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. In a free market economy the allocation of resources is deter-mined by-“
2. If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes - then blue jeans and tennis shoes are-“
3. The total sum of the goods and services produced within a country in a year minus depreciation is called the-“
4. Who is called the Father of Economics?
5. When funds from operations are Rs. 42 - 000 and amount of depreciation on plant and machinery is Rs. 5000. What is the amount of net profit.
6. Investment by owner results in-“
7. Share of partner in the income of partnership firm shall be-“
8. 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. ?
9. Interest on single savings account in post office is exempt upto the following limit-“
10. The flow of fund is said to have taken place when-“
11. Opening stock Rs. 15000 Purchases Rs. 40000 Cost of golds sold Rs. 52000 Sales Rs. 57000 What is the amount of gross profit or loss-“
12. Delegation of authority results in-“
13. The agricultural income is exempt under the following section of IT Act-“
14. Table A of the companies Act can be adopted for-“
15. Consumer surplus is the area in graph-“
16. Median of discrete even series is given by-“
17. The term 'funds' as used in 'funds flow statement' means-“
18. The famous book 'General and Industrial Management' was written by-“
19. The function of staff in line the staff organization is-“
20. 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-“
21. Whenever data deals with speed - distance and time then the best average is-“
22. A company redeemed its preference share capital Rs. 2 - 00 - 000 for which purpose it raised equity capital of Rs. 1 - 50 - 000. It also issued bonus shares of the value of Rs. 1 - 00 - 000. These transactions will have the net effect on the flow of funds is follows-“
23. For which of the following purpose - share premium can be used?
24. Goodwill account is a-“
25. Share forfeited account is shown on the liability side of the balance sheet-“

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