)
None of the above
2.
Suresh Enterprises sells goods on credit to his customers for an amount upto 5,00,000. This amount is called as _________________.
a)
Credit Limit
b)
Budget
c)
Cost centre
d)
Interest
3.
Bright Enterprises is a medium sized organization and further classified into multiple departments. The owner wants to know the expenses (Conveyance, Printing & Stationary, Rent, etc.) incurred by each department. The departments can be best referred to as ____________
a)
Cost centres
b)
Ledgers
c)
Groups
d)
Scenarios
4.
Trilok Traders deducts a certain amount of the total rent payable to their landlord. This amount deducted by Trilok Traders is treated as ______________
a)
Tax deducted at source (TDS)
b)
Tax collected at source (TCS)
c)
Income Tax
d)
GST
5.
For the TDS payments other than salary, _________ is the quarterly return filed by the deductor.
a)
Form 26Q
b)
Form 27Q
c)
GSTR-1
d)
GSTR-3B
6.
When a company sells goods/services in a foreign currency, and when the prevailing exchange rate differs due to conversion of foreign currency into the local currency of seller, the difference will be treated as _________________
a)
Forex gain/loss
b)
Difference in opening balances
c)
Gross Profit
d)
Nett profit
7.
Excellent enterprises allows a period of 30 days for their customer Trio Traders to make the payment. This period of 30 days is known as __________
a)
Credit days
b)
Credit limit
c)
Tracking period
d)
Interest period
8.
Dinesh Enterprises owes money to their suppliers for purchases made earlier. The money that is owed to suppliers is referred to as ___________.
a)
Payables
b)
Receivables
c)
Reminder Letter
d)
Payment Advice
9.
If the customer returns the goods post the sales invoice raised by his seller, then the seller issues ________ to the extent of the value of the product returned by his customer.
a)
Credit Note
b)
Rejection Out
c)
Material Out
d)
Revise the sale invoice
10.
Shine Traders has set a level of 25 nos for all of its stock items below which if the stock goes, an order must be placed with the supplier for the items. ________ is the level of stock that has to be maintained in the business at any given point of time.
a)
Reorder Level
b)
Minimum Order Level
c)
Shortfall
d)
Nett Available
11.
A __________ specifies the details about products ordered by a specific customer along with the price, quantity and terms and conditions. Businesses use it as a confirmation document that is sent to the customers before delivery of goods or service.
a)
Sale Order
b)
Purchase Order
c)
Processing order
d)
None of the above
12.
__________ is a document that a supplier submits to a potential client with a proposed price for the goods or services.
a)
Quotation
b)
Sale Order
c)
Sale invoice
d)
Credit note
13.
Pranav enterprises sells goods to a company in Africa. As per GST law, this type of sale can be classified as ________
a)
Export
b)
Intrastate Sale
c)
Interstate sale
d)
Not in scope of GST
14.
Croma sells Samsung Washing machine with insurance and packing charges to a customer. Under GST regime, these supplies which are naturally bundled and supplied in the ordinary course of business be termed as ?
a)
Composite Supply
b)
Mixed Supply
c)
Export
d)
Point of sale
15.
A provision store has packaged a gift pack which has dry fruits, chocolates and sweets, each attracts a different GST rate. What is the GST rate that will apply to this gift pack ?
a)
Highest GST Rate of all items
b)
Lowest GST Rate of all items
c)
GST Rate of individual items separately
d)
No GST will apply
16.
Which of the following statements is true ?
a)
GST on Operating expenses for business can be claimed as Input Credit for the business
b)
GST on personal expenses can be claimed as Input Credit for the business
c)
An unregistered person can claim Input Credit in GST
d)
GST on personal and operating expenses for business can be claimed as Input credit
17.
__________ is the liquidity ratio that helps in understanding the company's ability to pay it's short term obligations or those due within one year.
a)
Current Ratio
b)
Working capital turnover ratio
c)
Gross profit %
d)
Debt to Equity Ratio
18.
Nikita Enterprises wants to understand their cash needs throughout the year. ________ is the report which will help them analyze the expected amounts of money that will come into business alongwith money that will go out as expenses in the future.
a)
Cash Flow projection
b)
Profit and loss A/c
c)
Fund Flow statement
d)
Receipts and Payments
19.
__________ is used to measure how effective a company is in extending credit as well as collecting debts and helps in understanding the payment performance of debtors.
a)
Receivable Turnover in days
b)
Return on working capital
c)
Operating cost %
d)
Quick Ratio
20.
A unique identification number of a stock item to which a manufacturer can attach the manufacturing and expiry dates is known as ___________
a)
Batch Number
b)
Tracking number
c)
Order number
d)
Cost tracking number
21.
The date on which a stock item comes to an end, can no longer be used or is no longer safe to be consumed is ____________
a)
Expiry date
b)
Manufacturing date
c)
Purchase Date
d)
Sale date
22.
Sireesh Production is into assembling of auto components into automobiles. A type of manufacturing in which the physical goods are made up of parts, components, and sub-assemblies is called ___________
a)
Discrete Manufacturing
b)
Process Manufacturing
c)
Job Work
d)
Repetitive Manufacturing
23.
_________ is a monthly return that summarizes all sales (outward supplies) of a taxpayer.
a)
GSTR-1
b)
GSTR-2
c)
GSTR-2A
d)
GSTR-4
24.
A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without __________.
a)
e-Way bill
b)
Tax invoice
c)
Bill of supply
d)
Invoice and Bill of supply
25.
When a company in Karnataka sells and delivers goods to a company in Maharashtra, the tax that will be paid by the customer will be _________.
a)
IGST
b)
CGST & SGST
c)
Cess
d)
VAT
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