STD - 11TH COMMERCE - EM ONLINE QUIZ BOOK BACK ONE MARK

+1 Commerce (EM)

Lesson 1 - 33

Prepared by Muthu Selvam Madurai Cell : 9842104826

 

1. In Pandiyas Dynasty the place where the goods are sold is _____
   1.   Angadi
   2.   Nalangadi
   3.   Allangadi
   4.   Market
2. Retailers deal in ____________ quantity of goods
   1.   Small
   2.   Large
   3.   Medium
   4.   Limited
3. The main benefit of outsourcing is
   1.   Cost reduction
   2.   Skill
   3.   Units
   4.   Productivity
4. Who wrote “Arthasasthra” ?l
   1.   Market
   2.   Nalangadi
   3.   Allangadi
   4.   Kautilya
5. _______ was first sultan who paved way in the dense forest and helped traders to move from one market placeto others place for their commercial caravans.
   1.   Vascoda Gama
   2.   Akbar
   3.   Balban
   4.   Alauddin Khilij
6. Consumers Co-operation was first successful in _____
   1.   USA
   2.   Swiss
   3.   India
   4.   England
7. Which one of the following is a type of marine insurance?
   1.   Hull Insurance
   2.   Money Back Policy
   3.   Cargo Insurance
   4.   both Cargo & Hull Insurance
8. The Primary objective of a business is
   1.   Not Making Profit
   2.   None of the above
   3.   Making Profit
   4.   Special skill
9. Trade middleman who acts as a link between wholesaler and customers refers to a -----------.
   1.   Retailer
   2.   Broker
   3.   Producer
   4.   Customer
10. The following does not characterise business activity?
    1.   Presence of Risk
    2.   Sale or exchange of goods and services
    3.   Production of goods and services
    4.   Salary or wages
11. Trade and Commerce was common to_______ Dynasty.
    1.   Market
    2.   Pallava
    3.   Allangadi
    4.   Nalangadi
12. On the valid performance of the contractual obligations by the parties, the contract
    1.   Becomes legal
    2.   the direction of government
    3.   agreement
    4.   Friendship
13. A partnership is formed by _______
    1.   relationship among persons
    2.   the direction of government
    3.   agreement
    4.   Friendship
14. On the valid performance of the contractual obligation by the parties, the contract
    1.   Becomes enforceable
    2.   Becomes void
    3.   None of these
    4.   Is discharged
15. The industries engaged in extraction of iron ore are known as
    1.   Genetic Industries
    2.   Manufacturing Industries
    3.   Extraction Industries
    4.   Construction Industries
16. Normally high level risk involved in
    1.   Commerce
    2.   Industry
    3.   Trade
    4.   All of the above
17. A contract with or by a minor is a
    1.   Valid contract
    2.   Void contract
    3.   Voidable at the option of either party
    4.   Voidable contract
18. In which form the owner, establisher and manager is only one?
    1.   Joint Enterprise
    2.   Government Company
    3.   Co-operative Society
    4.   Sole Proprietor
19. EPC stands for
    1.   Export Promotion Council
    2.   Export Carriage council
    3.   Export processing commission
    4.   Export Promotion Congress
20. In India GST became effective from?
    1.   1st January, 2017
    2.   1st March, 2017
    3.   1st July, 2017
    4.   1st April, 2017
21. Public deposits are the deposits which are raised directly from ______
    
    1.   The public
    2.   The owners
    3.   The directors
    4.   The auditors
22. Acceptance to be valid must
    1.   Be unqualified
    2.   Be absolute
    3.   Both be absolute & unqualified
    4.   Be conditional.
23. From the following which one is Noncorporate form of business?
    1.   Sole trading business
    2.   Joint stock company
    3.   Co-operatives
    4.   Government company
24. The aim of home trade is ------------------.
    1.   To provide the essential goods and
       services economically
    2.   To obtain all types of goods.
    3.   To raise the standard of living
    4.   To raise the national income
25. The Board of directors of a company is elected by _________
    1.   Debenture holders
    2.   Debtors
    3.   Creditors
    4.   Share holders (members)
26. The firm of Hindu Undivided Family is managed by whom?
    1.   Partner
    2.   Karta
    3.   Manager
    4.   Owner
27. MSMEs are important for the nation’s economy because they significantly contribute to
    1.   exports
    2.   industrial production
    3.   employment
    4.   all the above
28. In the firm of Hindu Undivided Family, how one gets the membership?
    1.   By Investing Capital
    2.   By Birth
    3.   By Managing
    4.   By Agreement
29. ‘Only the male members in the family get the right of inheritance by birth’ as______________
    1.   Hindu law
    2.   Mitakshara Law
    3.   None of these
    4.   Dayabhaga law
30. Which of the following is not a function of a central bank?
    1.   Deal with the general public
    2.   Acts essentially as Government banker
    3.   Guiding and regulating the banking system of a country
    4.   Maintains deposit accounts of all other banks
31. The relationship between outsiders and the company is defined in ______
    1.   Articles of Association
    2.   Certificate of Incorporation
    3.   Prospectus
    4.   Memorandum of Association
32. The members in the joint hindu family are called _____________
    1.   partners
    2.   Karta
    3.   coparceners
    4.   generations
33. Which of the following is created by a Special Act of Parliament or in StateAssemblies?
    1.   Chartered company
    2.   Foreign company
    3.   Statutory company
    4.   Government company
34. Membership in a cooperative organization is
    1.   Selective
    2.   Not open to all
    3.   Open to all
    4.   None of them
35. An agreement to do an act impossible in itself under Section.56 is
    1.   Void
    2.   Valid
    3.   Voidable
    4.   Unenforceable
36. All cooperatives are established with
    1.   Philanthropic motive
    2.   Service motive
    3.   Reform motive
    4.   Profit motive
37. Goods are imported for purpose of re-export to another country is termed as_________.
    1.   Import Trade
    2.   Export Trade
    3.   International trade
    4.   Entrepot Trade
38. ----------buy the goods from the producer and sell it to the retailers.
    1.   Wholesaler
    2.   Retailer
    3.   consumers
    4.   Manufacturer
39. Depositary receipts that are traded in an international market other than the United States are called
    
    1.   Open Market Depositary Receipts
    2.   International Depositary Receipts.
    3.   Global Depositary Receipts
    4.   Special Drawing Rights
40. Socially Responsible business provides goods at
    
    1.   low price
    2.   high price
    3.   moderate price
    4.   reasonable price
41. Rochdale society of equitable pioneers was started by ____
    1.   H.C.Calvert
    2.   Lambert
    3.   Talmaki
    4.   Robert owen
42. World bank is located at
    1.   Tokyo
    2.   Washington DC
    3.   Hongkong
    4.   New York
43. Balance of payments surplus indicates
    1.   Exports are more than the Imports
    2.   Exports and Imports are at
       Equilibrium
    3.   Exports and Imports are above
       Equilibrium
    4.   Imports are more than Exports
44. There are ______ distinct modes of credit to Self Help Groups.
    1.   2
    2.   4
    3.   1
    4.   3
45. Companies established as a result of a charter granted by the King or Queen of a country is called _________
    1.   Registered companies
    2.   Foreign companies
    3.   Statutory companies
    4.   Chartered companies
46. The share capital of the government company must not be less than
    1.   95 %
    2.   51 %
    3.   75 %
    4.   60 %
47. Foreign capital long- term loan and foreign currency reserve are recorded under
    1.   Official Capital
    2.   Banking Capital
    3.   Private Capital
    4.   Both Private and Official Capital
48. Hindrance of place is removed by______
    1.   Market
    2.   Transport
    3.   Allangadi
    4.   Nalangadi
49. The primary objective of the state enterprises is to ______
    1.   Provide Employment
    2.   All the Above
    3.   Serve the People
    4.   Earn profit
50. A continuing relationship which provides a licence privileges to do business and provides training, merchandising for a consideration is called ____________
    1.   Factoring
    2.   Franchising
    3.   Exchange
    4.   Supply Chain Management
51. Air consignment note is prepared in _____ forms
    1.   Four
    2.   One
    3.   Three
    4.   Two
52. The aggregate income under five heads is termed as
    1.   Total Income
    2.   Salary Income
    3.   Business Income
    4.   Gross Total Income
53. The Central bank of India is
    1.   SBI
    2.   RBI
    3.   PNB
    4.   ICICI
54. Bankers are not only dealers of money but also leaders in
    1.   Industry development
    2.   Service development
    3.   Trade development
    4.   Economic development
55. Production which involves several
    stages for manufacturing finished products is known as
    
    1.   None of the above
    2.   Synthetic Industry
    3.   Processing Industry
    4.   Analytical Industry
56. Which bank has the power to issue bank notes?
    1.   Commercial bank
    2.   Central bank
    3.   Co-operative banks
    4.   Foreign banks
57. The purchase of goods from a foreign country is called----------
    1.   Import
    2.   Entrepot
    3.   Export
    4.   Re-export
58. A person is said to be a third person if he is not a
    1.   agent
    2.   promise
    3.   Legal Representative
    4.   promisor
59. An organization carrying out activities to move goods from producer to consumer is
    1.   Channels
    2.   Logistics
    3.   Transport
    4.   Marketing
60. Which bank is not a Industrial Bank?
    1.   ICICI
    2.   SIDBI
    3.   HSBC
    4.   IDBI
61. Foreign banks are begun their operation since
    1.   1980
    2.   1979
    3.   1981
    4.   1978
62. Electronic banking can be done through
    1.   All of the above
    2.   Computers
    3.   ATM
    4.   Mobile phones
63. The ethical conduct of employees leading to standard practices results in
    
    1.   bad behaviour
    2.   good behaviour
    3.   ethical behaviour
    4.   correct decision making
64. Minimum how much amount can be transferred through RTGS?
    
    1.   Any amount
    2.   5 lakh
    3.   2 lakh
    4.   50,000
65. The term official capital includes
    1.   Special Drawing Rights held by the
       Government
    2.   RBI holdings of foreign currencies
    3.   RBI holdings of foreign currencies and Special Drawing Rights held by the
       Government
    4.   Foreign Investment
66. WTO was estabilished on
    1.   1-1-1997
    2.   1-1-1996
    3.   1-1-1995
    4.   1-1-1994
67. Which of the following persons can perform the contract?
    1.   Legal representatives of promisor
    2.   Promisor alone
    3.   All the above
    4.   Agent of the promisor
68. In which kind of account, it is compulsory to deposit certain amount at certain time?
    1.   Saving deposit
    2.   Current deposit
    3.   Fixed deposit
    4.   Recurring deposit
69. Warehouses remove the hindrance of ______________
    1.   Time
    2.   Risk
    3.   Knowledge
    4.   Person
70. GST Stands for
    1.   Goods and Supply Tax
    2.   General Sales Tax
    3.   Goods and Services Tax
    4.   Government Sales Tax
71. The Statement which discloses a record of transactions between the residents of one country and residents of foreign country.
    1.   Balance of Payment
    2.   Accounting Statement
    3.   Statement of Receipts and Payments
    4.   Balance of Trade
72. Every promise and every set of promises, forming the consideration for each other, is an
    1.   Acceptance
    2.   Agreement
    3.   Offer
    4.   Contract
73. ________can be given as a collateral security for getting financial assistance from bank.
    1.   Warehouse receipt
    2.   Dock warrant
    3.   Dock receipt
    4.   Warehouse warrant
74. _________ warehouses are used for storing perishable goods like fruits, vegetables etc.
    1.   Bonded
    2.   Cold storage
    3.   Co-operative
    4.   Private
75. The Reserve Bank of India commenced its operations from April 1,
    1.   1935
    2.   1933
    3.   1936
    4.   1934
76. ____ warehouses are licensed by the government and are permitted to accept the goods on bond.
    1.   Cold Storage
    2.   Bonded
    3.   All the Above
    4.   Public
77. Transport removes the hindrance of
    1.   Time
    2.   Place
    3.   Knowledge
    4.   Person
78. The largest commercial bank of India
    1.   SBI
    2.   ICICI
    3.   PNB
    4.   RBI
79. Self help groups convert the savings into a common fund known as
    1.   Group corpus fund
    2.   Group fund
    3.   none of the above
    4.   Common fund
80. General Agreement on Tariff and Trade was signed on
    1.   26-October-1947
    2.   29-October-1947
    3.   30-October-1947
    4.   28-October-1947
81. Which is the fastest means of transport?
    
    1.   Rail
    2.   Sea
    3.   Road
    4.   Air
82. ______ is not a type of general insurance
    1.   Life Insurance
    2.   Fidelity Insurance
    3.   Marine Insurance
    4.   Fire Insurance
83. The ------------------- receipt is an acknowledgement of receipt of goods on the ship issued by the Captain
    1.   Bill of Lading
    2.   Shipping Bill
    3.   Consular Invoice
    4.   Mate’s Receipt
84. Which of the following in not applicable in insurance contract?
    1.   Conditional contract
    2.   Indemnity contract
    3.   Unilateral contract
    4.   Inter-personal contract
85. The oldest form of organisation in public sector
    1.   Public Sector Undertakings
    2.   Departmental Undertakings
    3.   Statutory Corportion
    4.   Multi National Corportions
86. A major disadvantage of sole proprietor-ship is ______
    1.   Easy Formation
    2.   Quick decision
    3.   Unlimited liability
    4.   Limited liability
87. MSMED Act was enacted in the year
    
    1.   2008
    2.   2006
    3.   2004
    4.   2007
88. Buying and selling of goods through electronic network is known as _____
    1.   Website
    2.   E-commerce
    3.   internet
    4.   Trade
89. Which of these parties cannot demand performance of promise?
    1.   Any of the Joint Promisees
    2.   On the death of a Promisee, his Legal
       Representative
    3.   Stranger to the Contract
    4.   Promisee
90. The main benefit of Logistics is
    1.   Storage
    2.   Cost Minimisation
    3.   Productivity
    4.   Profitability
91. What kind of Tax the GST is?
    1.   Dependence on the Type of Goodsand Services
    2.   Direct Tax
    3.   Indirect Tax
    4.   All Business Organisations
92. Assuming Social Responsibility of business helps the enterprise in
    1.   Sustainability
    2.   Equilibrium
    3.   Decrease profit
    4.   Increase profit
93. The Stakeholders of Socially Responsible business units are except
    
    1.   Employees
    2.   Company
    3.   Government
    4.   Share Holders
94. Cooperative fails because of
    1.   Cash trading
    2.   Unlimited membership
    3.   Loss-making
    4.   Mismanagement
95. Social Responsibility towards employees represents the following except
    
    1.   Social security
    2.   proper facilities
    3.   reasonable remuneration
    4.   exploitation
96. Merchant middlemen can be classified into ---------- categories.
    1.   Three
    2.   Two
    3.   Four
    4.   Five
97. Ethics is important for
    
    1.   Middle level managers
    2.   All of them
    3.   Non managerial employees
    4.   Top management
98. The role of top management is to guide the entire organisation towards
    1.   Organisavtion behaviour
    2.   Individual behaviour
    3.   General behaviour
    4.   Ethically upright behaviour
99. What is IGST?
    1.   Indian Goods and Service Tax
    2.   Integrated Goods and Service Tax
    3.   Initial Goods and Service Tax
    4.   All the Above
100. What is defined as the provision of money at the time when it is required?
     
     1.   finance
     2.   bank
     3.   none of these
     4.   cash management
101. Movement of goods , services, intellectual property, human assets, technology and so on among the countries.
     1.   International Trade
     2.   International business
     3.   Entrepot Trade
     4.   Internal trade
102. Debenture holders are entitled to a fixed rate of ___________
     
     1.   Dividend
     2.   Profits
     3.   Interest
     4.   Ratios
103. Equity shareholders are the __________ of a company
     
     1.   Owners
        .
     2.   Debtors
     3.   Employees
     4.   Creditors
104. An instrument representing ownership interest in securities of a foreign issuer is called ___________
     
     1.   an ownership certificate
     2.   a depositary receipt.
     3.   None of the above.
     4.   an ownership receipt
105. ADRs are issued in
     
     1.   China
     2.   The USA
     3.   Canada
     4.   India
106. Issuance of DRs is based on the increase of demand in the
     
     1.   Local market
     2.   All of the above
     3.   Existing shareholders
     4.   International market
107. Discharge by mutual agreement may involve
     1.   Rescission
     2.   All of the above
     3.   Alteration
     4.   Novation
108. __________ bond is a special type of bond issued in the currency other than the home currency.
     
     1.   Foreign Currency Convertible Bond
     2.   Government Bonds
     3.   Lending Funds
     4.   Protection of life
109. Which of the following is not a function of insurance?
     1.   Risk sharing
     2.   Capital formation
     3.   Lending Funds
     4.   Protection of life
110. Investment limit of a micro enterprise under manufacturing sector does not exceed__________ lakhs
     1.   25
     2.   20
     3.   10
     4.   50
111. The Local Area Banks are promoting
     1.   Business savings
     2.   Industrial development
     3.   Rural savings
     4.   Agricultural development
112. Movement of goods , services among the countries.
     1.   International business
     2.   International Trade
     3.   Internal trade
     4.   Entrepot Trade
113. ---------- acts as a connective link between the producer and the consumer.
     1.   Business
     2.   Commerce
     3.   Trade
     4.   Industry
114. Which is the oldest form of Business organisation?
     1.   Company
     2.   Sole Proprietorship
     3.   Partnership
     4.   Co-operative Society
115. Internal trade can be classified into ----------categories
     1.   Three
     2.   Two
     3.   Four
     4.   Five
116. Who is the first middleman in the channel of distribution?
     1.   Producer
     2.   Customer
     3.   Wholesaler
     4.   Retailer
117. ---------- are agents who merely bring the buyer and the seller into contact.
     1.   Commission agent
     2.   Broker
     3.   stockiest
     4.   Selling agent
118. Period of assessment year is
     1.   1st March to 28th Feb
     2.   1st July to 30th June
     3.   1st Jan. to 31st Dec
     4.   1st April to 31st March
119. Small shops which deal in a particular line of products are called as _____
     1.   Street stalls
     2.   Single line stores
     3.   Sugar market
     4.   Market traders
120. _____are mobile traders who deal in low priced articles with no fixed place of business.
     1.   Super markets
     2.   Shopping malls
     3.   Street stalls
     4.   Itinerant traders
121. Which of the following does not ensure effective ethical practices in a business enterprise
     
     1.   Establishment of compliance
        mechanisms
     2.   Involvement of employees
     3.   Publication of a code
     4.   none of them
122. When goods are imported for the purpose of export it is called as-----------.
     1.   Trade
     2.   Home Trade
     3.   Foreign Trade
     4.   Entrepot
123. A warehouse holds goods as a __________ center.
     1.   sorting
     2.   Marketing
     3.   distribution
     4.   selling
124. Who is the chairman of the GST council?
     1.   President of India
     2.   Finance Minister
     3.   RBI Governor
     4.   Prime Minister
125. Selling of goods from home country to foreign country is called
     1.   Entrepot Trade
     2.   Joint Venture
     3.   Home Trade
     4.   Foreign Trade
126. STC is expansion for
     1.   State Trading Corporation
     2.   State Training Council
     3.   State Trading Centre
     4.   State Training Centre
127. An ------------- is document prepared by importer an sent to the exporter to buy the goods
     1.   Enquiry
     2.   Indent
     3.   Invoice
     4.   Charter Party
128. Activities undertaken out of love and affection or with social service motive are termed as:
     1.   Monetary activities
     2.   Non Economic Activities
     3.   Financial Activities
     4.   Economic activities
129. Occupation of a Doctor is
     1.   None of the above
     2.   Employment
     3.   Special skill
     4.   Not Making Profit
130. Any agreement which becomes impossible to perform under various circumstances
     1.   Void
     2.   None of these
     3.   Voidable
     4.   Valid
131. A Government company purchases shares in the name of
     1.   Prime Minister
     2.   President
     3.   State Chief Minister
     4.   Chief Justice of India
132. Internal sources of capital are those that are __________________
     
     1.   generated through issue of shares
     2.   generated within the business
     3.   generated through loans from
        commercial banks
     4.   generated through outsiders such as
        suppliers
133. Which of the following helps in maximising sale of goods to society?
     
     1.   Professional management
     2.   Ethics
     3.   laws and regulations
     4.   Business success
134. Agricultural income earned in India is
     1.   Fully Exempted
     2.   Not Considered for Income
     3.   Fully Taxable
     4.   None of the above
135. The Exporters appoint the ------------- agent to fulfill the customs formalities
     1.   Forwarding Agent
     2.   Commission Agent
     3.   Clearing Agent
     4.   Factor
136. An agreement enforceable by law is a
     1.   Enforceable acceptance
     2.   Accepted offer
     3.   Approved promise
     4.   Contract
137. The headquarter of WTO is located at
     1.   London
     2.   Brazil
     3.   New York
     4.   Geneva
138. The day to day administration of WTO is entrusted with
     1.   General Council
     2.   Administrative Council
     3.   Executive Council
     4.   General Body
139. The Balance of Payments councils consists of
     1.   Capital Account
     2.   Current Account
     3.   Both Current Account and Capital
        Account
     4.   Receipts and Payments Account
140. Void agreement signifies
     1.   Agreement against public policy
     2.   Agreement not enforceable by laW
     3.   Agreement violating legal procedure
     4.   Agreement illegal in nature
141. __________ is a document acknowledging the receipt of goods by a carrier
     1.   Consignment note
     2.   Charter party
     3.   Waybill
     4.   Bill of lading
142. Which type of Responsibility gives the benefit to the Society out of its profits earned?
     1.   Ethical
     2.   Moral
     3.   Legal
     4.   Economic
143. The basic principle of insurance is ________
     1.   Co-Operation
     2.   Insurable Interest
     3.   Subrogation
     4.   Proximate causa
144. A, B, C jointly promised to pay ₹ 50,000 to D. Before performnce of the contract, C dies. Here, the contract
     1.   Becomes void on C’s death
     2.   Should be performed by A and B along
        with C’s legal representatives
     3.   Should be performed by A and B alone
     4.   Should be renewed between A, B
        and D
145. Table A of the Companies Act is a______
     
     1.   Model of MOA
     2.   Model minutes book
     3.   Model of AOA
     4.   Model form of Balance Sheet
146. Small scale Fixed retailers include __________
     1.   General stores
     2.   Pedlars
     3.   Cheap Jacks
     4.   Hawkers
147. The year in which income is earned is known as
     1.   Previous Year
     2.   Assessment Year
     3.   Calendar Year
     4.   Light Year
148. Which of the following is not a type of advance provided by commercial bank?
     
     1.   Discounting of bills
     2.   Cash credit
     3.   Overdraft
     4.   Collecting and supplying business information
149. Income Tax is
     1.   none of these
     2.   a business tax
     3.   a direct tax
     4.   an indirect tax
150. The compensation given for breach of contract is
     1.   Remuneration
     2.   Damage
     3.   Cheque
     4.   Money