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QuizziCom FACULTY OF COMMERCE

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.
Amount paid for the use of property, such as space, equipment, or other rentals.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
2.
Represents the withdrawals made by the owner of the business for personal use.
a)
Owner's, Capital
b)
Owner's Equity
c)
Owner's Receivable
d)
Owner's Cash
e)
None of the choices are correct
3.
Expenses that are paid in advance.
a)
Accrued Expense
b)
Advances to Employees
c)
Prepaid Expense
d)
Advances from Customers
e)
None of the choices are correct
4.
Liability arising from the amount of money borrowed by the business from the bank.
a)
Loans Receivable
b)
Loans Payable
c)
Accounts Payable
d)
Bank Payable
e)
None of the choices are correct
5.
Rental incurred but not yet paid.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
6.
Interest due to an interest-bearing note that is still not paid by the business.
a)
Interest Payable
b)
Interest Receivable
c)
Interest Income
d)
Interest Expense
e)
None of the choices are correct
7.
Amounts owed to the entity for services performed or products sold but not yet collected by the company.
a)
Accounts Payable
b)
Notes Payable
c)
Accounts Receivable
d)
Notes Receivable
e)
None of the choices are correct
8.
Rental expense to other entity but still not yet paid by the business.
a)
Rent Income
b)
Rent Payable
c)
Rent Expense
d)
Rent Receivable
e)
None of the choices are correct
9.
Amount of interest paid by the business to creditors.
a)

Interest Payable

b)

Interest Receivable

c)

Interest Income

d)

Interest Expense

e)

None of the choices are correct

10.
Debts or obligations of the business that will due and expected to be settled beyond 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
11.
Assets that are expected to be used/consumed beyond 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
12.
Assets that are reasonably expected to be converted into cash or used/consumed in operations within 1 year or 12 months.
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
13.
Debts or obligations that is expected to be paid within 1 year or 12 months (or in a normal operating cycle).
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
14.
Finished products held for sale by a manufacturing business.
a)
Finished Goods Inventory
b)
Raw Materials Inventory
c)
Goods in process Inventory
d)
Inventories
e)
None of the choices are correct
15.

It is a valuation account which represents the decrease in the value of a property, plant, and equipment due to continuous use, wear, and tear, being outdated and etc.

(a)  

16.
Advances from customers is a/an
a)

Current Assets

b)

Current Liabilities

c)

Non-Current Liabilities

d)

Non-Current Assets

e)

None of the choices are correct

17.
Loans Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
18.
Accounts Receivable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
19.
Prepaid Insurance is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
20.
Mortgage Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
21.
Unexpired Insurance is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
22.
Accounts Payable is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
23.
Accrued. Service Income is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
24.
Patent is a/an
a)
Current Assets
b)
Current Liabilities
c)
Non-Current Liabilities
d)
Non-Current Assets
e)
None of the choices are correct
25.
Increase in cash
a)
Debit
b)
Credit
26.
Decrease in mortgage payable
a)
Debit
b)
Credit
27.

If export is more than import it will lead to withdrawal or leakage of money from that economy.

a)

True

b)

False

28.

National Income is denoted by

a)

NNPmp

b)

GDPmp

c)

GDPfc

d)

NNPfc

29.

Treasury Bill is an example of long term Government security.

a)

True

b)

False

30.

Monetary policy measure are the measures taken by.....

a)

Government

b)

State

c)

Bank

d)

Central bank

31.

During an inflationary situation the Central Bank should try to ............ the Monetary policy rates.

a)

Increase

b)

Decrease

c)

Do nothing

32.

Income received from abroad will be considered while measuring.

a)

NDP

b)

NNP

c)

GDP

d)

GNP

33.

The​ ​Consumer​ ​Price​ ​Index​ ​(CPI)​ ​can​ ​be​ ​defined​ ​as

a)

The​ ​market​ ​value​ ​of​ ​all​ ​final​ ​goods​ ​and​ ​services

b)

A​ ​measure​ ​of​ ​inflation​ ​based​ ​on​ ​the​ ​cost​ ​of​ ​a​ ​fixed​ ​“market​ ​basket”

34.

All​ ​of​ ​these​ ​are​ ​functions​ ​of​ ​money​ ​​EXCEPT

a)

Medium of exchange

b)

Store of value

c)

Commodity money

d)

unit of measurement

35.
Law of demand says if the price of pizza falls, the demand for pizza will what?
a)
Increase
b)
Decrease
36.

A good that is used in place of another good to meet the same need is called

a)

complementary good.

b)

capital good.

c)

substitute good.

d)

consumer good.

37.

An industry that is dominated by a few large firms is

a)

monopolistic

b)

monopolistically competitive

c)

oligopolistic

d)

perfectly competitive

38.

The goal of a budget is _________________.

a)

to spend more than you make

b)

to spend less than you make

39.

Type of employment whem people are not able to find jobs during some part of the year is called

a)

Disguised

b)

Structured

c)

Educated

d)

Seasonal

40.

a mixture of

capitalist and Socialist economic systems.

a)

Capitalist Economy

b)

Socialist Economy

c)

Mixed Economy

d)

Communist Economy

41.

Which of the below comes in Primary Economy

a)

Fishing

b)

Service Sector

c)

Dairy

d)

Manufacturing Industries

42.

Quantity demand is (a)   related to price for a normal good

43.

If quantity demanded increase by 20% as price decrease by 25%, the demand is

a)

elastic

b)

inelastic

c)

unitary elastic

d)

none of the above

44.

Under which market form is a firm a price-taker

a)

perfect

b)

monopolistic

c)

monopoly

45.

perfect market has

a)

homogeneous product

b)

heterogeneous goods

c)

special goods

d)

only industrial goods

46.

If there is an increase in cost of production which curve will shift?

a)

Demand Curve from D to D1

b)

Supply Curve from S to S1

47.

When A parks the car in paid parking lot, there is a _________ contract

a)

Bilateral

b)

Executory

c)

Implied

d)

Express

48.

A transaction collateral to illegal agreement is illegal

a)

True

b)

False

49.

'A' sells to 'B' (A's daughter) a horse which 'A' knows to be unsound. 'A' says nothing to 'B' about the unsoundness of the horse.

a)

Silence here does not amount to fraud

b)

Silence here amounts to fraud

c)

'A' has committed misrepresentation.

d)

A has committed coercion

50.

Mark the statements that are true

a)

Consideration must be adequate

b)

Agreement without consideration is valid

c)

Contract of agency is valid without consideration

d)

Agreement to compensate for past voluntary service is valid

51.

Which statement is false

a)

Promise to give a gift is valid

b)

Completed gift is valid

52.

Subsequent adoption and acceptance of some previous act is called

a)

Restitution

b)

Ratification

c)

Remission

d)

Rescission

53.

Which statement is false?

a)

Minor can be made a partner for profits

b)

Minor can be an agent

c)

Minor is personally liable for necessaries

d)

There is no estoppel against minors

54.

Which of the following are not fiduciary relationship

a)

Guru and devotee

b)

Creditor and debtor

c)

Solicitor and client

d)

Mother and daughter

55.

__________ leads to a voidable contract

a)

Fraud

b)

Coercion

c)

Misrepresentation

d)

All of the above

56.

Mistake of law of the country leads to ...

a)

Valid Contract

b)

Void contract

c)

Voidable contract

d)

Void agreement

57.

A bet on a horse race is valid when bet is for

a)

Less than 500 rupees

b)

More than 500 rupees

c)

Always valid

d)

Always void

58.

Discharge by mutual consent may be by

a)

Novation

b)

Alteration

c)

Waiver

d)

All of the above

59.

The acceptance of a lesser performance is called

a)

Restitution

b)

Ratification

c)

Remission

d)

Rescission

60.

Termination of a contract is called

a)

Restitution

b)

Ratification

c)

Remission

d)

Rescission

61.

where are programs and data to be used by the computer available?

a)

out put

b)

processing unit

c)

input

d)

storage

62.

Arrange the following devices in ascending order of the speed: A. RAM B. Hard disk C. Cache D. Floppy

a)

ABDC

b)

ABDC

c)

DBAC

d)

BADC

63.

Which one among the following is not included in the basic functions of operating system?

a)

Job Control

b)

Job Scheduling

c)

Memory Management

d)

Data Management

64.

'Blue tooth' technology allows -

a)

Landline phone to mobile phone communication

b)

Signal transmission on mobile phones only

c)

Wireless communication between equipments

d)

Satellite television communication

65.

One byte consists of

a)

four bits

b)

one bit

c)

ten bit

d)

eight bits

66.

The operating system called UNIX is typically used for -

a)

1 Desktop computers

b)

2 Laptop computers

c)

3 Supercomputers

d)

4 All of the above

67.

All of the logic and mathematical calculations done by the computer happen in/on the -

a)

1 Central processing unit

b)

2 Mother board

c)

3 Memory

d)

4 Central control unit

68.

Computer software can be defined as--

a)

1 the computer and its associated equipment

b)

2 the instructions that tell the computer what to do

c)

3 computer components that act to accomplish a goal

d)

4 an interface between the computer and the network

69.

Q. 1024 bytes equals:

a)

1 1 KB

b)

2 2 MB

c)

3 1 GB

d)

4 1TB

70.

Operating System for Microcomputer system is-

a)

1 Unix

b)

2 Linux

c)

3 Windows

d)

4 all

71.

CPU means

a)

Central Processing Unit

b)

Central Progressing Unit

c)

Central Process Unit

d)

Center Process Unit

72.

Which of the following device we CANNOT USE to get access to the Google classroom.

a)

Tablet

b)

Flash drive

c)

Smartphone

d)

Computer

73.

Computers operate at the most fundamental level in?

a)

machine language

b)

binary code

c)

base ten code

d)

ASCII code

74.

Temporary storage of data in a computer is in the?

a)

Hard disc drive

b)

The USB drive

c)

RAM

d)

ROM

75.

One example of an operating system is?

a)

Office 365

b)

Excel

c)

Word

d)

Windows 8.0

76.
What is the command for "Copy" ?
a)
CTRL + V
b)
CTRL + B
c)
CTRL + C
d)
CTRL + X
77.
Portrait and Landscape are
a)
Page Orientation
b)
Paper Size
c)
Page Layout
d)
All of these
78.

Which of the following is an example of Output device?

a)

Printer

b)

Scanner

c)

Projector

d)

Mouse

e)

Joystick

79.

Which of these are example of Input Device?

a)

Monitor

b)

Speaker

c)

Microphone

d)

Keyboard

e)

Scanner

80.

Give the meaning of the acronym:


GIF

(a)  

81.

The purpose of job enrichment is to

a)

expand the number of tasks an individual can do

b)

increase job efficiency

c)

increase job effectiveness

d)

increase job satisfaction of middle management

82.

According to Herzberg, which of the following is a maintenance factor?

a)

Salary

b)

Work itself

c)

Responsibility

d)

Recognition

83.

Individuals such as Albert Einstein, Edwin Land and Steven Jobs lead through which type of power?

a)

Legitimate

b)

Reward

c)

Expert

d)

Charismatic

84.

A study of the culture and practises in different societies is called

(a)  

85.

A study of the culture and practises in different societies is called

(a)  

86.

(a)   is known as “the father of scientific management.”

87.

A young Welsh factory owner was one of the first to emphasise the human needs of employees: He refused to employ young children

a)

Andrew Ure

b)

J.N. Tata

c)

Robert Owen

d)

None of these

88.

_____________ embodies a team concept, is based on the principle of mutual contribution by employer and employees

a)

Autocratic model

b)

Custodial model

c)

Supportive Model

d)

Collegial Model

89.

Edward Tolman is related to

a)

Behaviourist Framework

b)

Cognitive approach

c)

Social Cognitive Framework

d)

None of these

90.

Forces affecting organisational behaviour are

a)

People

b)

Environment

c)

Technology

d)

All of the above

91.

“Leadership motivates the people to work and not the power of money”, this concept is related to

a)

Autocratic model

b)

Custodial model

c)

Supportive Model

d)

Collegial Model

92.

Why planning is crucial for a seasonal business’ cash flow?

a)

Steady cash flow.

b)

Cash inflow concentrated in a few months.

c)

Consistent cash flow throughout the year.

d)

Unpredictable cash flow.

93.
The amount money a person expects to have in the future is called
a)
Principal
b)
Future Value
c)
Simple Interest
d)
Present Value
94.

It is a series of equal payments at regular intervals.

a)

Interest

b)

Annuity

c)

Logic

d)

Proposition

95.

Which of the following is always true with regard to the net present value (NPV) approach?

a)

The NPV and the IRR approaches will always rank projects in the same order

b)

The NPV and Payback approaches will always rank projects in the same approaches

c)

If a project is found to be acceptable under the NPV approach, it would also be acceptable under the internal rate of return (IRR) approach

d)

If a project is found to be acceptable under the NPV approach, it would also be acceptable under the payback approach

96.

This is a form of analysis defined by calculating how long it will take for the asset to "earn back" the money you invested in purchasing it.

a)

internal rate of return

b)

net present value

c)

payback method analysis

d)

tax accounting

97.

The present value of an asset's future cash flows minus its purchase price initial investment is

a)

Internal Rate of Return

b)

Payback

c)

Net Present Value

d)

Modified Internal Rate of Return

98.

Which of the following statements regarding NPV is true?

a)

If NPV is positive, the project is expected to earn more than the firm's cost of capital.

b)

Accepting negative NPV projects will reduce shareholders' wealth.

c)

If the NPV is positive, the project's cost is less than the project's expected benefit.

d)

All of the above.

99.

A significant advantage of the net present value is that it _______.

a)

fully considers time value of money

b)

takes into consideration the yield to maturity

c)

usus profit in the analysis

d)

none of the above

100.

The payback period of an investment is the amount of time it takes a project to recover its _____ amount.

a)

Total Investment

b)

Initial Investment

c)

Final Installment

d)

Loss

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