+1 Commerce (EM)

In Pandiyas Dynasty the place where the goods are sold is _____
1. Angadi
2. Nalangadi
3. Allangadi
4. Market
Retailers deal in ____________ quantity of goods
1. Small
2. Large
3. Medium
4. Limited
The main benefit of outsourcing is
1. Cost reduction
2. Skill
3. Units
4. Productivity
Who wrote “Arthasasthra” ?l
1. Market
2. Nalangadi
3. Allangadi
4. Kautilya
_______ was first sultan who paved way in the dense forest and helped traders to move from one market placeto others place for their commercial caravans.
1. Vascoda Gama
2. Akbar
3. Balban
4. Alauddin Khilij
Consumers Co-operation was first successful in _____
1. USA
2. Swiss
3. India
4. England
Which one of the following is a type of marine insurance?
1. Hull Insurance
2. Money Back Policy
3. Cargo Insurance
4. both Cargo & Hull Insurance
The Primary objective of a business is
1. Not Making Profit
2. None of the above
3. Making Profit
4. Special skill
Trade middleman who acts as a link between wholesaler and customers refers to a -----------.
1. Retailer
2. Broker
3. Producer
4. Customer
The following does not characterise business activity?
1. Presence of Risk
2. Sale or exchange of goods and services
3. Production of goods and services
4. Salary or wages
Trade and Commerce was common to_______ Dynasty.
1. Market
2. Pallava
3. Allangadi
4. Nalangadi
On the valid performance of the contractual obligations by the parties, the contract
1. Becomes legal
2. the direction of government
3. agreement
4. Friendship
A partnership is formed by _______
1. relationship among persons
2. the direction of government
3. agreement
4. Friendship
On the valid performance of the contractual obligation by the parties, the contract
1. Becomes enforceable
2. Becomes void
3. None of these
4. Is discharged
The industries engaged in extraction of iron ore are known as
1. Genetic Industries
2. Manufacturing Industries
3. Extraction Industries
4. Construction Industries
Normally high level risk involved in
1. Commerce
2. Industry
3. Trade
4. All of the above
A contract with or by a minor is a
1. Valid contract
2. Void contract
3. Voidable at the option of either party
4. Voidable contract
In which form the owner, establisher and manager is only one?
1. Joint Enterprise
2. Government Company
3. Co-operative Society
4. Sole Proprietor
EPC stands for
1. Export Promotion Council
2. Export Carriage council
3. Export processing commission
4. Export Promotion Congress
In India GST became effective from?
1. 1st January, 2017
2. 1st March, 2017
3. 1st July, 2017
4. 1st April, 2017
Public deposits are the deposits which are raised directly from ______
1. The public
2. The owners
3. The directors
4. The auditors
Acceptance to be valid must
1. Be unqualified
2. Be absolute
3. Both be absolute & unqualified
4. Be conditional.
From the following which one is Noncorporate form of business?
1. Sole trading business
2. Joint stock company
3. Co-operatives
4. Government company
The aim of home trade is ------------------.
1. To provide the essential goods and
  services economically
2. To obtain all types of goods.
3. To raise the standard of living
4. To raise the national income
The Board of directors of a company is elected by _________
1. Debenture holders
2. Debtors
3. Creditors
4. Share holders (members)
The firm of Hindu Undivided Family is managed by whom?
1. Partner
2. Karta
3. Manager
4. Owner
MSMEs are important for the nation’s economy because they significantly contribute to
1. exports
2. industrial production
3. employment
4. all the above
In the firm of Hindu Undivided Family, how one gets the membership?
1. By Investing Capital
2. By Birth
3. By Managing
4. By Agreement
‘Only the male members in the family get the right of inheritance by birth’ as______________
1. Hindu law
2. Mitakshara Law
3. None of these
4. Dayabhaga law
Which of the following is not a function of a central bank?
1. Deal with the general public
2. Acts essentially as Government banker
3. Guiding and regulating the banking system of a country
4. Maintains deposit accounts of all other banks
The relationship between outsiders and the company is defined in ______
1. Articles of Association
2. Certificate of Incorporation
3. Prospectus
4. Memorandum of Association
The members in the joint hindu family are called _____________
1. partners
2. Karta
3. coparceners
4. generations
Which of the following is created by a Special Act of Parliament or in StateAssemblies?
1. Chartered company
2. Foreign company
3. Statutory company
4. Government company
Membership in a cooperative organization is
1. Selective
2. Not open to all
3. Open to all
4. None of them
An agreement to do an act impossible in itself under Section.56 is
1. Void
2. Valid
3. Voidable
4. Unenforceable
All cooperatives are established with
1. Philanthropic motive
2. Service motive
3. Reform motive
4. Profit motive
Goods are imported for purpose of re-export to another country is termed as_________.
1. Import Trade
2. Export Trade
3. International trade
4. Entrepot Trade
----------buy the goods from the producer and sell it to the retailers.
1. Wholesaler
2. Retailer
3. consumers
4. Manufacturer
Depositary receipts that are traded in an international market other than the United States are called
1. Open Market Depositary Receipts
2. International Depositary Receipts.
3. Global Depositary Receipts
4. Special Drawing Rights
Socially Responsible business provides goods at
1. low price
2. high price
3. moderate price
4. reasonable price
Rochdale society of equitable pioneers was started by ____
1. H.C.Calvert
2. Lambert
3. Talmaki
4. Robert owen
World bank is located at
1. Tokyo
2. Washington DC
3. Hongkong
4. New York
Balance of payments surplus indicates
1. Exports are more than the Imports
2. Exports and Imports are at
  Equilibrium
3. Exports and Imports are above
  Equilibrium
4. Imports are more than Exports
There are ______ distinct modes of credit to Self Help Groups.
1. 2
2. 4
3. 1
4. 3
Companies established as a result of a charter granted by the King or Queen of a country is called _________
1. Registered companies
2. Foreign companies
3. Statutory companies
4. Chartered companies
The share capital of the government company must not be less than
1. 95 %
2. 51 %
3. 75 %
4. 60 %
Foreign capital long- term loan and foreign currency reserve are recorded under
1. Official Capital
2. Banking Capital
3. Private Capital
4. Both Private and Official Capital
Hindrance of place is removed by______
1. Market
2. Transport
3. Allangadi
4. Nalangadi
The primary objective of the state enterprises is to ______
1. Provide Employment
2. All the Above
3. Serve the People
4. Earn profit
A continuing relationship which provides a licence privileges to do business and provides training, merchandising for a consideration is called ____________
1. Factoring
2. Franchising
3. Exchange
4. Supply Chain Management
Air consignment note is prepared in _____ forms
1. Four
2. One
3. Three
4. Two
The aggregate income under five heads is termed as
1. Total Income
2. Salary Income
3. Business Income
4. Gross Total Income
The Central bank of India is
1. SBI
2. RBI
3. PNB
4. ICICI
Bankers are not only dealers of money but also leaders in
1. Industry development
2. Service development
3. Trade development
4. Economic development
Production which involves several
stages for manufacturing finished products is known as
1. None of the above
2. Synthetic Industry
3. Processing Industry
4. Analytical Industry
Which bank has the power to issue bank notes?
1. Commercial bank
2. Central bank
3. Co-operative banks
4. Foreign banks
The purchase of goods from a foreign country is called----------
1. Import
2. Entrepot
3. Export
4. Re-export
A person is said to be a third person if he is not a
1. agent
2. promise
3. Legal Representative
4. promisor
An organization carrying out activities to move goods from producer to consumer is
1. Channels
2. Logistics
3. Transport
4. Marketing
Which bank is not a Industrial Bank?
1. ICICI
2. SIDBI
3. HSBC
4. IDBI
Foreign banks are begun their operation since
1. 1980
2. 1979
3. 1981
4. 1978
Electronic banking can be done through
1. All of the above
2. Computers
3. ATM
4. Mobile phones
The ethical conduct of employees leading to standard practices results in
1. bad behaviour
2. good behaviour
3. ethical behaviour
4. correct decision making
Minimum how much amount can be transferred through RTGS?
1. Any amount
2. 5 lakh
3. 2 lakh
4. 50,000
The term official capital includes
1. Special Drawing Rights held by the
  Government
2. RBI holdings of foreign currencies
3. RBI holdings of foreign currencies and Special Drawing Rights held by the
  Government
4. Foreign Investment
WTO was estabilished on
1. 1-1-1997
2. 1-1-1996
3. 1-1-1995
4. 1-1-1994
Which of the following persons can perform the contract?
1. Legal representatives of promisor
2. Promisor alone
3. All the above
4. Agent of the promisor
In which kind of account, it is compulsory to deposit certain amount at certain time?
1. Saving deposit
2. Current deposit
3. Fixed deposit
4. Recurring deposit
Warehouses remove the hindrance of ______________
1. Time
2. Risk
3. Knowledge
4. Person
GST Stands for
1. Goods and Supply Tax
2. General Sales Tax
3. Goods and Services Tax
4. Government Sales Tax
The Statement which discloses a record of transactions between the residents of one country and residents of foreign country.
1. Balance of Payment
2. Accounting Statement
3. Statement of Receipts and Payments
4. Balance of Trade
Every promise and every set of promises, forming the consideration for each other, is an
1. Acceptance
2. Agreement
3. Offer
4. Contract
________can be given as a collateral security for getting financial assistance from bank.
1. Warehouse receipt
2. Dock warrant
3. Dock receipt
4. Warehouse warrant
_________ warehouses are used for storing perishable goods like fruits, vegetables etc.
1. Bonded
2. Cold storage
3. Co-operative
4. Private
The Reserve Bank of India commenced its operations from April 1,
1. 1935
2. 1933
3. 1936
4. 1934
____ warehouses are licensed by the government and are permitted to accept the goods on bond.
1. Cold Storage
2. Bonded
3. All the Above
4. Public
Transport removes the hindrance of
1. Time
2. Place
3. Knowledge
4. Person
The largest commercial bank of India
1. SBI
2. ICICI
3. PNB
4. RBI
Self help groups convert the savings into a common fund known as
1. Group corpus fund
2. Group fund
3. none of the above
4. Common fund
General Agreement on Tariff and Trade was signed on
1. 26-October-1947
2. 29-October-1947
3. 30-October-1947
4. 28-October-1947
Which is the fastest means of transport?
1. Rail
2. Sea
3. Road
4. Air
______ is not a type of general insurance
1. Life Insurance
2. Fidelity Insurance
3. Marine Insurance
4. Fire Insurance
The ------------------- receipt is an acknowledgement of receipt of goods on the ship issued by the Captain
1. Bill of Lading
2. Shipping Bill
3. Consular Invoice
4. Mate’s Receipt
Which of the following in not applicable in insurance contract?
1. Conditional contract
2. Indemnity contract
3. Unilateral contract
4. Inter-personal contract
The oldest form of organisation in public sector
1. Public Sector Undertakings
2. Departmental Undertakings
3. Statutory Corportion
4. Multi National Corportions
A major disadvantage of sole proprietor-ship is ______
1. Easy Formation
2. Quick decision
3. Unlimited liability
4. Limited liability
MSMED Act was enacted in the year
1. 2008
2. 2006
3. 2004
4. 2007
Buying and selling of goods through electronic network is known as _____
1. Website
2. E-commerce
3. internet
4. Trade
Which of these parties cannot demand performance of promise?
1. Any of the Joint Promisees
2. On the death of a Promisee, his Legal
  Representative
3. Stranger to the Contract
4. Promisee
The main benefit of Logistics is
1. Storage
2. Cost Minimisation
3. Productivity
4. Profitability
What kind of Tax the GST is?
1. Dependence on the Type of Goodsand Services
2. Direct Tax
3. Indirect Tax
4. All Business Organisations
Assuming Social Responsibility of business helps the enterprise in
1. Sustainability
2. Equilibrium
3. Decrease profit
4. Increase profit
The Stakeholders of Socially Responsible business units are except
1. Employees
2. Company
3. Government
4. Share Holders
Cooperative fails because of
1. Cash trading
2. Unlimited membership
3. Loss-making
4. Mismanagement
Social Responsibility towards employees represents the following except
1. Social security
2. proper facilities
3. reasonable remuneration
4. exploitation
Merchant middlemen can be classified into ---------- categories.
1. Three
2. Two
3. Four
4. Five
Ethics is important for
1. Middle level managers
2. All of them
3. Non managerial employees
4. Top management
The role of top management is to guide the entire organisation towards
1. Organisavtion behaviour
2. Individual behaviour
3. General behaviour
4. Ethically upright behaviour
What is IGST?
1. Indian Goods and Service Tax
2. Integrated Goods and Service Tax
3. Initial Goods and Service Tax
4. All the Above
What is defined as the provision of money at the time when it is required?
1. finance
2. bank
3. none of these
4. cash management
Movement of goods , services, intellectual property, human assets, technology and so on among the countries.
1. International Trade
2. International business
3. Entrepot Trade
4. Internal trade
Debenture holders are entitled to a fixed rate of ___________
1. Dividend
2. Profits
3. Interest
4. Ratios
Equity shareholders are the __________ of a company
1. Owners
  .
2. Debtors
3. Employees
4. Creditors
An instrument representing ownership interest in securities of a foreign issuer is called ___________
1. an ownership certificate
2. a depositary receipt.
3. None of the above.
4. an ownership receipt
ADRs are issued in
1. China
2. The USA
3. Canada
4. India
Issuance of DRs is based on the increase of demand in the
1. Local market
2. All of the above
3. Existing shareholders
4. International market
Discharge by mutual agreement may involve
1. Rescission
2. All of the above
3. Alteration
4. Novation
__________ bond is a special type of bond issued in the currency other than the home currency.
1. Foreign Currency Convertible Bond
2. Government Bonds
3. Lending Funds
4. Protection of life
Which of the following is not a function of insurance?
1. Risk sharing
2. Capital formation
3. Lending Funds
4. Protection of life
Investment limit of a micro enterprise under manufacturing sector does not exceed__________ lakhs
1. 25
2. 20
3. 10
4. 50
The Local Area Banks are promoting
1. Business savings
2. Industrial development
3. Rural savings
4. Agricultural development
Movement of goods , services among the countries.
1. International business
2. International Trade
3. Internal trade
4. Entrepot Trade
---------- acts as a connective link between the producer and the consumer.
1. Business
2. Commerce
3. Trade
4. Industry
Which is the oldest form of Business organisation?
1. Company
2. Sole Proprietorship
3. Partnership
4. Co-operative Society
Internal trade can be classified into ----------categories
1. Three
2. Two
3. Four
4. Five
Who is the first middleman in the channel of distribution?
1. Producer
2. Customer
3. Wholesaler
4. Retailer
---------- are agents who merely bring the buyer and the seller into contact.
1. Commission agent
2. Broker
3. stockiest
4. Selling agent
Period of assessment year is
1. 1st March to 28th Feb
2. 1st July to 30th June
3. 1st Jan. to 31st Dec
4. 1st April to 31st March
Small shops which deal in a particular line of products are called as _____
1. Street stalls
2. Single line stores
3. Sugar market
4. Market traders
_____are mobile traders who deal in low priced articles with no fixed place of business.
1. Super markets
2. Shopping malls
3. Street stalls
4. Itinerant traders
Which of the following does not ensure effective ethical practices in a business enterprise
1. Establishment of compliance
  mechanisms
2. Involvement of employees
3. Publication of a code
4. none of them
When goods are imported for the purpose of export it is called as-----------.
1. Trade
2. Home Trade
3. Foreign Trade
4. Entrepot
A warehouse holds goods as a __________ center.
1. sorting
2. Marketing
3. distribution
4. selling
Who is the chairman of the GST council?
1. President of India
2. Finance Minister
3. RBI Governor
4. Prime Minister
Selling of goods from home country to foreign country is called
1. Entrepot Trade
2. Joint Venture
3. Home Trade
4. Foreign Trade
STC is expansion for
1. State Trading Corporation
2. State Training Council
3. State Trading Centre
4. State Training Centre
An ------------- is document prepared by importer an sent to the exporter to buy the goods
1. Enquiry
2. Indent
3. Invoice
4. Charter Party
Activities undertaken out of love and affection or with social service motive are termed as:
1. Monetary activities
2. Non Economic Activities
3. Financial Activities
4. Economic activities
Occupation of a Doctor is
1. None of the above
2. Employment
3. Special skill
4. Not Making Profit
Any agreement which becomes impossible to perform under various circumstances
1. Void
2. None of these
3. Voidable
4. Valid
A Government company purchases shares in the name of
1. Prime Minister
2. President
3. State Chief Minister
4. Chief Justice of India
Internal sources of capital are those that are __________________
1. generated through issue of shares
2. generated within the business
3. generated through loans from
  commercial banks
4. generated through outsiders such as
  suppliers
Which of the following helps in maximising sale of goods to society?
1. Professional management
2. Ethics
3. laws and regulations
4. Business success
Agricultural income earned in India is
1. Fully Exempted
2. Not Considered for Income
3. Fully Taxable
4. None of the above
The Exporters appoint the ------------- agent to fulfill the customs formalities
1. Forwarding Agent
2. Commission Agent
3. Clearing Agent
4. Factor
An agreement enforceable by law is a
1. Enforceable acceptance
2. Accepted offer
3. Approved promise
4. Contract
The headquarter of WTO is located at
1. London
2. Brazil
3. New York
4. Geneva
The day to day administration of WTO is entrusted with
1. General Council
2. Administrative Council
3. Executive Council
4. General Body
The Balance of Payments councils consists of
1. Capital Account
2. Current Account
3. Both Current Account and Capital
  Account
4. Receipts and Payments Account
Void agreement signifies
1. Agreement against public policy
2. Agreement not enforceable by laW
3. Agreement violating legal procedure
4. Agreement illegal in nature
__________ is a document acknowledging the receipt of goods by a carrier
1. Consignment note
2. Charter party
3. Waybill
4. Bill of lading
Which type of Responsibility gives the benefit to the Society out of its profits earned?
1. Ethical
2. Moral
3. Legal
4. Economic
The basic principle of insurance is ________
1. Co-Operation
2. Insurable Interest
3. Subrogation
4. Proximate causa
A, B, C jointly promised to pay ₹ 50,000 to D. Before performnce of the contract, C dies. Here, the contract
1. Becomes void on C’s death
2. Should be performed by A and B along
  with C’s legal representatives
3. Should be performed by A and B alone
4. Should be renewed between A, B
  and D
Table A of the Companies Act is a______
1. Model of MOA
2. Model minutes book
3. Model of AOA
4. Model form of Balance Sheet
Small scale Fixed retailers include __________
1. General stores
2. Pedlars
3. Cheap Jacks
4. Hawkers
The year in which income is earned is known as
1. Previous Year
2. Assessment Year
3. Calendar Year
4. Light Year
Which of the following is not a type of advance provided by commercial bank?
1. Discounting of bills
2. Cash credit
3. Overdraft
4. Collecting and supplying business information
Income Tax is
1. none of these
2. a business tax
3. a direct tax
4. an indirect tax
The compensation given for breach of contract is
1. Remuneration
2. Damage
3. Cheque
4. Money

+1 Commerce (EM)

Lesson 1 - 33