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+1 Commerce EM

Total questions: 154

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

In Pandiyas Dynasty the place where the goods are sold is _____

a)

Angadi

b)

Market

c)

Nalangadi

d)

Allangadi

2.

Hindrance of place is removed by ______

a)

Transport

b)

Warehouse

c)

Salesman

d)

Insurance

3.

Who wrote "Arthasasthra" ?

a)

Kautilya

b)

Kambar

c)

Thiruvalluvar

d)

Elangovadigal

4.

Trade and Commerce was common to _______ Dynasty.

a)

Pallava

b)

Chola

c)

Panidya

d)

Chera

5.

_______ was first sultan who paved way in the dense forest and helped traders to move from one market place to others place for their commercial caravans.

a)

Balban

b)

Vascoda Gama

c)

Akbar

d)

Alauddin Khilij

6.

The Primary objective of a business is

a)

Making Profit

b)

Not Making Profit

c)

Special skill

d)

None of the above

7.

Occupation of a Doctor is

a)

Employment

b)

Business

c)

Profession

d)

Sole Proprietor

8.

The following does not characterise business activity?

a)

Production of goods and services

b)

Presence of Risk

c)

Sale or exchange of goods and services

d)

Salary or wages

9.

Activities undertaken out of love and affection or with social service motive are termed as:

a)

Economic activities

b)

Monetary activities

c)

Non Economic Activities

d)

Financial Activities

10.

The industries engaged in extraction of iron ore are known as

a)

Construction Industries

b)

Manufacturing Industries

c)

Extraction Industries

d)

Genetic Industries

11.

Production which involves several stages for manufacturing finished products is known as

a)

Analytical Industry

b)

Synthetic Industry

c)

Processing Industry

d)

None of the above

12.

Normally high level risk involved in

a)

Industry

b)

Commerce

c)

Trade

d)

All of the above

13.

Which is the oldest form of Business organisation?

a)

Sole Proprietorship

b)

Partnership

c)

Co-operative Society

d)

Company

14.

In which form the owner, establisher and manager is only one?

a)

Joint Enterprise

b)

Government Company

c)

Co-operative Society

d)

Sole Proprietor

15.

A major disadvantage of sole proprietor-ship is ______

a)

Limited liability

b)

Unlimited liability

c)

Easy Formation

d)

Quick decision

16.

From the following which one is Non-corporate form of business?

a)

Joint stock company

b)

Sole trading business

c)

Government company

d)

Co-operatives

17.

The firm of Hindu Undivided Family is managed by whom?

a)

Owner

b)

Karta

c)

Manager

d)

Partner

18.

In the firm of Hindu Undivided Family, how one gets the membership?

a)

By Agreement

b)

By Birth

c)

By Investing Capital

d)

By Managing

19.

The members in the joint hindu family are called _____________

a)

Karta

b)

coparceners

c)

generations

d)

partners

20.

Only the male members in the family get the right of inheritance by birth' as ______________

a)

Hindu law

b)

Mitakshara Law

c)

Dayabhaga law

d)

None of these

21.

A partnership is formed by _______

a)

agreement

b)

relationship among persons

c)

the direction of government

d)

Friendship

22.

The relationship between outsiders and the company is defined in ______

a)

Prospectus

b)

Articles of Association

c)

Memorandum of Association

d)

Certificate of Incorporation

23.

Table A of the Companies Act is a ______

a)

Model minutes book

b)

Model form of Balance Sheet

c)

Model of AOA

d)

Model of MOA

24.

Which of the following is created by a Special Act of Parliament or in State Assemblies?

a)

Chartered company

b)

Foreign company

c)

Government company

d)

Statutory company

25.

The Board of directors of a company is elected by _________

a)

Creditors

b)

Debtors

c)

Debenture holders

d)

Share holders (members)

26.

Companies established as a result of a charter granted by the King or Queen of a country is called _________

a)

Chartered companies

b)

Statutory companies

c)

Registered companies

d)

Foreign companies

27.

Membership in a cooperative organization is:

a)

Not open to all

b)

Selective

c)

Open to all

d)

None of them

28.

Cooperative fails because of

a)

Unlimited membership

b)

Cash trading

c)

Mismanagement

d)

Loss-making

29.

All cooperatives are established with

a)

Philanthropic motive

b)

Service motive

c)

Profit motive

d)

Reform motive

30.

Consumers Co-operation was first successful in _____

a)

England

b)

USA

c)

Swiss

d)

India

31.

Rochdale society of equitable pioneers was started by ____

a)

Robert owen

b)

H.C.Calvert

c)

Talmaki

d)

Lambert

32.

A Multinational Corporation can be defined as a firm which

a)

is beyond the control of any government

b)

is one of the top 200 firms in the world

c)

owns companies in more than one country

d)

All the above

33.

Centralised control in MNC's implies control exercised by

a)

Branches

b)

Subsidiaries

c)

Headquarters

d)

Parliament

34.

Enterprises operating in several countries but managed from one country is termed as ___________

a)

Government company

b)

Multinational Company

c)

Private company

d)

Joint Venture

35.

Dispersal of decision making power to branches/affiliates/subsidiaries by head office represents _________

a)

Centralisation

b)

Decentralisation

c)

Power

d)

Integration

36.

Coca-Cola company is an example of __________

a)

MNC

b)

Government company

c)

Joint Venture

d)

Public company

37.

The share capital of the government company must not be less than

a)

75 %

b)

60 %

c)

95 %

d)

51 %

38.

The oldest form of organisation in public sector

a)

Public Sector Undertakings

b)

Departmental Undertakings

c)

Multi National Corportions

d)

Statutory Corportion

39.

A Government company purchases shares in the name of

a)

Prime Minister

b)

President

c)

Chief Justice of India

d)

State Chief Minister

40.

The primary objective of the state enterprises is to ______

a)

Earn profit

b)

Provide Employment

c)

Serve the People

d)

All the Above

41.

Which bank has the power to issue bank notes?

a)

Central bank

b)

Commercial bank

c)

Co-operative banks

d)

Foreign banks

42.

The Central bank of India is

a)

PNB

b)

SBI

c)

ICICI

d)

RBI

43.

The Reserve Bank of India commenced its operations from April 1,

a)

1936

b)

1935

c)

1934

d)

1933

44.

Bankers are not only dealers of money but also leaders in

a)

Economic development

b)

Trade development

c)

Industry development

d)

Service development

45.

Which of the following is not a function of a central bank?

a)

Guiding and regulating the banking system of a country

b)

Deal with the general public

c)

Acts essentially as Government banker

d)

Maintains deposit accounts of all other banks

46.

Which bank is not a Industrial Bank?

a)

ICICI

b)

HSBC

c)

SIDBI

d)

IDBI

47.

The Local Area Banks are promoting

a)

Rural savings

b)

Business savings

c)

Industrial development

d)

Agricultural development

48.

Foreign banks are begun their operation since

a)

1978

b)

1979

c)

1980

d)

1976

49.

Electronic banking can be done through

a)

Computers

b)

Mobile phones

c)

ATM

d)

All of the above

50.

Minimum how much amount can be transferred through RTGS?

a)

Any amount

b)

50,000

c)

2 lakh

d)

5 lakh

51.

The largest commercial bank of India

a)

ICICI

b)

SBI

c)

PNB

d)

RBI

52.

In which kind of account, it is compulsory to deposit certain amount at certain time?

a)

Saving deposit

b)

Fixed deposit

c)

Current deposit

d)

Recurring deposit

53.

Which of the following is not a type of advance provided by commercial bank?

a)

Collecting and supplying business information

b)

Overdraft

c)

Cash credit

d)

Discounting of bills

54.

Warehouses remove the hindrance of ______________

a)

Person

b)

Time

c)

Risk

d)

Knowledge

55.

A warehouse holds goods as a __________ center.

a)

Marketing

b)

sorting

c)

distribution

d)

selling

56.

________can be given as a collateral security for getting financial assistance from bank.

a)

Dock warrant

b)

Warehouse receipt

c)

Dock receipt

d)

Warehouse warrant

57.

____ warehouses are licensed by the government and are permitted to accept the goods on bond.

a)

Bonded

b)

Cold Storage

c)

Public

d)

All the Above

58.

_________ warehouses are used for storing perishable goods like fruits, vegetables etc.

a)

Bonded

b)

Private

c)

Cold storage

d)

Co-operative

59.

Transport removes the hindrance of

a)

Time

b)

Place

c)

Person

d)

Knowledge

60.

Air consignment note is prepared in _____ forms

a)

One

b)

Two

c)

Three

d)

Four

61.

_________ is a document acknowledging the receipt of goods by a carrier

a)

Waybill

b)

Consignment note

c)

Charter party

d)

Bill of lading

62.

Which is the fastest means of transport?

a)

Rail

b)

Road

c)

Sea

d)

Air

63.

The basic principle of insurance is _______

a)

Insurable Interest

b)

Co-Operation

c)

Subrogation

d)

Proximate causa

64.

______ is not a type of general insurance

a)

Marine Insurance

b)

Life Insurance

c)

Fidelity Insurance

d)

Fire Insurance

65.

Which of the following in not applicable in insurance contract?

a)

Unilateral contract

b)

Conditional contract

c)

Indemnity contract

d)

Contribution

66.

Which one of the following is a type of marine insurance?

a)

Money Back Policy

b)

Cargo Insurance

c)

Hull Insurance

d)

both b & c

67.

A continuing relationship which provides a licence privileges to do business and provides training, merchandising for a consideration is called ___

a)

Franchising

b)

Factoring

c)

Supply Chain Management

d)

Exchange

68.

Buying and selling of goods through electronic network is known as ____

a)

E-commerce

b)

internet

c)

Website

d)

Trade

69.

An organization carrying out activities to move goods from producer to consumer is

a)

Transport

b)

Logistics

c)

Channels

d)

Marketing

70.

The main benefit of Logistics is

a)

Productivity

b)

Cost Minimisation

c)

Profitability

d)

Storage

71.

The main benefit of outsourcing is

a)

Productivity

b)

Cost reduction

c)

Skill

d)

Units

72.

Which type of Responsibility gives the benefit to the Society out of its profits earned?

a)

Legal

b)

Ethical

c)

Moral

d)

Economic

73.

The Stakeholders of Socially Responsible business units are except

a)

Share Holders

b)

Employees

c)

Government

d)

Company

74.

Assuming Social Responsibility of business helps the enterprise in

a)

Increase profit

b)

Decrease profit

c)

Sustainability

d)

Equilibrium

75.

Socially Responsible business provides goods at

a)

high price

b)

low price

c)

reasonable price

d)

moderate price

76.

Social Responsibility towards employees represents the following except

a)

reasonable remuneration

b)

proper facilities

c)

Social security

d)

exploitation

77.

Which of the following helps in maximising sale of goods to society?

a)

Business success

b)

laws and regulations

c)

Ethics

d)

Professional management

78.

Ethics is important for

a)

Top management

b)

Middle level managers

c)

Non managerial employees

d)

All of them

79.

Which of the following does not ensure effective ethical practices in a business enterprise

a)

Publication of a code

b)

Involvement of employees

c)

Establishment of compliance mechanisms

d)

none of them

80.

The role of top management is to guide the entire organisation towards

a)

General behaviour

b)

Organisavtion behaviour

c)

Ethically upright behaviour

d)

Individual behaviour

81.

The ethical conduct of employees leading to standard practices results in

a)

good behaviour

b)

bad behaviour

c)

ethical behaviour

d)

correct decision making

82.

What is defined as the provision of money at the time when it is required?

a)

finance

b)

bank

c)

cash management

d)

none of these

83.

Internal sources of capital are those that are __________________

a)

generated through outsiders such as suppliers

b)

generated through loans from commercial banks

c)

generated through issue of shares

d)

generated within the business

84.

Debenture holders are entitled to a fixed rate of ___________

a)

Dividend

b)

Profits

c)

Interest

d)

Ratios

85.

Public deposits are the deposits which are raised directly from ______

a)

The public

b)

The directors

c)

The auditors

d)

The owners

86.

Equity shareholders are the __________ of a company

a)

Creditors

b)

Owners

c)

Debtors

d)

Employees

87.

An instrument representing ownership interest in securities of a foreign issuer is called ___________

a)

an ownership certificate

b)

a depositary receipt.

c)

an ownership receipt

d)

None of the above.

88.

Issuance of DRs is based on the increase of demand in the

a)

International market

b)

Local market

c)

Existing shareholders

d)

All of the above

89.

ADRs are issued in

a)

Canada

b)

China

c)

India

d)

The USA

90.

Depositary receipts that are traded in an international market other than the United States are called

a)

Global Depositary Receipts

b)

International Depositary Receipts.

c)

Open Market Depositary Receipts

d)

Special Drawing Rights

91.

__________ bond is a special type of bond issued in the currency other than the home currency.

a)

Government Bonds

b)

Foreign Currency Convertible Bond

c)

Corporate Bonds

d)

Investment Bonds

92.

MSMED Act was enacted in the year

a)

2004

b)

2007

c)

2006

d)

2008

93.

MSMEs are important for the nation’s economy because they significantly contribute to

a)

industrial production

b)

exports

c)

employment

d)

all the above

94.

Self help groups convert the savings into a common fund known as

a)

Common fund

b)

Group corpus fund

c)

Group fund

d)

none of the above

95.

There are ______ distinct modes of credit to Self Help Groups.

a)

1

b)

2

c)

3

d)

4

96.

Investment limit of a micro enterprise under manufacturing sector does not exceed__________ lakhs

a)

10

b)

20

c)

25

d)

50

97.

The purchase of goods from a foreign country is called ......

a)

Import

b)

Export

c)

Entrepot

d)

Re-export

98.

When goods are imported for the purpose of export it is called as .....

a)

Foreign Trade

b)

Home Trade

c)

Entrepot

d)

Trade

99.

........ acts as a connective link between the producer and the consumer.

a)

Trade

b)

Industry

c)

Commerce

d)

Business

100.

The aim of home trade is .......

a)

To raise the standard of living

b)

To provide the essential goods and services economically

c)

To raise the national income

d)

To obtain all types of goods

101.

Internal trade can be classified into ......... categories

a)

Three

b)

Four

c)

Two

d)

Five

102.

Trade middleman who acts as a link between wholesaler and customers refers to a ......

a)

Producer

b)

Broker

c)

Retailer

d)

Customer

103.

Who is the first middleman in the channel of distribution?

a)

Wholesaler

b)

Producer

c)

Retailer

d)

Customer

104.

........ buy the goods from the producer and sell it to the retailers.

a)

Manufacturer

b)

Wholesaler

c)

Retailer

d)

consumers

105.

....... are agents who merely bring the buyer and the seller into contact.

a)

Broker

b)

Commission agent

c)

Selling agent

d)

stockiest

106.

Merchant middlemen can be classified into ---------- categories.

a)

Three

b)

Two

c)

Five

d)

Four

107.

Retailers deal in ____________ quantity of goods

a)

Small

b)

Large

c)

Medium

d)

Limited

108.

Small scale Fixed retailers include __________

a)

General stores

b)

Pedlars

c)

Cheap Jacks

d)

Hawkers

109.

Small shops which deal in a particular line of products are called as _______

a)

Market traders

b)

Single line stores

c)

Sugar market

d)

Street stalls

110.

........ are mobile traders who deal in low priced articles with no fixed place of business.

a)

Shopping malls

b)

Super markets

c)

Street stalls

d)

Itinerant traders

111.

Movement of goods , services, intellectual property, human assets, technology and so on among the countries.

a)

International Trade

b)

International business

c)

Entrepot Trade

d)

Internal trade

112.

Goods are imported for purpose of re-export to another country is termed as_________.

a)

Import Trade

b)

Export Trade

c)

Entrepot Trade

d)

International trade

113.

Movement of goods , services among the countries.

a)

International Trade

b)

International business

c)

Entrepot Trade

d)

Internal trade

114.

Selling of goods from home country to foreign country is called

a)

Home Trade

b)

Entrepot Trade

c)

Foreign Trade

d)

Joint Venture

115.

EPC stands for

a)

Export processing commission

b)

Export Promotion Council

c)

Export Carriage council

d)

Export Promotion Congress

116.

 STC is expansion for

a)

State Training Centre

b)

State Training Council

c)

State Trading Centre

d)

State Trading Corporation

117.

An .......... is document prepared by importer an sent to the exporter to buy the goods

a)

Invoice

b)

Indent

c)

Enquiry

d)

Charter Party

118.

The ........ receipt is an acknowledgement of receipt of goods on the ship issued by the Captain

a)

Shipping Bill

b)

Bill of Lading

c)

Mate’s Receipt

d)

Consular Invoice

119.

The Exporters appoint the ........ agent to fulfill the customs formalities

a)

Clearing Agent

b)

Forwarding Agent

c)

Commission Agent

d)

Factor

120.

General Agreement on Tariff and Trade was signed on

a)

30-October-1947

b)

29-October-1947

c)

28-October-1947

d)

26-October-1947

121.

WTO was estabilished on

a)

1-1-1996

b)

1-1-1997

c)

1-1-1995

d)

1-1-1994

122.

The headquarter of WTO is located at

a)

New York

b)

London

c)

Geneva

d)

Brazil

123.

The day to day administration of WTO is entrusted with

a)

Executive Council

b)

General Council

c)

Administrative Council

d)

General Body

124.

World bank is located at

a)

Washington DC

b)

New York

c)

Tokyo

d)

Hongkong

125.

The Statement which discloses a record of transactions between the residents of one country and residents of foreign country.

a)

Balance of Payment

b)

Balance of Trade

c)

Statement of Receipts and Payments

d)

Accounting Statement

126.

The Balance of Payments councils consists of

a)

Current Account

b)

Capital Account

c)

Receipts and Payments Account

d)

Both Current Account and Capital Account

127.

Foreign capital long- term loan and foreign currency reserve are recorded under

a)

Official Capital

b)

Private Capital

c)

Banking Capital

d)

Both Private and Official Capital

128.

The term official capital includes

a)

RBI holdings of foreign currencies

b)

Special Drawing Rights held by the Government

c)

Both A and B

d)

Foreign Investment

129.

Balance of payments surplus indicates

a)

Exports are more than the Imports

b)

Imports are more than Exports

c)

Exports and Imports are at Equilibrium

d)

Exports and Imports are above Equilibrium

130.

An agreement enforceable by law is a

a)

Enforceable acceptance

b)

Accepted offer

c)

Approved promise

d)

Contract

131.

Every promise and every set of promises, forming the consideration for each other, is an

a)

Agreement

b)

Contract

c)

Offer

d)

Acceptance

132.

Void agreement signifies

a)

Agreement illegal in nature

b)

Agreement not enforceable by law

c)

Agreement violating legal procedure

d)

Agreement against public policy

133.

Acceptance to be valid must

a)

Be absolute

b)

Be unqualified

c)

Both be absolute & unqualified

d)

Be conditional

134.

A contract with or by a minor is a

a)

Valid contract

b)

Void contract

c)

Voidable contract

d)

Voidable at the option of either party

135.

On the valid performance of the contractual obligations by the parties, the contract

a)

Is discharged

b)

Become enforceable

c)

Becomes void

d)

Becomes legal

136.

Which of the following persons can perform the contract?

a)

Promisor alone

b)

Legal representatives of promisor

c)

Agent of the promisor

d)

All the above

137.

A, B, C jointly promised to pay ₹Rs. 50,000 to D. Before performnce of the contract, C dies. Here, the contract

a)

Becomes void on C’s death

b)

Should be performed by A and B along with C’s legal representatives.

c)

Should be performed by A and B alone.

d)

Should be renewed between A, B and D.

138.

Which of these parties cannot demand performance of promise?

a)

Promisee

b)

Any of the Joint Promisees

c)

On the death of a Promisee, his Legal Representative.

d)

Stranger to the Contract

139.

A person is said to be a third person if he is not a

a)

promisor

b)

promise

c)

agent

d)

Legal Representative

140.

On the valid performance of the contractual obligation by the parties, the contract

a)

Is discharged

b)

Becomes enforceable

c)

Becomes void

d)

None of these

141.

An agreement to do an act impossible in itself under Section.56 is

a)

Void

b)

Valid

c)

Voidable

d)

Unenforceable

142.

Any agreement which becomes impossible to perform under various circumstances

a)

Voidable

b)

Void

c)

Valid

d)

None of these

143.

Discharge by mutual agreement may involve

a)

Novation

b)

Rescission

c)

Alteration

d)

All of the above

144.

The compensation given for breach of contract is

a)

Damage

b)

remuneration

c)

Money

d)

Cheque

145.

Income Tax is

a)

a business tax

b)

a direct tax

c)

an indirect tax

d)

none of these

146.

Period of assessment year is

a)

1st April to 31st March

b)

1st March to 28th Feb

c)

1st July to 30th June

d)

1st Jan. to 31st Dec

147.

The year in which income is earned is known as

a)

Assessment Year

b)

Previous Year

c)

Light Year

d)

Calendar Year

148.

The aggregate income under five heads is termed as

a)

Gross Total Income

b)

Total Income

c)

Salary Income

d)

Business Income

149.

Agricultural income earned in India is

a)

Fully Taxable

b)

Fully Exempted

c)

Not Considered for Income

d)

None of the above

150.

Who is the chairman of the GST council?

a)

RBI Governor

b)

Finance Minister

c)

Prime Minister

d)

President of India

151.

GST Stands for

a)

Goods and Supply Tax

b)

Government Sales Tax

c)

Goods and Services Tax

d)

General Sales Tax

152.

What kind of Tax the GST is?

a)

Direct Tax

b)

Indirect Tax

c)

Dependence on the Type of Goods and Services

d)

All Business Organisations

153.

What is IGST?

a)

Integrated Goods and Service Tax

b)

Indian Goods and Service Tax

c)

Initial Goods and Service Tax

d)

All the Above

154.

In India GST became effective from?

a)

1st April, 2017

b)

1st January, 2017

c)

1st July, 2017

d)

1st March, 2017