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Worksheets+1 Commerce EM
Total questions: 154
Worksheet time: 1hrs 17mins
In Pandiyas Dynasty the place where the goods are sold is _____
Angadi
Market
Nalangadi
Allangadi
Hindrance of place is removed by ______
Transport
Warehouse
Salesman
Insurance
Who wrote "Arthasasthra" ?
Kautilya
Kambar
Thiruvalluvar
Elangovadigal
Trade and Commerce was common to _______ Dynasty.
Pallava
Chola
Panidya
Chera
_______ 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.
Balban
Vascoda Gama
Akbar
Alauddin Khilij
The Primary objective of a business is
Making Profit
Not Making Profit
Special skill
None of the above
Occupation of a Doctor is
Employment
Business
Profession
Sole Proprietor
The following does not characterise business activity?
Production of goods and services
Presence of Risk
Sale or exchange of goods and services
Salary or wages
Activities undertaken out of love and affection or with social service motive are termed as:
Economic activities
Monetary activities
Non Economic Activities
Financial Activities
The industries engaged in extraction of iron ore are known as
Construction Industries
Manufacturing Industries
Extraction Industries
Genetic Industries
Production which involves several stages for manufacturing finished products is known as
Analytical Industry
Synthetic Industry
Processing Industry
None of the above
Normally high level risk involved in
Industry
Commerce
Trade
All of the above
Which is the oldest form of Business organisation?
Sole Proprietorship
Partnership
Co-operative Society
Company
In which form the owner, establisher and manager is only one?
Joint Enterprise
Government Company
Co-operative Society
Sole Proprietor
A major disadvantage of sole proprietor-ship is ______
Limited liability
Unlimited liability
Easy Formation
Quick decision
From the following which one is Non-corporate form of business?
Joint stock company
Sole trading business
Government company
Co-operatives
The firm of Hindu Undivided Family is managed by whom?
Owner
Karta
Manager
Partner
In the firm of Hindu Undivided Family, how one gets the membership?
By Agreement
By Birth
By Investing Capital
By Managing
The members in the joint hindu family are called _____________
Karta
coparceners
generations
partners
Only the male members in the family get the right of inheritance by birth' as ______________
Hindu law
Mitakshara Law
Dayabhaga law
None of these
A partnership is formed by _______
agreement
relationship among persons
the direction of government
Friendship
The relationship between outsiders and the company is defined in ______
Prospectus
Articles of Association
Memorandum of Association
Certificate of Incorporation
Table A of the Companies Act is a ______
Model minutes book
Model form of Balance Sheet
Model of AOA
Model of MOA
Which of the following is created by a Special Act of Parliament or in State Assemblies?
Chartered company
Foreign company
Government company
Statutory company
The Board of directors of a company is elected by _________
Creditors
Debtors
Debenture holders
Share holders (members)
Companies established as a result of a charter granted by the King or Queen of a country is called _________
Chartered companies
Statutory companies
Registered companies
Foreign companies
Membership in a cooperative organization is:
Not open to all
Selective
Open to all
None of them
Cooperative fails because of
Unlimited membership
Cash trading
Mismanagement
Loss-making
All cooperatives are established with
Philanthropic motive
Service motive
Profit motive
Reform motive
Consumers Co-operation was first successful in _____
England
USA
Swiss
India
Rochdale society of equitable pioneers was started by ____
Robert owen
H.C.Calvert
Talmaki
Lambert
A Multinational Corporation can be defined as a firm which
is beyond the control of any government
is one of the top 200 firms in the world
owns companies in more than one country
All the above
Centralised control in MNC's implies control exercised by
Branches
Subsidiaries
Headquarters
Parliament
Enterprises operating in several countries but managed from one country is termed as ___________
Government company
Multinational Company
Private company
Joint Venture
Dispersal of decision making power to branches/affiliates/subsidiaries by head office represents _________
Centralisation
Decentralisation
Power
Integration
Coca-Cola company is an example of __________
MNC
Government company
Joint Venture
Public company
The share capital of the government company must not be less than
75 %
60 %
95 %
51 %
The oldest form of organisation in public sector
Public Sector Undertakings
Departmental Undertakings
Multi National Corportions
Statutory Corportion
A Government company purchases shares in the name of
Prime Minister
President
Chief Justice of India
State Chief Minister
The primary objective of the state enterprises is to ______
Earn profit
Provide Employment
Serve the People
All the Above
Which bank has the power to issue bank notes?
Central bank
Commercial bank
Co-operative banks
Foreign banks
The Central bank of India is
PNB
SBI
ICICI
RBI
The Reserve Bank of India commenced its operations from April 1,
1936
1935
1934
1933
Bankers are not only dealers of money but also leaders in
Economic development
Trade development
Industry development
Service development
Which of the following is not a function of a central bank?
Guiding and regulating the banking system of a country
Deal with the general public
Acts essentially as Government banker
Maintains deposit accounts of all other banks
Which bank is not a Industrial Bank?
ICICI
HSBC
SIDBI
IDBI
The Local Area Banks are promoting
Rural savings
Business savings
Industrial development
Agricultural development
Foreign banks are begun their operation since
1978
1979
1980
1976
Electronic banking can be done through
Computers
Mobile phones
ATM
All of the above
Minimum how much amount can be transferred through RTGS?
Any amount
50,000
2 lakh
5 lakh
The largest commercial bank of India
ICICI
SBI
PNB
RBI
In which kind of account, it is compulsory to deposit certain amount at certain time?
Saving deposit
Fixed deposit
Current deposit
Recurring deposit
Which of the following is not a type of advance provided by commercial bank?
Collecting and supplying business information
Overdraft
Cash credit
Discounting of bills
Warehouses remove the hindrance of ______________
Person
Time
Risk
Knowledge
A warehouse holds goods as a __________ center.
Marketing
sorting
distribution
selling
________can be given as a collateral security for getting financial assistance from bank.
Dock warrant
Warehouse receipt
Dock receipt
Warehouse warrant
____ warehouses are licensed by the government and are permitted to accept the goods on bond.
Bonded
Cold Storage
Public
All the Above
_________ warehouses are used for storing perishable goods like fruits, vegetables etc.
Bonded
Private
Cold storage
Co-operative
Transport removes the hindrance of
Time
Place
Person
Knowledge
Air consignment note is prepared in _____ forms
One
Two
Three
Four
_________ is a document acknowledging the receipt of goods by a carrier
Waybill
Consignment note
Charter party
Bill of lading
Which is the fastest means of transport?
Rail
Road
Sea
Air
The basic principle of insurance is _______
Insurable Interest
Co-Operation
Subrogation
Proximate causa
______ is not a type of general insurance
Marine Insurance
Life Insurance
Fidelity Insurance
Fire Insurance
Which of the following in not applicable in insurance contract?
Unilateral contract
Conditional contract
Indemnity contract
Contribution
Which one of the following is a type of marine insurance?
Money Back Policy
Cargo Insurance
Hull Insurance
both b & c
A continuing relationship which provides a licence privileges to do business and provides training, merchandising for a consideration is called ___
Franchising
Factoring
Supply Chain Management
Exchange
Buying and selling of goods through electronic network is known as ____
E-commerce
internet
Website
Trade
An organization carrying out activities to move goods from producer to consumer is
Transport
Logistics
Channels
Marketing
The main benefit of Logistics is
Productivity
Cost Minimisation
Profitability
Storage
The main benefit of outsourcing is
Productivity
Cost reduction
Skill
Units
Which type of Responsibility gives the benefit to the Society out of its profits earned?
Legal
Ethical
Moral
Economic
The Stakeholders of Socially Responsible business units are except
Share Holders
Employees
Government
Company
Assuming Social Responsibility of business helps the enterprise in
Increase profit
Decrease profit
Sustainability
Equilibrium
Socially Responsible business provides goods at
high price
low price
reasonable price
moderate price
Social Responsibility towards employees represents the following except
reasonable remuneration
proper facilities
Social security
exploitation
Which of the following helps in maximising sale of goods to society?
Business success
laws and regulations
Ethics
Professional management
Ethics is important for
Top management
Middle level managers
Non managerial employees
All of them
Which of the following does not ensure effective ethical practices in a business enterprise
Publication of a code
Involvement of employees
Establishment of compliance mechanisms
none of them
The role of top management is to guide the entire organisation towards
General behaviour
Organisavtion behaviour
Ethically upright behaviour
Individual behaviour
The ethical conduct of employees leading to standard practices results in
good behaviour
bad behaviour
ethical behaviour
correct decision making
What is defined as the provision of money at the time when it is required?
finance
bank
cash management
none of these
Internal sources of capital are those that are __________________
generated through outsiders such as suppliers
generated through loans from commercial banks
generated through issue of shares
generated within the business
Debenture holders are entitled to a fixed rate of ___________
Dividend
Profits
Interest
Ratios
Public deposits are the deposits which are raised directly from ______
The public
The directors
The auditors
The owners
Equity shareholders are the __________ of a company
Creditors
Owners
Debtors
Employees
An instrument representing ownership interest in securities of a foreign issuer is called ___________
an ownership certificate
a depositary receipt.
an ownership receipt
None of the above.
Issuance of DRs is based on the increase of demand in the
International market
Local market
Existing shareholders
All of the above
ADRs are issued in
Canada
China
India
The USA
Depositary receipts that are traded in an international market other than the United States are called
Global Depositary Receipts
International Depositary Receipts.
Open Market Depositary Receipts
Special Drawing Rights
__________ bond is a special type of bond issued in the currency other than the home currency.
Government Bonds
Foreign Currency Convertible Bond
Corporate Bonds
Investment Bonds
MSMED Act was enacted in the year
2004
2007
2006
2008
MSMEs are important for the nation’s economy because they significantly contribute to
industrial production
exports
employment
all the above
Self help groups convert the savings into a common fund known as
Common fund
Group corpus fund
Group fund
none of the above
There are ______ distinct modes of credit to Self Help Groups.
1
2
3
4
Investment limit of a micro enterprise under manufacturing sector does not exceed__________ lakhs
10
20
25
50
The purchase of goods from a foreign country is called ......
Import
Export
Entrepot
Re-export
When goods are imported for the purpose of export it is called as .....
Foreign Trade
Home Trade
Entrepot
Trade
........ acts as a connective link between the producer and the consumer.
Trade
Industry
Commerce
Business
The aim of home trade is .......
To raise the standard of living
To provide the essential goods and services economically
To raise the national income
To obtain all types of goods
Internal trade can be classified into ......... categories
Three
Four
Two
Five
Trade middleman who acts as a link between wholesaler and customers refers to a ......
Producer
Broker
Retailer
Customer
Who is the first middleman in the channel of distribution?
Wholesaler
Producer
Retailer
Customer
........ buy the goods from the producer and sell it to the retailers.
Manufacturer
Wholesaler
Retailer
consumers
....... are agents who merely bring the buyer and the seller into contact.
Broker
Commission agent
Selling agent
stockiest
Merchant middlemen can be classified into ---------- categories.
Three
Two
Five
Four
Retailers deal in ____________ quantity of goods
Small
Large
Medium
Limited
Small scale Fixed retailers include __________
General stores
Pedlars
Cheap Jacks
Hawkers
Small shops which deal in a particular line of products are called as _______
Market traders
Single line stores
Sugar market
Street stalls
........ are mobile traders who deal in low priced articles with no fixed place of business.
Shopping malls
Super markets
Street stalls
Itinerant traders
Movement of goods , services, intellectual property, human assets, technology and so on among the countries.
International Trade
International business
Entrepot Trade
Internal trade
Goods are imported for purpose of re-export to another country is termed as_________.
Import Trade
Export Trade
Entrepot Trade
International trade
Movement of goods , services among the countries.
International Trade
International business
Entrepot Trade
Internal trade
Selling of goods from home country to foreign country is called
Home Trade
Entrepot Trade
Foreign Trade
Joint Venture
EPC stands for
Export processing commission
Export Promotion Council
Export Carriage council
Export Promotion Congress
STC is expansion for
State Training Centre
State Training Council
State Trading Centre
State Trading Corporation
An .......... is document prepared by importer an sent to the exporter to buy the goods
Invoice
Indent
Enquiry
Charter Party
The ........ receipt is an acknowledgement of receipt of goods on the ship issued by the Captain
Shipping Bill
Bill of Lading
Mate’s Receipt
Consular Invoice
The Exporters appoint the ........ agent to fulfill the customs formalities
Clearing Agent
Forwarding Agent
Commission Agent
Factor
General Agreement on Tariff and Trade was signed on
30-October-1947
29-October-1947
28-October-1947
26-October-1947
WTO was estabilished on
1-1-1996
1-1-1997
1-1-1995
1-1-1994
The headquarter of WTO is located at
New York
London
Geneva
Brazil
The day to day administration of WTO is entrusted with
Executive Council
General Council
Administrative Council
General Body
World bank is located at
Washington DC
New York
Tokyo
Hongkong
The Statement which discloses a record of transactions between the residents of one country and residents of foreign country.
Balance of Payment
Balance of Trade
Statement of Receipts and Payments
Accounting Statement
The Balance of Payments councils consists of
Current Account
Capital Account
Receipts and Payments Account
Both Current Account and Capital Account
Foreign capital long- term loan and foreign currency reserve are recorded under
Official Capital
Private Capital
Banking Capital
Both Private and Official Capital
The term official capital includes
RBI holdings of foreign currencies
Special Drawing Rights held by the Government
Both A and B
Foreign Investment
Balance of payments surplus indicates
Exports are more than the Imports
Imports are more than Exports
Exports and Imports are at Equilibrium
Exports and Imports are above Equilibrium
An agreement enforceable by law is a
Enforceable acceptance
Accepted offer
Approved promise
Contract
Every promise and every set of promises, forming the consideration for each other, is an
Agreement
Contract
Offer
Acceptance
Void agreement signifies
Agreement illegal in nature
Agreement not enforceable by law
Agreement violating legal procedure
Agreement against public policy
Acceptance to be valid must
Be absolute
Be unqualified
Both be absolute & unqualified
Be conditional
A contract with or by a minor is a
Valid contract
Void contract
Voidable contract
Voidable at the option of either party
On the valid performance of the contractual obligations by the parties, the contract
Is discharged
Become enforceable
Becomes void
Becomes legal
Which of the following persons can perform the contract?
Promisor alone
Legal representatives of promisor
Agent of the promisor
All the above
A, B, C jointly promised to pay ₹Rs. 50,000 to D. Before performnce of the contract, C dies. Here, the contract
Becomes void on C’s death
Should be performed by A and B along with C’s legal representatives.
Should be performed by A and B alone.
Should be renewed between A, B and D.
Which of these parties cannot demand performance of promise?
Promisee
Any of the Joint Promisees
On the death of a Promisee, his Legal Representative.
Stranger to the Contract
A person is said to be a third person if he is not a
promisor
promise
agent
Legal Representative
On the valid performance of the contractual obligation by the parties, the contract
Is discharged
Becomes enforceable
Becomes void
None of these
An agreement to do an act impossible in itself under Section.56 is
Void
Valid
Voidable
Unenforceable
Any agreement which becomes impossible to perform under various circumstances
Voidable
Void
Valid
None of these
Discharge by mutual agreement may involve
Novation
Rescission
Alteration
All of the above
The compensation given for breach of contract is
Damage
remuneration
Money
Cheque
Income Tax is
a business tax
a direct tax
an indirect tax
none of these
Period of assessment year is
1st April to 31st March
1st March to 28th Feb
1st July to 30th June
1st Jan. to 31st Dec
The year in which income is earned is known as
Assessment Year
Previous Year
Light Year
Calendar Year
The aggregate income under five heads is termed as
Gross Total Income
Total Income
Salary Income
Business Income
Agricultural income earned in India is
Fully Taxable
Fully Exempted
Not Considered for Income
None of the above
Who is the chairman of the GST council?
RBI Governor
Finance Minister
Prime Minister
President of India
GST Stands for
Goods and Supply Tax
Government Sales Tax
Goods and Services Tax
General Sales Tax
What kind of Tax the GST is?
Direct Tax
Indirect Tax
Dependence on the Type of Goods and Services
All Business Organisations
What is IGST?
Integrated Goods and Service Tax
Indian Goods and Service Tax
Initial Goods and Service Tax
All the Above
In India GST became effective from?
1st April, 2017
1st January, 2017
1st July, 2017
1st March, 2017
