Commerce Knowledge Test
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Avg score: 8% • Most missed: “The main advantage of functional organisation is-“”
Commerce Knowledge Test
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25 Questions

1. The policy that has been the most successful in increasing agricultural output in developing country is-“
2. Asset cost Rs. 21 - 000 Scrap value Rs. 1 - 000 Depreciation rate 10% p. a. What is the amount of depreciation for the first year if straight line method is used ?
3. Which of the following goods or services could not be provided by a pure free market economy-“
4. The record of country's transactions in goods - services and assets with the rest of the world is its-“
5. If the cost of goods sold in Rs. 1 - 20 - 000 and the rate of gross is 1/4 on sales - the amount of sales is-“
6. Mr. Pawan was born on April 18 - 1986 in India and later on he took the citizenship of USA. Neither his parents nor his grand parents were born in undivided India. In this case Mr. Paw an shall be-“
7. Year ending on March 31st immediately prior to assessment year is called-“
8. A partner in a firm-“
9. The most appropriate measure of a country's economic growth is its-“
10. Assets of a business are Rs. 21315 and liabilities Rs. 4 - 120. What is the amount of owner's equity?
11. All the following are examples of fixed costs except-“
12. When capital in the beginning is Rs. 10 - 500 - drawings during the year Rs. 6 - 500 and fresh capital introduced Rs. 3 - 500. What is the amount of capital at the end assuming no profit or loss.
13. During a period of rising prices - which inventory pricing method will result in lower total current assets-“
14. Expenditure incurred by a publisher for acquiring copyrights is a-“
15. Charging of capital expenditure to revenue results in-“
16. Closing stock Rs. 53 - 400 cost of Goods sold Rs. 75 - 000 - Gross profit Rs. 5 - 000 - Purchases Rs. 82 - 000 What is the amount of opening stock-“
17. The burden of tax falls more heavily on the seller in a market when-“
18. A minor's income shall be included in the guardian assessee's income if it-“
19. The net assets of a business on Jan. 1 and Jan. 31 are Rs. 39 - 000 and Rs. 38 - 000 respectively. Additional investment by owner and withdrawal by owner during Jan. amount to Rs. 2000 and Rs. 6000 respectively. What is the net income for Jan. ?
20. Which of the following is an equation?
21. In case of inferior goods the income elasticity of demand is-“
22. Which of the following is an extractive industry?
23. Which of the following is not viewed as a national debt?
24. Under capitalization can be remedied by-“
25. What is the slope of AR (Average revenue) curve in monopoly?

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