SLET NE Commerce Solved Paper 2014 (Paper II)
Assam SLET Solved Question Paper Commerce
Based on Memory and Adjusted As per New Syllabus
[Time: 2 hours; Maximum Marks: 200]
Note: This paper contains Hundred (100) objective type questions, each question carrying two (02) marks. All the questions are compulsory.
In this post you will get SLET NE Commerce Solved Paper 2014 with Proper Explanation. SLET NE General Paper 1 Solutions will also be available very soon on our website.
Questions in this post are based on memory which is submitted by various online readers. Reference of Assam SLET Exam books are also taken which compiling this solutions. This Solved Paper is Adjusted as per Assam SLET Commerce syllabus for 2023 exam.
Also Read: Assam SLET (SLET NE) Solved Question Paper 2012 to 2022 [Commerce]
Assam SLET (SLET NE) Commerce Solved Question Paper 2012
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Assam SLET (SLET NE) Commerce Solved Question Paper 2014
Assam SLET (SLET NE) Commerce Solved Question Paper 2015
Assam SLET (SLET NE) Commerce Solved Question Paper 2017
Assam SLET (SLET NE) Commerce Solved Question Paper 2018
Assam SLET (SLET NE) Commerce Solved Question Paper 2019
Assam SLET (SLET NE) Commerce Solved Question Paper 2021
Assam SLET (SLET NE) Commerce Solved Question Paper 2022
1. Internal environment of a business includes all of the following except
a) Company culture.
b) Customers.
c) Patents and trade secrets.
d) Company image.
Ans: b) Customers.
2. Balance of payment includes components:
a) Current Account, Capital Account, Unilateral Payments Account, Official Settlement Accounts.
b) Revenue Account, P&L A/c, Capital Account, Official Account.
c) Trade Account, Activity Account, Revenue Account and Currency Account.
d) Forex Account, Trade Account, Funds Accounts.
Ans: a) Current Account, Capital Account, Unilateral Payments Account, Official Settlement Accounts.
3. Which one is the main objective of fiscal policy in India?
a) To increase liquidity in the economy.
b) To promote price stability.
c) To minimise the inequalities of income and wealth.
d) To promote employment opportunities.
Ans: a) To increase liquidity in the economy.
4. Statement (A): In the context of globalisation, the most important challenges facing India is to boost exports.
Reason (R): It may increase the country’s growth rate.
a) Both (A) and (R) are true and (R) is the correct explanation of (A).
b) Both (A) and (R) are true and (R) is the incorrect explanation of (A).
c) (A) is true but (R) is false.
d) (A) is false but (R) is true.
Ans: a) Both (A) and (R) are true and (R) is the correct explanation of (A).
5. Possible impact of WTO on various aspects of the Indian economy:
(1) Quantitative restriction will be allowed
(2) Second hand cars will be imported
(3) There will be dumping of Chinese goods
(4) Increase in population
(5) Child labour exploitation
(6) Unemployment will increase
Which combination is appropriate?
a) (1), (2) and (3).
b) (3), (4) and (5).
c) (2), (3) and (6).
d) (4), (5) and (6).
Ans: c) (2), (3) and (6).
6. Which of the following factors is an obstacle to globalisation?
a) Government policy and regulation.
b) Niche markets.
c) Human Resources.
d) Competition.
Ans: a) Government policy and regulation.
7. Balance of payment can be made favourable if
a) Exports are increased.
b) Imports are increased.
c) Devaluation of money.
d) Both (A) and (C).
Ans: d) Both (A) and (C).
8. Which Indian city has been chosen by the World Bank for setting up its back office operations?
a) Bangalore.
b) Kolkata.
c) Chennai.
d) New Delhi.
Ans: c) Chennai.
9. The Trade Facilitation Agreement (TFA) of the WTO says that farm subsidies cannot be more than 10 per cent of the
a) Gross Domestic Product of a country.
b) Value of agricultural production.
c) National Income of a country.
d) Value of agricultural exports.
Ans: b) Value of agricultural production.
10. South-South Cooperation means
a) Increasing diplomatic relation among emerging economies.
b) The flow of resources from one developing country to another.
c) Increasing investment between developing countries.
d) Rising trade between the countries.
Ans: b) The flow of resources from one developing country to another.
11. Human Resource Accounting is an expected solution over the limitations of ________.
a) Assets and liability.
b) Income and expenses.
c) Realisation concept.
d) Money measurement concept.
Ans: d) Money measurement concept.
12. Which of the following industries does not use the process costing?
a) Oil refineries.
b) Distilleries.
c) Sugar.
d) Aircraft manufacturing.
Ans: d) Aircraft manufacturing.
13. When prices show a rising trend, which one of the following methods of inventory valuation will result in lower income and lower valuation of inventory?
a) FIFO.
b) LIFO.
c) Simple average method.
d) Weighted average method.
Ans: b) LIFO.
14. ABC Ltd. has profit after tax Rs.80,000, Depreciation Rs. 15,000 and decrease in debtors Rs. 25,000. What is the cash flow from operating activities?
a) Rs. 55,000.
b) Rs. 40,000.
c) Rs. 1,20,000.
d) Rs. 65,000.
Ans: c) Rs. 1,20,000.
15. At the time of consolidation issue of bonus shares by subsidiary company out of capital profit will ________.
a) Decrease cost of control.
b) Increase cost of control.
c) Increase holding ratio.
d) Have no effect on cost of control.
Ans: d) Have no effect on cost of control.
16. The sweat shares are allotted to ________.
a) Investors.
b) Employees.
c) Vendors.
d) Promoters.
Ans: b) Employees.
17. Cost auditor is appointed by:
a) The shareholders in the general meeting.
b) The Central Government.
c) The Registrar of Companies.
d) The Board of Directors.
Ans: d) The Board of Directors.
18. Employee benefits to employees in financial statements are recognised as per ________.
a) Indian AS-1.
b) Indian AS-9.
c) Indian AS-6.
d) Indian AS-19.
Ans: d) Indian AS-19.
19. X and Y share profits and losses in the ratio of 2 : 1. They take Z as a partner and the new profit sharing ratio becomes 3 : 2 : 1. Z brings Rs. 4,500 as premium for goodwill. What will be the value of firm’s goodwill?
a) Rs. 4,500.
b) Rs. 18,000.
c) Rs. 27,000.
d) Rs. 24,000.
Ans: c) Rs. 27,000.
20. What is said as essence of Auditing?
a) Vouching.
b) Verification.
c) Valuation.
d) Internal check.
Ans: a) Vouching.
21. The concept of cardinal utility in economics was introduced by
a) A. Marshall.
b) J. Hicks.
c) P. A. Samuelson.
d) J. M. Keynes.
Ans: a) A. Marshall.
22. A consumer will attain equilibrium in terms of the indifference curve analysis when
a) The budget line is tangent to the indifference curve.
b) The indifference curve has a positive slope.
c) The indifference curve has a negative slope.
d) The budget line is tangent to the indifference curve and the indifference curve is convex to the origin.
Ans: d) The budget line is tangent to the indifference curve and the indifference curve is convex to the origin.
23. Price ________ when there is excess market demand over market supply.
a) tends to increase.
b) tends to decrease.
c) remains constant.
d) cannot be determined.
Ans: a) tends to increase.
24. If price elasticity of supply is zero, the supply curve will be
a) A horizontal straight line.
b) A vertical straight line.
c) A downward falling straight line.
d) An upward rising straight line.
Ans: b) A vertical straight line.
25. The relation between average cost and marginal cost is that
a) they are parallel to each other.
b) they are perpendicular to each other.
c) they have a common point.
d) they are tangent to each other.
Ans: c) they have a common point.
26. A firm enjoys abnormal profit when
a) average cost equals price.
b) average cost is greater than price.
c) average cost is less than price.
d) average cost is equal to marginal cost.
Ans: c) average cost is less than price.
27. The concept of “dead-weight loss” is relevant only under
a) Monopolistically competitive market.
b) Perfectly competitive market.
c) Oligopoly market.
d) Monopoly market.
Ans: d) Monopoly market.
29. The kinked demand curve model of oligopoly was introduced by
a) Samuelson.
b) Chamberlin.
c) Joan Robinson.
d) Sweezy.
Ans: d) Sweezy.
30. Marginal revenue will be zero when
a) ep <1.
b) ep >1.
c) ep = 0.
d) ep = 1.
Ans: d) ep = 1.
31. For a contingency table with 6 rows and 5 columns the degree of freedom will be
a) 20.
b) 25.
c) 30.
d) 36.
Ans: a) 20.
33. If we reject the true null hypothesis we may be making
a) Standard error.
b) Sampling error.
c) Type-I error.
d) Type-II error.
Ans: c) Type-I error.
34. The hierarchy where every subordinate should receive orders from and be accountable to only one superior follows
a) Unity of direction.
b) Unity of command.
c) Decentralisation.
d) Scalar chain.
Ans: b) Unity of command.
35. The study of the movements of both the workers and machines to eliminate wasteful movement is
a) Fatigue study.
b) Time study.
c) Motion study.
d) Work study.
Ans: c) Motion study.
36. Employees promoted on the basis of seniority in an organisation is an example of
a) Rules.
b) Procedures.
c) Policy.
d) Methods.
Ans: c) Policy.
37. The more is the importance of superiors in an organisation, the more the organisation is
a) Decentralised.
b) Departmentalised.
c) Centralised.
d) Diversified.
Ans: c) Centralised.
38. The number of subordinates that a superior can control is referred to as
a) Span of activity.
b) Span of control.
c) Span of business.
d) Span of planning.
Ans: b) Span of control.
39. Hawthorne experiments are associated with
a) Peter Drucker.
b) Elton Mayo.
c) Abraham Maslow.
d) Henri Fayol.
Ans: b) Elton Mayo.
40. The leadership style that allows the group members to take decisions independently is known as
a) Autocratic style.
b) Positive style.
c) Creative style.
d) Laissez-Faire style.
Ans: d) Laissez-Faire style.
41. Control exercised while the activity is in progress is
a) Feed forward control.
b) Feedback control.
c) Concurrent control.
d) Managerial control.
Ans: c) Concurrent control.
42. Branding is a _________ function.
a) Exchange.
b) Facilitating.
c) Physical supply.
d) Social.
Ans: b) Facilitating.
43. Behaviour exhibited while purchasing a car is an example of
a) Dissonance reducing buying behaviour.
b) Variety seeking buying behaviour.
c) Complex buying behaviour.
d) Habitual buying behaviour.
Ans: c) Complex buying behaviour.
44. Social class is an element of _________ factor.
a) Social.
b) Cultural.
c) Personal.
d) Economic.
Ans: b) Cultural.
45. Consumerism tries to increase
a) rights and powers of consumers.
b) rights and powers of sellers.
c) rights and powers of distributors.
d) rights and powers of government.
Ans: a) rights and powers of consumers.
46. Time and Breadth dimensions are the two major dimensions of
a) Social marketing.
b) Sales management.
c) Societal marketing.
d) Consumerism.
Ans: c) Societal marketing.
47. Serving a small market not served by competitors is known as
a) Target marketing.
b) Local marketing.
c) Niche marketing.
d) International marketing.
Ans: c) Niche marketing.
48. The act of creating an image about a product or brand in the mind of customer is known as
a) Positioning.
b) Lifestyle segmentation.
c) Product differentiation.
d) Market segmentation.
Ans: a) Positioning.
49. Trademark is a
a) Name.
b) Symbol.
c) Design.
d) Registered brand.
Ans: d) Registered brand.
50. Sub-dividing market into homogeneous sub-sections of customers is known as
a) Target marketing.
b) Market segmentation.
c) Product differentiation.
d) Market penetration.
Ans: b) Market segmentation.
51. Another term used for 360 degree appraisal and feedback is:
a) Multi rater.
b) Complete appraisal.
c) Internal and external appraisal.
d) Periodic assessment.
Ans: a) Multi rater.
52. ________ is not the part of on the-job training method.
a) Apprenticeship.
b) Simulation.
c) Coaching.
d) Internship.
Ans: b) Simulation.
53. ________ suggests that managerial knowledge may be transferred from one country to another and from another within the same country.
a) Universality of Management.
b) Scientific Management.
c) Professional Management.
d) Administrative Management.
Ans: a) Universality of Management.
54. ________ is used to evolve behavioural description of a job.
a) Critical Incident Technique.
b) Position Analysis Questionnaire/Technique.
c) Task inventory Analysis Technique.
d) Method Analysis.
Ans: a) Critical Incident Technique.
55. ________ is concerned with physical location, management of buildings and equipments.
a) Ad hoc Planning.
b) Formal Planning.
c) Standing Planning.
d) Physical Planning.
Ans: d) Physical Planning.
56. ________ is a technique for planning and controlling complex projects and for scheduling the resources required for such projects.
a) Complexities Analysis.
b) Network Analysis.
c) Financial Analysis.
d) Internal Analysis.
Ans: b) Network Analysis.
57. ________ signifies all out efforts for increase in production, creation of spirit of mutual trust and develop scientific attitude towards problem solving.
a) Time study.
b) Mental Revolution.
c) Motion study.
d) Works study.
Ans: b) Mental Revolution.
58. The process resolving the differences between union and management in the absence of any third party is widely designated as ________.
a) Adjudication.
b) Arbitration.
c) Collective bargaining.
d) Conciliation.
Ans: c) Collective bargaining.
59. Which one of the following is not the factor that affects the span ofcontrol?
a) Similarities of functions.
b) Geographical closeness of employees.
c) Capacity of subordinates.
d) Delegation.
Ans: d) Delegation.
60. ________ is not off the job training method.
a) Vestibule.
b) Simulation.
c) Business games.
d) Special assignments.
Ans: d) Special assignments.
61. During the depression, it is advisable to
a) increase ‘Bank Rate’ and Purchase Securities in the open market.
b) lower ‘Bank Rate’ and Purchase Securities in the market.
c) decrease ‘Bank Rate’ and sell Securities in the open market.
d) increase ‘Bank Rate’ and sell Securities in the open market.
Ans: b) lower ‘Bank Rate’ and Purchase Securities in the market.
62. Read the following statements and give the correct answer using the codes given below:
(a) The Banker’s lien is an implied pledge.
(b) Right of lien and right of set-off can be exercised simultaneously at the same time.
(c) One of the essential requirements of a pledge is the actual or constructive delivery of goods pledged by the pawner to the pawnee.
(d) Limitation period for filing a suit for sale of mortgaged property is thirty years from the date of mortgaged debt becoming due.
Codes:
a) (a)-True (b)-False (c)-False (d)-True
b) (a)-True (b)-False (c)-True (d)-False
c) (a)-True (b)-True (c)-False (d)-False
d) (a)-False (b)-False (c)-True (d)-True
Ans: b) (a)-True (b)-False (c)-True (d)-False
63. Contango charge is paid by a:
a) Bull Speculator to Bear Speculator.
b) Bear Speculator to Bull Speculator.
c) Stag Speculator to Bull Speculator.
d) Lame Duck to Bear.
Ans: a) Bull Speculator to Bear Speculator.
64. Match the items of List-I with the items of List-II and select the correct answer using the codes given below the lists:
|
List-I |
List-II |
|
(a) Debit Card. (b) Credit Card. (c) Electronic Purse. (d) Cheque function. |
(1) Several Storage. (2) Online recovery of amount. (3) Image Processing use. (4) Revolving Credit. |
Codes:
a) (a)-(3) (b)-(1) (c)-(4) (d)-(2).
b) (a)-(1) (b)-(2) (c)-(3) (d)-(4).
c) (a)-(4) (b)-(3) (c)-(1) (d)-(2).
d) (a)-(4) (b)-(3) (c)-(2) (d)-(1).
Ans: c) (a)-(4) (b)-(3) (c)-(1) (d)-(2).
65. Match between types of mutual funds in List-I and their respective features in List-II and select the correct answer using the codes given below the lists:
|
List-I |
List-II |
|
(a) Open-ended Fund. (b) Income Fund. (c) Close-ended Fund. (d) Growth Fund. |
(1) Maximises short-term return to investment. (2) Can sell unlimited number of units. (3) The units are not redeemable at their NAV. (4) Maximises long-term return to investors. |
Codes:
a) (a)-(3) (b)-(4) (c)-(2) (d)-(1).
b) (a)-(3) (b)-(4) (c)-(1) (d)-(2).
c) (a)-(2) (b)-(1) (c)-(4) (d)-(3).
d) (a)-(2) (b)-(1) (c)-(3) (d)-(4).
Ans: d) (a)-(2) (b)-(1) (c)-(3) (d)-(4).
66. The rate at which Bank parks its short-term excess liquidity with RBI is called
a) Bank Rate.
b) Reverse Bank Rate.
c) Repo Rate.
d) Reverse Repo Rate.
Ans: d) Reverse Repo Rate.
67. Which bank is called the ‘Bank of Issue’?
a) IFCI.
b) RBI.
c) IDBI.
d) ICICI.
Ans: b) RBI.
68. Match between List-I (Name of Bank) and List-II (Year of establishment) in order to find the correct match using the codes given below the lists:
|
List-I |
List-II |
|
(a) SBI. (b) SIDBI. (c) NABARD. (d) Exim-Bank. |
(1) 1990. (2) 1955. (3) 1981. (4) 1982. |
Codes:
a) (a)-(2) (b)-(1) (c)-(3) (d)-(4).
b) (a)-(1) (b)-(2) (c)-(4) (d)-(3).
c) (a)-(2) (b)-(3) (c)-(4) (d)-(1).
d) (a)-(2) (b)-(1) (c)-(4) (d)-(3).
Ans: d) (a)-(2) (b)-(1) (c)-(4) (d)-(3).
69. For the following statements of Assertion (A) and Reason (R) select the correct code:
Assertion (A): Banks globally are facing more challenges now, and macro sustainability is a necessity but not sufficient for sustainable economic growth.
Reason (R): Putting regulation in place is only one part and their implementation is equally important for achieving growth and sustainability.
Codes:
a) Both (A) and (R) are true and (R) is the correct explanation of (A).
b) Both (A) and (R) are true but (R) is not the correct explanation of (A).
c) (A) is true and (R) is false.
d) (A) is false and (R) is true.
Ans: a) Both (A) and (R) are true and (R) is the correct explanation of (A).
70. Which of the following are the instruments of Money Market?
(a) Call Money Market.
(b) Commercial Bill Market.
(c) Industrial Securities Market.
(d) Short-term Loan Market.
(e) Treasury Bill Market.
Codes:
a) (a), (b), (c) and (d).
b) (a), (b), (d) and (e).
c) (a), (b), (c) and (e).
d) (a), (c), (d) and (e).
Ans: b) (a), (b), (d) and (e).
71. Which of the following examples is not a demographic variable?
a) Age.
b) Gender.
c) Income.
d) Lifestyle.
Ans: d) Lifestyle.
72. Skimming price relates to
a) charging competitive price.
b) charging initially high price.
c) charging initially low price.
d) marginal cost pricing.
Ans: b) charging initially high price.
73. Which of the following is not a tool of sales promotion?
a) Sales contests.
b) Free gifts.
c) Point of purchase display.
d) Public relations.
Ans: d) Public relations.
74. Producers of convenience goods typically prefer:
a) Exclusive distribution.
b) Intensive distribution.
c) Selective distribution.
d) Intermittent distribution.
Ans: b) Intensive distribution.
75. The attempt to build and / or maintain a good “corporate image” is referred to as
a) Advertising.
b) Publicity.
c) Public Relations.
d) Sales Promotion.
Ans: c) Public Relations.
76. The promotional tool which is useful during the decline stage of product life cycle is
a) Sales promotion.
b) Personal selling.
c) Publicity.
d) Advertising.
Ans: a) Sales promotion.
77. Which one of the following elements is not in the Marketing Mix of tangible product?
a) Price.
b) Product.
c) Promotion.
d) Package.
Ans: d) Package.
78. Which one of the following is NOT an element of micro-environment of marketing management?
a) Public.
b) Suppliers.
c) Technological.
d) Competitors.
Ans: c) Technological.
79. Which of the following is not a characteristic of “Service”?
a) Intangible.
b) Homogeneous.
c) Perishable.
d) Inseparable.
Ans: b) Homogeneous.
80. The additional P’s of ‘Service Marketing Mix’ are:
a) People, Physical evidence, Packaging.
b) People, Process, Packaging.
c) People, Physical evidence, Process.
d) Physical evidence, Process, Packaging.
Ans: c) People, Physical evidence, Process.
81. Section ________ of Indian Contract Act, 1872 defines contract as an agreement enforceable by law.
a) 2(h).
b) 2(b).
c) 2(e).
d) 2(d).
Ans: a) 2(h).
82. Chapter V of the Maharashtra Goods and Service Tax Act, 2017 deals with ________.
a) Input tax credit.
b) Time and value of supply.
c) Levy and collection of tax.
d) Administration.
Ans: a) Input tax credit.
83. What is the time limit to get the information concerning with the life and liberty of a person as per RTI Act, 2005?
a) 24 Hours.
b) 48 Hours.
c) 5 Days.
d) 10 Days.
Ans: b) 48 Hours.
84. As per section 24 of IPR Act, the term of copyright in Posthumous works is ________ years.
a) 30.
b) 40.
c) 10.
d) 60.
Ans: d) 60.
85. What is the validity of the GST registration certificate?
a) One year.
b) Ten years.
c) Validity till it is cancelled.
d) Five years.
Ans: c) Validity till it is cancelled.
86. Match the following groups:
|
Group-I |
Group-II |
|
(1) Trade Mark Act. (2) Copyright Act. (3) Patent Act. (4) Design Act. |
(a) Year 1999. (b) Year 1957. (c) Year 1970. (d) Year 2000. |
Code:
a) (a-1), (b-2), (c-3), (d-4).
b) (a-4), (b-3), (c-2), (d-1).
c) (a-2), (b-1), (c-4), (d-3).
d) (a-3), (b-4), (c-1), (d-2).
Ans: a) (a-1), (b-2), (c-3), (d-4).
87. Section ________ of the Competition Act, 2002 deals with goods.
a) 2(i).
b) 2(a).
c) 2(b).
d) 2(h).
Ans: a) 2(i).
88. Which of the following is not an example of termination of agency by operation of law?
a) Agreement.
b) Expiry of time.
c) Death of either party.
d) Dissolution of company.
Ans: a) Agreement.
89. As per the Right to Information Act, 2005 first appeal shall be disposed off by the first appellate authority within ________ days from the date of its receipt.
a) 40 Days.
b) 30 Days.
c) 60 Days.
d) 50 Days.
Ans: b) 30 Days.
90. A limited liability partnership is to have at least two members as per section ________ of LLP Act, 2008.
a) 14.
b) 13.
c) 16.
d) 6.
Ans: d) 6.
91. Amitava is an Indian citizen left India for the purpose of employment to USA on 01.08.2018. For the previous year 2018-19 his residential status is:
a) Resident and ordinarily resident.
b) Resident but not ordinarily resident.
c) Non-resident.
d) Foreigner.
Ans: c) Non-resident.
92. Mr. Samanta joined ITC Ltd. as Finance Manager on 01.04.2018. During the year he purchased two residential flats in the same building taking loan from SBI. His annual interest accrued for each flat is Rs. 2,50,000. One of the flats is used for self-occupation and the other one has been let out to a tenant who uses the flat for residential purpose. Mr. Samanta’s total deduction for interest on housing loan is
a) Rs. 2,00,000.
b) Rs. 5,00,000.
c) Rs. 2,80,000.
d) Rs. 4,50,000.
Ans: d) Rs. 4,50,000.
93. Mr. Dalmia has one let out property in Kolkata whose Gross Municipal Value is Rs. 4,00,000, Fair Rent is Rs. 4,80,000 and Standard Rent is Rs. 4,50,000. Rent received for 9 month is Rs. 4,14,000 and vacancy period is 3 months. The Gross Annual Value for the Assessment Year 2019-20 is
a) Rs. 4,14,000.
b) Rs. 4,80,000.
c) Rs. 5,52,000.
d) Rs. 3,42,000.
Ans: a) Rs. 4,14,000.
94. Business loss of current year cannot be set off against
a) House Property Income.
b) Salary Income.
c) Capital Gains.
d) Interest Income.
Ans: b) Salary Income.
95. Which of the following income is not an exempted income U/S 10?
a) Agricultural income in India.
b) Profit from partnership business.
c) Interest from National Savings Certificate (NSC).
d) Interest from Public Provident Fund (PPF).
Ans: c) Interest from National Savings Certificate (NSC).
96. Dividend income received during the Previous Year 2018-19 by Mrs. M. Chatterjee is Rs. 12,00,000. Tax liability on dividend is
a) Nil.
b) Rs. 1,00,000.
c) Rs. 20,000.
d) Rs. 1,20,000.
Ans: c) Rs. 20,000.
97. Deduction for eligible start-up is available under section
a) 80IAB.
b) 80IAC.
c) 80IB.
d) 80IBA.
Ans: b) 80IAC.
98. Maximum time period to carry forward losses for the activity of owning and maintaining race horses is
a) 4 years.
b) 8 years.
c) no time limit.
d) cannot carry forward.
Ans: a) 4 years.
99. Share of Agricultural Income and Business Income from growing and manufacturing Tea in India is
a) 100% Business Income.
b) 100% Agricultural Income.
c) 40% Business Income and 60% Agricultural Income.
d) 60% Business Income and 40% Agricultural Income.
Ans: c) 40% Business Income and 60% Agricultural Income.
100. Which of the following is not a Capital Asset?
a) Self-occupied property in the city of Durgapur.
b) Shares of Indian Company.
c) Jewellery.
d) Personal Car.
Ans: d) Personal Car.
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