SLET NE Commerce Solved Paper 2019 [Paper II] (Based on Memory)


SLET NE Commerce Solved Paper 2019 (Paper II)

Assam SLET Solved Question Paper Commerce

Based on Memory and Adjusted As per New Syllabus

[Time: 2 hour; 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 2019 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.

SLET NE Commerce Solved Paper 2019

 

Also Read: Assam SLET (SLET NE) Solved Question Paper 2012 to 2023 [Commerce]

Assam SLET (SLET NE) Commerce Solved Question Paper 2012

Assam SLET (SLET NE) Commerce Solved Question Paper 2012 (Paper III)

Assam SLET (SLET NE) Commerce Solved Question Paper 2013

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

Assam SLET (SLET NE) Commerce Solved Question Paper 2023

1. In terms of the PESTLE analysis, the liberalizing of international trade and tariff regimes could go in which section or sections?

(A) Political.

(B) Legal.

(C) Political and economic and legal.

(D) Political and environmental.

Ans: (C) Political and economic and legal.

2. International Bank for Reconstruction and Development is:

(A) IMF.

(B) World Bank.

(C) SIDBI.

(D) NABARD.

Ans: (B) World Bank.

3. Terms of International Trade are:

(A) Net Barter terms of trade.

(B) Income terms of trade.

(C) Double-factor terms of trade.

(D) All of these are correct.

Ans: (D) All of these are correct.

4. This function is not performed by the IMF.

(A) Regulatory.

(B) consultative.

(C) elective.

(D) financial.

Ans: (C) elective.

5. International bonds issued in multiple countries but denominated in a single currency are called

(A) ADRs.

(B) Foreign bonds.

(C) Euro bonds.

(D) Gilt bonds.

Ans: (C) Euro bonds.

6. The company which invests, produces, markets and operates across the world is called

(A) Global Company.

(B) Multinational Company.

(C) International Company.

(D) Transnational Company.

Ans: (D) Transnational Company.

7. The key drivers of globalisation are

(A) Govt. action privatisation, cost and competition.

(B) Cost advantages, economic cycles, Govt. action and competition.

(C) Market convergence, exchange rates, cost advantages and socio-demographic factors.

(D) Govt. policies, cost, market and competition.

Ans: (D) Govt. policies, cost, market and competition.

8. Statements:

1. Threat of entrant is the possibility of a potential competitor entering a different market.

2. Threat of substitute is high if the substitute product provides a higher perceived value or benefit.

(A) (1) is correct (2) is incorrect.

(B) (2) is correct (1) is incorrect.

(C) Both the correct.

(D) Both are incorrect.

Ans: (B) (2) is correct (1) is incorrect.

9. Match the following:

Name of the Trading Block

Member Countries

(a) NAFTA.

(b) AMU.

(c) ANZCERT.

(d) SAPTA.

(1) Australia, New Zealand.

(2) US, Canada, Mexico.

(3) SAARC countries. 

(4) Algeria, Libya, Mauritania.

Code:

(A) (a)-(1), (b)-(2), (c)-(3), (d)-(4).

(B) (a)-(2), (b)-(4), (c)-(1), (d)-(3).

(C) (a)-(3), (b)-(4), (c)-(2), (d)-(1).

(D) (a)-(3), (b)-(2), (c)-(1), (d)-(4).

Ans: (B) (a)-(2), (b)-(4), (c)-(1), (d)-(3).

10. Factors preventing a potential competitor entering the market are

(a) Income of consumers.

(b) High capital costs.

(c) Product differentiation.

(d) Govt. policy.

Codes:

(A) (d) and (b).

(B) (c) and (d).

(C) (b) and (c).

(D) (a) and (d).

Ans: (C) (b) and (c).

11. Equity in case of limited company means

(A) Equity share capital.

(B) Total assets of the company.

(C) Net worth of the company.

(D) Total funds applied by the company.

Ans: (C) Net worth of the company.

12. X machine has starting time 6 hours & Y machine has time 2 hours. X machine produces 50 units per hour while Y machine produces 25 units per hour. At which level of production both machines will have produced equal products?

(A) 120 units.

(B) 200 units.

(C) 500 units.

(D) 100 units.

Ans: (B) 200 units.

13. If a business concern wants to compare its sales of any two years which adjustment will be necessary?

(A) Adjustment for change in cost.

(B) Adjust for price change.

(C) Adjustment in profit.

(D) Adjustment in quantity sold.

Ans: (B) Adjust for price change.

14. Which are the two accounting books by Maintaining them all accounting transactions can be recorded by any business concern

(A) Cash book & Bank Book.

(B) Purchase register & sales register.

(C) Journal & Ledger.

(D) Purchase return & sales return book.

Ans: (C) Journal & Ledger.

15. Matching concept in accounting means

(A) Ensuring all expenses and income of all business activities are accounted for.

(B) Income and expenses are matched.

(C) Only realized incomes are considered.

(D) Excess of income over expenses is ensured.

Ans: (A) Ensuring all expenses and income of all business activities are accounted for.

16. Standard costing can be applied:

(A) If budgetary control is there.

(B) If Job costing is used.

(C) If process costing is used.

(D) All of these are correct.

Ans: (D) All of these are correct.

17. The term Opportunity Cost refers to

(A) Variable Cost.

(B) Short-run cost.

(C) The cost forgone in favour of production of another product.

(D) Cost related to an optimum level of production.

Ans: (C) The cost forgone in favour of production of another product.

18. If a product, having demand 10000 units has following requirements per unit,

[1] Raw material 3 kg.

[2] Power 5 units.

[3] Labour 10 hours and availability is under Raw material 27000 kg, power 60000 units labour hour 6000.

How many units will be produced?

(A) 9000.

(B) 10000.

(C) 12000.

(D) 600.

Ans: (D) 600.

19. If Business purchase method of accounting is followed in case of business takeover of a company by a company

(A) Assets & liabilities taken over recorded by purchasing company at book value.

(B) Assets and liabilities taken over recorded by purchasing company at market value.

(C) Assets and liabilities taken over recorded by purchasing company at agreed value.

(D) Assets and liabilities taken over recorded by purchasing company at per its choice.

Ans: (C) Assets and liabilities taken over recorded by purchasing company at agreed value.

20. Which of the following statements is most correct?

(A) Stock repurchases can be used by firms to defend against hostile takeovers since they increase the proportion of debt in a firms capital structure.

(B) After a 3-for-1 stock split, a company’s price per share value will fall and its number of shares outstanding will rise.

(C) Investors can interpret a stock repurchase by a firm as a signal that the firm’s manager believe the stock is under priced.

(D) All are correct.

Ans: (D) All are correct.

21. What is the characteristic of a purely competitive market?

(A) Large number of buyers and sellers.

(B) A few sellers.

(C) A few buyers.

(D) Abnormal profit.

Ans: (A) Large number of buyers and sellers.

22. Consumer surplus is

(A) Excess of consumer satisfaction over cost paid by consumer.

(B) Excess of marginal satisfaction over marginal cost.

(C) Excess sales revenue over cost.

(D) Excess marginal utility over price.

Ans: (A) Excess of consumer satisfaction over cost paid by consumer.

23. If price elasticity of demand for a product is 2 and its price falls from Rs 10 to Rs. 8. Then its demand which was 500000 units atprice Rs. 10, will be_______.

(A) 1000000.

(B) 700000.

(C) 600000.

(D) 400000.

Ans: (B) 700000.

24. Elasticity of demand for necessities is

(A) Infinite.

(B) Equal to zero.

(C) More than one.

(D) Less than one.

Ans: (D) Less than one.

25. Price discrimination is possible and profitable when different markets have

(A) Different elasticity of demand.

(B) Inelastic demand.

(C) Same elasticity of demand.

(D) Infinite elasticity of demand.

Ans: (A) Different elasticity of demand.

26. A seller can sell additional quantity of this product without reducing the pricein

(A) Monopoly market.

(B) Oligopoly market.

(C) Perfectly competitive market.

(D) Monopolistic market.

Ans: (C) Perfectly competitive market.

27. An example of derived demand is

(A) Milk.

(B) Money.

(C) Manufactured goods.

(D) Fertilizers.

Ans: (B) Money.

28. Assertion (A): Giffen paradox rarely occurs in the real world.

Reasoning (R): Inferior goods are narrowly defined for which suitable substitutes are available.

Codes:

(A) Both (A) and (R) are incorrect.

(B) (A) is correct and (R) is incorrect.

(C) Both (A) and (R) are correct.

(D) (A) is incorrect and (R) is correct.

Ans: (B) (A) is correct and (R) is incorrect.

29. Match the following:

List – I

List – II

(a) Perfect competition. 

(b) Pure monopoly. 

(c) Monopolistic competition.

(d) Oligopoly.

(1) No substitutes.  

(2) Homogenous.

(3) Price rigidity.

(4) Product differentiation.

Codes:

(A) (a)-(2), (b)-(1), (c)-(4), (d)-(3).

(B) (a)-(1), (b)-(2), (c)-(3), (d)-(4).

(C) (a)-(2), (b)-(3), (c)-(4), (d)-(1).

(D) (a)-(3), (b)-(2), (c)-(4), (d)-(1).

Ans: (A) (a)-(2), (b)-(1), (c)-(4), (d)-(3).

Untitled 7

31. Internal Rate of Return means

(A) Project earns more than cost of capital.

(B) Net Present value of project is positive.

(C) Rate of discount which makes NPV zero.

(D) Rate of return after recovery cost of capital.

Ans: (C) Rate of discount which makes NPV zero.

32. One key assumption of the miller and Modigliani dividend irrelevance argument is that:

(A) New shares are sold at fair price.

(B) Future stock prices are certain.

(C) There are no capital gains taxes.

(D) All investments are risk – free.

Ans: (A) New shares are sold at fair price.

33. The term cost of capital for a project depends on

(A) The use to which the capital is put, i.e. the project.

(B) The company’s cost of capital.

(C) The industry cost of capital.

(D) All of these are correct.

Ans: (A) The use to which the capital is put, i.e. the project.

34. Industry prefers IRR criteria to NPV criteria as

(A) IRR considers Investment made in project.

(B) NPV criteria is considered advanced by academicians.

(C) NPV requires cost of capital.

(D) IRR is simple to understand.

Ans: (A) IRR considers Investment made in project.

35. A person has two machines, machine X & machine Y producing same product Machine X has starting time 2 hours & production time is 40 units per hour.Machine Y has starting time 8 hours & production time is 60 units per hour.

If a person wants to have equal production as fast as possible for which level of production each machine be used

(A) Machine X (Production Units) less than 480, Machine Y (Production Units) More than 480.

(B) Machine X (Production Units) Less than 320, Machine Y (Production Units) More than 320.

(C) Machine X (Production Units) Less than 500, Machine Y (Production Units) More than 500.

(D) Machine X (Production Units) Less than 720, Machine Y (Production Units) More than 720.

Ans: (D) Machine X (Production Units) Less than 720, Machine Y (Production Units) More than 720.

36. If a business concern maintains bank book

(A) It cannot have account of any bank in ledger.

(B) It may have some bank accounts of its choice in ledger.

(C) It will have all bank accounts in ledger.

(D) It will have accounts of all banks in ledger except banks whose accounts are not brought in bank book.

Ans: (D) It will have accounts of all banks in ledger except banks whose accounts are not brought in bank book.

37. Which of the following is NOT true about Capital Expenditure?

(A) Creates future benefits.

(B) Incurred to acquire fixed assets.

(C) Incurred to increase the economic life of existing fixed assets.

(D) Reduce the profit of the concern.

Ans: (D) Reduce the profit of the concern.

38. Long-term objective of financial management is to

(A) Maximise return on investment.

(B) Maximise market share.

(C) Maximise the value of firm’s common stock.

(D) Maximise earnings per share.

Ans: (C) Maximise the value of firm’s common stock.

39. Assertion (A): A project acceptable under NPV criteria is always acceptable under IRR criteria.

Reason (R): Discount rate under IRR is the same as the IRR itself.

Which of the following is a correct combination?

(A) Both (A) and (R) are correct.

(B) Both (A) and (R) are incorrect.

(C) (A) is correct and (R) is incorrect.

(D) (A) is incorrect and (R) is correct.

Ans: (B) Both (A) and (R) are incorrect.

[Hint: NPV and IRR may provide conflicting results. It may be so that one project has higher NPV while the other has a higher IRR. This difference could occur because of the different cash flow patterns in the two projects.]

40. Match the items under List – A with those under List – B and select the correct answer from the choices given below

List – A

List – B

(a) Linter.

(b) Durand.

(c) Sharpe.

(d) M and M.

(1) Home-made Leverage.

(2) Investments.

(3) Dividend model.

(4) NOI.

Choices:

(A) (a)-(3), (b)-(2), (c)-(4), (d)-(1).

(B) (a)-(1), (b)-(2), (c)-(3), (d)-(4).

(C) (a)-(3), (b)-(4), (c)-(2), (d)-(1).

(D) (a)-(4), (b)-(3), (c)-(2), (d)-(1).

Ans: (C) (a)-(3), (b)-(4), (c)-(2), (d)-(1).

41. Also known as beta error, _______ occurs when the sample results lead to the non-rejection of a null hypothesis that is in fact false.

(A) Type I error.

(B) Type – tailed error.

(C) Type II error.

(D) One- tailed error.

Ans: (C) Type II error.

42. Hypothesis tests can be related _______.

(A) Tests of strength.

(B) Tests of association.

(C) Tests of differences.

(D) (Tests of association) and (Tests of differences) are correct.

Ans: (D) (Tests of association) and (Tests of differences) are correct.

43. Standard error is estimated as

(A) Average annual rate of return divided by the square root of the number of observations.

(B) Standard deviation of returns divided by the square root of the number of observations.

(C) Variance divided by the number of observations.

(D) None of these are correct.

Ans: (B) Standard deviation of returns divided by the square root of the number of observations.

44. _______ is not a qualitative research technique

(A) Depth interview.

(B) Word association.

(C) Focus group.

(D) Conclusive research.

Ans: (D) Conclusive research.

45. In a study the researcher was investigating attitudes toward airlines among male middle managers. Each airline attribute, such as wide-body air crafts, was probed (why do you like to travel in wide- body air crafts?) to determine why it was important (I can get more work done) and then that reason was probed (I accomplish more), and so on (I feel good about myself). The depth interview techniques used in study is called ______.

(A) Hidden issue questioning.

(B) Symbolic analysis.

(C) Laddering.

(D) None of these are correct.

Ans: (C) Laddering.

46. When utilizing uni-variate techniques, for metric data, when there is (are) _______, one-way analysis of variance (one – way A NOVA) can be used.

(A) Only one sample.

(B) Two independent samples.

(C) More than two independent samples.

(D) Two or more related samples.

Ans: (C) More than two independent samples.

47. Which statement about hypothesis is not true?

(A) A hypothesis is an unproven statement or proposition about a factor or phenomenon that is of interest to the researcher.

(B) Hypothesis are declarative and can be tested empirically.

(C) It is possible to formulate hypothesis in all situations.

(D) An important role of a hypothesis is to suggest variables to be included in the research design.

Ans: (C) It is possible to formulate hypothesis in all situations.

48. A measure of central tendency given as the value above which half of the values fall is the ____.

(A) Mean.

(B) Mode.

(C) Range.

(D) Median.

Ans: (D) Median.

49. Which of the following is not a form of non-probability sampling?

(A) Convenience sampling.

(B) Cluster sampling.

(C) Quota sampling.

(D) Snowball sampling.

Ans: (B) Cluster sampling.

50. The mean squared deviation of all the values from the mean is the _______.

(A) Standard deviation.

(B) Variance.

(C) Coefficient of variation.

(D) Inter quartile range.

Ans: (B) Variance.

51. The interview is used as a method of determining …

(A) The personality of the candidate.

(B) The degree of fit between the applicant and the demand of the job.

(C) His / Her age.

(D) Physical attributes.

Ans: (B) The degree of fit between the applicant and the demand of the job.

52. Which of the following is not a function normally performed by the HR. Department

(A) Employee relation.

(B) Training and Development.

(C) Accounting.

(D) Recruitment.

Ans: (C) Accounting.

53. Successful managers are:

(A) Efficient & Effective.

(B) Strict to employees.

(C) Wrong policy makers.

(D) Wrong decision makers.

Ans: (A) Efficient & Effective.

54. Which of the following statements most accurately defines human resource management?

(A) Human resource management contributes to business strategy and plays an important role in the implementation of business strategy.

(B) Human resource management is an approach to managing people.

(C) Human resource management seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce, using an integrated array of cultural, structural and personnel techniques.

(D) Human resource management focuses on people as the source of competitive advantage.

Ans: (C) Human resource management seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce, using an integrated array of cultural, structural and personnel techniques.

55. Human resource Management aims to maximize employees as well as Organizational

(A) Effectiveness.

(B) Economy.

(C) Efficiency.

(D) Performativity.

Ans: (A) Effectiveness.

56. The number of people hired for a particular job compared to the number of individuals in the applicant pool is often expressed as

(A) Applicant Ratio.

(B) Recruitment Ratio.

(C) Selection Ratio.

(D) Employment Ratio.

Ans: (C) Selection Ratio.

57. Agency cost consists of

(A) Binding.

(B) Monitoring.

(C) Opportunity and structure cost.

(D) All of these are correct.

Ans: (D) All of these are correct.

58. What classical principle was stressed by Fayol?

(A) Unity of command.

(B) Equal authority and responsibility.

(C) Limited Span of control.

(D) Delegation of routine matters.

Ans: (A) Unity of command.

59. Objectives of an organization must be

(A) Flexible.

(B) Specific.

(C) Universal.

(D) Profit-oriented.

Ans: (B) Specific.

60. Motivational process is basically

(A) Intellectual Process.

(B) Physiological Process.

(C) Psychological Process.

(D) Emotional Process.

Ans: (C) Psychological Process.

61. Which of the following statements is most correct?

(A) Stock repurchases can be used by firms to defend against hostile takeovers since they increase the proportion of debt in a firm’s capital structure.

(B) After a 3-for-1 stock split, a company’s price per share value will fall and its number of shares outstanding will rise.

(C) Investors can interpret a stock repurchase by a firm as a signal that the firm’s manager believe the stock is under priced.

(D) All are correct.

Ans: (D) All are correct.

62. Heavy use of Off-balance sheet lease financing will tend to

(A) Make a company appear riskier than it actually is because its stated debt ratio will appear higher.

(B) Make a company appear less risky than it actually is because its stated debt ratio will appear lower.

(C) Have no effect on either cash flows or risk because the cash flows are already reflected in the income statement.

(D) None of these are correct.

Ans: (B) Make a company appear less risky than it actually is because its stated debt ratio will appear lower.

63. Venture capital funds are generally organized as

(A) Proprietorships.

(B) Corporations.

(C) Limited private partnerships.

(D) None of these are correct.

Ans: (C) Limited private partnerships.

64. A derivative is a financial instrument whose value is determined by:

(A) A regulatory body such as the FTC.

(B) An underlying asset.

(C) Hedging a risk.

(D) Speculation.

Ans: (B) An underlying asset.

65. Required rate of return > Coupon rate, the bond will be valued at

(A) Premium.

(B) Par value.

(C) Discount.

(D) None of these are correct.

Ans: (C) Discount.

66. CRISIL promoted by

(A) RBI.

(B) SBI.

(C) ICICI.

(D) Ministry of Finance.

Ans: (C) ICICI.

67. Which of the following is not regulated by SEBI?

(A) FII.

(B) FDI.

(C) Mutual funds.

(D) Depositories.

Ans: (B) FDI.

68. The first computerised online stock exchange in India is

(A) NSE.

(B) BSE.

(C) MCX.

(D) NCDX.

Ans: (A) NSE.

69. Match List I with List II:

List – I

List – II

(a) C.B. Bhave Committee.

(b) Dr. K. R. Chandratre Committee.

(c) SEC.

(d) ECBs.

(1) Delisting norms for stock exchanges.

(2) SEBI.

(3) RBI.

(4) Foreign Debt.

(5) Corporate Disclosure standards.

Codes:

(A) (a)-(1), (b)-(5), (c)-(2), (d)-(4).

(B) (a)-(5), (b)-(1), (c)-(3), (d)-(4).

(C) (a)-(5), (b)-(1), (c)-(2), (d)-(4).

(D) (a)-(5), (b)-(1), (c)-(4), (d)-(3).

Ans: (C) (a)-(5), (b)-(1), (c)-(2), (d)-(4).

70. Match List – I with List – II:

List – I

List – II

(a) Exit Load.

(b) Treasury Bill.

(c) Factoring.

(d) Tally.

(1) Computerised Accounting.

(2) Sales of Mutual Fund Units.

(3) Money Market.

(4) Refinancing Debt.

(5) Lease Financing.

Codes:

(A) (a)-(2), (b)-(3), (c)-(4), (d)-(1).

(B) (a)-(3), (b)-(2), (c)-(4), (d)-(1).

(C) (a)-(5), (b)-(2), (c)-(3), (d)-(1).

(D) (a)-(5), (b)-(3), (c)-(2), (d)-(1).

Ans: (A) (a)-(2), (b)-(3), (c)-(4), (d)-(1).

71. This is not a characteristic of a good test market.

(A) Representativeness.

(B) Self-contained media.

(C) Expanded trading area.

(D) Market isolation.

Ans: (C) Expanded trading area.

72. The Base of Significant of Industrial Market.

(A) Kind of Business.

(B) Usual Purchasing Processing.

(C) Size of Consumers.

(D) All of these are correct.

Ans: (D) All of these are correct.

73. This marketing component is most likely to be standardized

(A) advertising.

(B) brand.

(C) price.

(D) distribution.

Ans: (B) brand.

74. The most important reason behind the utilization of market segmentation is

(A) market heterogeneity.

(B) positioning.

(C) test marketing.

(D) product life cycle.

Ans: (A) market heterogeneity.

75. Which of the following is not a brand’s function?

(A) creating identification.

(B) guaranteeing quality level.

(C) helping with promotion.

(D) lowering production cost.

Ans: (D) lowering production cost.

76. _______ are about organizations seeking gaps in broad market segments or finding gaps in competitors’product ranges

(A) Market niche strategies.

(B) Differentiation.

(C) Cost leadership.

(D) Focus strategies.

Ans: (D) Focus strategies.

77. Which of the following is an advantage of a brand less product?

(A) Product differentiation.

(B) repeat sales.

(C) quality flexibility.

(D) premium pricing.

Ans: (C) quality flexibility.

78. Match the following:

List – I

List – II

(a) Market segmentation.

(b) Rapid skimming strategy.

(c) Idea generation.

(d) DAGMAR.

(1) High price, high promotion.

(2) New product development.

(3) Target marketing.

(4) An advertising model.

Codes:

(A) (a)-(1), (b)-(4), (c)-(2), (d)-(3).

(B) (a)-(3), (b)-(1), (c)-(2), (d)-(4).

(C) (a)-(2), (b)-(3), (c)-(4), (d)-(1).

(D) (a)-(3), (b)-(2), (c)-(1), (d)-(4).

Ans: (B) (a)-(3), (b)-(1), (c)-(2), (d)-(4).

79. Statement (A): Advertising budget is planning for certain activities with amount allocated to each within the specified period.

Statement (B): USP gives leverage to an advertising communication as the creative message of the product is disseminated.

Codes:

(A) Statement (A) is correct and (B) is incorrect.

(B) Both the statements (A) and (B) are correct.

(C) Both the statements (A) and (B) are incorrect

(D) Statement (A) is incorrect and (B) is correct

Ans: (B) Both the statements (A) and (B) are correct.

80. Statement (A): Services are intangible and inseparable.

Statement (B): The idea of service positioning relates to the way consumers perceive and evaluate the service.

Codes:

(A) Statements (A) and (B) are correct.

(B) Statement (A) is correct and (B) is incorrect.

(C) Statements (A) and (B) are incorrect.

(D) Statement (A) is incorrect and (B) is correct.

Ans: (A) Statements (A) and (B) are correct.

81. Flaw in capacity to may arise from _______.

(A) Minority.

(B) Lack of free consent.

(C) Lack of consideration.

(D) Absence of legal formalities.

Ans: (A) Minority.

82. A reciprocal licensing agreement in which intangible property is transferred between two parties is known as:

(A) non-exclusive licence.

(B) cross-licence.

(C) exclusive licence.

(D) transfer of licence.

Ans: (B) cross-licence.

83. A firm in the course of its business receives money from a third party. One of the partners misapplies it:

(A) The firm is liable to make good the loss.

(B) The firm is not liable to make good the loss.

(C) The defaulting partner alone is liable.

(D) The defaulting partner is not liable.

Ans: (A) The firm is liable to make good the loss.

84. A promise to compensate wholly or in part, a person who has already voluntarily done something for the promisor is

(A) enforceable.

(B) not enforceable because it is without consideration.

(C) Void.

(D) Voidable.

Ans: (A) enforceable.

85. If a new contract is submitted in place of an existing contract, it is called:

(A) Alteration.

(B) Recession.

(C) Remission.

(D) Novation.

Ans: (D) Novation.

86. When a party to the contract transfers his contractual rights to another, it is known as

(A) rescission of contract.

(B) waiver of contract.

(C) discharge of contract.

(D) assignment of contract.

Ans: (D) assignment of contract.

87. Core competencies tend to refer to areas of special technical and production expertise, whereas _______ tend to describe excellence in broader business.

(A) Process benchmarks.

(B) Distinctive capabilities.

(C) Distributive capabilities.

(D) Concentric capabilities.

Ans: (C) Distributive capabilities.

88. The Cadbury Committee on Corporate Governance was set up in:

(A) May 1992.

(B) May 1991.

(C) May 1990.

(D) May 1993.

Ans: (B) May 1991.

89. Apprenticeship Training Act was passed in the year _______.

(A) 1941.

(B) 1951.

(C) 1961.

(D) 1971.

Ans: (C) 1961.

90. Implied warranties and conditions in contract of a sale are applicable:

(A) In all contracts of sale.

(B) In only those contract of sale where they are included in the contract.

(C) In all contract of sale even if they are excluded as per the terms of contract.

(D) In all contract under sale of goods act unless they are specifically excluded as per terms of contract.

Ans: (D) In all contract under sale of goods act unless they are specifically excluded as per terms of contract.

91. Every year the residential status of an assessee:

(A) Will certainly change.

(B) will not change.

(C) may change.

(D) None of all these.

Ans: (C) may change.

92. Gifts received by an assessee are not taxable if

(A) They are received from spouse of the assessee.

(B) If they are received from a close friend.

(C) If they are received from brother of father in law/mother in law.

(D) They are received on occasion of assessee’s marriage.

Ans: (D) They are received on occasion of assessee’s marriage.

93. If a person of age 58 years, has agriculture income Rs.2,00,000 and non- agricultural income Rs.5,00,000 with no deductions under sec 80C – 80U Income tax payable [excluding education cess] will be

(A) Rs. 50,000.

(B) Rs. 20,000.

(C) Rs. 45,000.

(D) Rs. 25,000.

Ans: (C) Rs. 45,000.

94. An individual has to pay income tax on his all income if he is

(A) Resident.

(B) Resident but not ordinary resident.

(C) Nonresident.

(D) Resident and ordinary resident.

Ans: (D) Resident and ordinary resident.

95. Self-assessment is done under sec _______ of income tax act

(A) 144.

(B) 147.

(C) 140.

(D) 142.

Ans: (C) 140.

96. This kind of tax is collected at each point in the distribution chain and levied on the total value of a product

(A) Single- stage sales tax.

(B) Value added tax.

(C) Cascade tax.

(D) Duty.

Ans: (C) Cascade tax.

97. Which of the following income is not included in the income under the Income Tax Act, 1961?

(A) Profit & gains.

(B) Dividend.

(C) Profit in lieu of salary.

(D) None of the above

Ans: (D) None of the above

98. Income accruing from agriculture in a foreign country is taxable in the case of an assessee who is

(A) Resident.

(B) Non ordinarily resident.

(C) Nonresident.

(D) None of the above.

Ans: (D) None of the above

99. Foreign income received in India during the previous year is taxable in case of

(A) Resident.

(B) Not ordinarily resident.

(C) Nonresident.

(D) All of the above.

Ans: (D) All of the above.

100. What maximum amount can be contributed by employer toward superannuation fund of employee?

(A) Rs. 1,50,000.

(B) Rs. 2,00,000.

(C) Rs. 1,00,000.

(D) Rs. 7,50,000

Ans: (D) Rs. 7,50,000

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