WorksheetsBusiness and Economics Quiz
Total questions: 50
Worksheet time: 17mins
What is the basic economic problem?
Unemployment
Scarcity
Inflation
Deflation
Expand GATT
General Arrangement on Trade and Tariff
General Agreement on Trade and Transport
General Agreement on Trade and Tariff
General Arrangement on Trade and Transport
The quick ratio is known as:
Liquidity ratio
Current ratio
Fixed assets ratio
Profitability ratio
The formula for calculating gross profit is:
Sales - cost of goods sold
Sales + cost of goods sold
Sales - expenses
Revenue - liability
The ratios are primarily measures return:
Liquidity
Activity
Debit
Profitability
Current liabilities are to be paid within
3 month
6 month
9 month
12 month
Which type of plan details the day-to-day activities of an organisation?
Policy
procedure
Rule
Budget
Liquidity ratios are expressed in:
Pure ratio from
Percentage
Rate of time
None of the above
What is the scope resolution operator in C++?
.
::
->
:
What is the full form of PIN as used with debit/credit cards?
Permanent Identification Number
Personal Identification Number
Private Information Number
Public Internet Network
The main objective of preparing a trial balance is to:
Ascertain the profit or loss of the business
Check the arithmetical accuracy of ledger accounts
Determine the financial position of the business
Prepare the cash flow statement
A company which started recently and not yet raised fund is called.
joint stock company.
Bootstrap company.
Seed stage company.
None of the above.
The law of demand states that:
As price increases, quantity demanded increases
As price decreases, quantity demanded decreases
As price increases, quantity demanded decreases
Demand is not affected by price
Patent and copy right fall under the category of :
Factitious Assets
Current Assets
Intangible Assets
Tangible Assets
Which of the following is the correct abbreviation of COMPUTER?
Commonly Occupied Machines Used in Technical and Educational Research
Commonly Operated Machines Used in Technical and Environmental Research
Commonly Oriented Machines Used in Technical and Educational Research
Commonly Operated Machines Used in Technical and Educational Research
The rule of nominal account is:
Debit the giver, credit the receiver
Debit what comes in, credit what goes out
Debit expenses and losses, credit incomes and gains
Debit assets, credit liabilities
The full form of SWOT in business analysis is:
Strategy, Work, Opportunity, Trade
Strength, Weakness, Opportunity, Threat
System, Work, Output, Target
Strength, Will, Offer, Trade
A company formed by a special act of the legislature is called:
Statutory Company
Private Company
Public Company
Government Company
Identify the style of leadership in which the superior uses file forces from within the Groups in order to establish control.
Autocratic leadership
Democratic leadership
Laissez-faire leadership
Authoritarian leadership
When decision-making authority is retained, an organisation is said to be by Higher management levels.
Decentralised
Centralised
Fragmented
None of the above
Abhishek, Rajat and Vivek are partner sharing profit in the ratio of 5:3:2. Is Vivek returns the new profit sharing ratio between Abhishek and Rajat will be
3:2
5:2
5:3
None of the above
The process of transferring entries from journal to ledger is called:
Posting
Balancing
Journalizing
Summarizing
The assets that can be easily converted into cash within a short period, 1 year or less are Known as
Current assets
assets
Intangible assets
Investments
Henry Fayol was a
Social scientists
Accountant
Production engineer
Mining engineer
What is a unique 11 digit alphanumeric code used for online fund transfer in India.
IFSC
SWIFT
MICR
UPI
Which of the following transaction will reduce total assets and liability?
Assets Purchase in Cash
Purchase goods on credit
Repayment of loan
Subsidy received from Government
Call in arrears appears in the company Balance Sheet under
Share Capital
Current Liability
Long term borrowing
Reserve & Surplus
When price floor is set above equilibrium price it will result in?
Shortage
Surpluses
Equilibrium
None of the above
Which of the following is NOT a business risk?
Breakdown of machinery
Efficient management
Riot
Changing government policy
The full form of ICAI is:
Indian Company of Accounting Information
International Council of Accounting Institutes
Institute of Chartered Accountants of India
The Indian chartered accountant's institution
In cloud computing, what does "SaaS" primarily refer to?
Storage as a Service
Security as a Service
System as a Solution
Software as a Service
The primary purpose of accounting is to:
Maximize profits
Record business transactions
Forecast future sales
Minimize taxes
Grapevine is
Formal communication
Barriers to communication
Lateral communication
Informal communication
The cheapest source of finance is
Debenture
Equity share capital
Preference share
Retained earnings
The difference between revenue expenditure and revenue receipts is
Revenue deficit
Fiscal deficit
Budget deficit
Primary deficit
Accrued income is:
Income received in advance
Income earned but not received
Expense not yet paid
Income already received
Which concept assumes that the business will continue to exist indefinitely?
Matching Concept
Going Concern Concept
Conservatism Concept
Cost Concept
When a cheque is returned by the bank showing some technical reason is known as.
Honour of the cheque
balance of account
Dishonour of the cheque
none of the above
What is the term for a company's total revenue minus total expenses?
Net profit
Gross profit
Operating income
Net loss
Which of the following is not a cash inflow from investing activities:
Cash receipts from disposal of fixed assets
cash receipts from sale of goods and rendering of services
interest received in cash from loans and advances
dividend received from investments in other enterprises
FTP stands for
format transfer protocol
Font transfer protocol
File transfer protocol
File transfer permission
Any written document in support of a business transaction is called a
Voucher
Bill
Account
Register
One who lends capital in partnership is
Active partner
Sleeping partner
Nominal partner
Sub partner
Which accounting principle records transactions at cost?
Historical cost principle
Matching principle
Realization principle
Dual aspect
A histogram is used for:
Continuous data
Categorical data
Discrete data
None
The function of a modem is:
Convert analog to digital
Store data
Display output
Type text
Which one is not a programming language?
Python
MS Paint
Java
C++
Which ratio is used to measure firm's ability to meet current obligation?
Leverage Ratio
Activity Ratio
Liquidity Ratio
Profitability Ratio
Deprecation is
Deferred revenue expenditure
Capital Expenditure
Revenue Expenditure
None of the above
What does "Capitalism" refer to?
The use of market
Government ownership of capital
Private ownership of capital goods
Private ownership of homes and cars
