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. What is the slope of AR (Average revenue) curve in monopoly?
2. Expenditure incurred by a publisher for acquiring copyrights is a-“
3. When opening stock is Rs. 50 - 000 - closing stock Rs. 60 - 000 and cost of goods sold Rs. 2 - 20 - 000 - the stock turnover ratio is-“
4. First of all - the Income Tax Act was passed in independent India-“
5. Goodwill account is a-“
6. The works manager gets commission of 10% on the profits after charging such commission. If the profit is Rs. 2200 what is the amount of commission-“
7. When capital at Jan. 01 Rs. 19 - 400 - capital at December 31 Rs. 21 - 500 - drawings Rs. 4 - 300. What is the amount of profit or loss?
8. Which of the following committees examined and suggested Financial sector reforms in India-“
9. Which of the following goods or services could not be provided by a pure free market economy-“
10. An entry to Rs. 500 was wrongly posted to wages account instead of machinery account - as wages are to be capitalized it is an error of-“
11. Assets of a business are Rs. 21315 and liabilities Rs. 4 - 120. What is the amount of owner's equity?
12. X Ltd. forfeited. 30 shares of Rs. 10 each fully called up for non payment of allotment money of Rs. 3 per share and call money of Rs. 4 per share. These shares are re-issued for Rs. 8 per share fully paid. What is the amount to be transferred to capital reserve account.
13. The record of country's transactions in goods - services and assets with the rest of the world is its-“
14. Assuming there is no government or foreign sector - if the MPC is 0.8 - the multiplier is-“
15. Delegation of authority results in-“
16. 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-“
17. In case of women assessee her agricultural income of Rs. 8000 shall be included in her total income if her total income is more than the following-“
18. During a period of rising prices - which inventory pricing method will result in lower total current assets-“
19. The flow of fund is said to have taken place when-“
20. A firm's average total cost is Rs. 30 at 5 units of output and Rs. 32 at 6 units of output. The marginal cost of producing 6th units is-“
21. A firm which makes boats has fixed cost of Rs. 2 - 60 - 000 per month. The product sells for Rs. 35 - 000 per boat and the variable cost of production is Rs. 15 - 000 per boat. The boat yard can manufacture 20 boats each month. What is the firm's break even output?
22. The main drawback of functional organization developed by Taylor is that it fails to recognise-“
23. Investment according to Keynesian theory is-“
24. Time series deals with-“
25. If profits are 25% of selling price - what is the percentage of profit to cost?

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