Lecturer_in_Commerce_BPS-17_Preparation_MCQs.pdf - COMMERCE Interview Questions and Answers:1 What is commerce 2 Into how many departments is commerce

Lecturer_in_Commerce_BPS-17_Preparation_MCQs.pdf - COMMERCE...

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Unformatted text preview: COMMERCE Interview Questions and Answers :1. What is commerce? 2. Into how many departments is commerce mainly divided into? Which are they? Trade Aids of trade 3. The trade is sub divided into two divisions, which are they? Home trade and Foreign trade. 4. Into how many divisions the Home Trade is divided? /s Into two they are, Whole sale and retail in dh .jo Into two. They are bs .po Commerce refers to and includes all those activities which are necessary to bring goods and services from the place of their origin to the place of their consumption rta l 200 TOP COMMERCE Multiple Choice Questions and Answers up s 5. Which are the two divisions of Whole sale? om /g ro They are import trade and export trade k.c COMMERCE Interview Questions 6. When did the commerce begin to grow? It is began to grow only after the division of labour and development of exchange. Once it started growing, it spread its invisible 7. What is a company? bo o thread throughout the length and breadth of the world. A company is an incorporated association which is an artificial person, having an independent legal entity, with a perpetual fa ce succession, a common seal, a common capital comprised of transferable shares and carrying limited liability. 8. What is Audit? An audit may be said to be such an examination of books, accounts and vouchers of a business, whether it is in a proper manner for w. the financial period. 9. What is the minimum number of directors in a Public Company? ww Atleast two directors 10.What is public sector? Central government, local authorities and the public corporations that run nationalized industries 1/10 6/28/2017 200 TOP COMMERCE Multiple Choice Questions and Answers Pdf 2017 11. What is Plant layout? ‘Plant layout’ means the arrangement and location of different departments and of the machinery and equipment within a department 12. What is Protocol? The minutes or records of a diplomatic conference; especially a note of agreement on a subsidiary matters which supplements a treaty rta l 13. What is Mortgage? It is a transaction by which land or any other property may be given as security for repayment of a loan bs .po 14. What is Loan? Something lent for the borrower’s temporary use, especially money lent with conditions about repayment and the payment of interest 15. What is an account? in dh .jo An account is a book-keeping device used in summarizing the increases and decreases in each asset or equity item 16. What is a Balance Sheet? It is the statement of account which is prepared at the end of every financial year. It gives the total picture of business at the point of time. 17. What is Business? Business is the sum of activities comprising buying and sellinggoods, manufacturing goods or providing services inorder to make 18. What is Guarantor? up s /s profit. A person who promises that if a second fails to fulfill some obligation, then he will fulfill it instead or pay money upto a specified limit to compensate for any loss caused by the second person’s failure /g ro 19. What is Quoted price? It is the price of a share commodity as stated in the official list of the stock exchange commodity market. 20. What is Share? om A unit for reckoning investor’s interests in the contributed capital of a company 21. What is the other name for creditorship ? 22. Who is called an Arbirator? k.c securitieso Debentures 23. what is a Capital? bo o A person chosen by the parties to a dispute to suggest a way of settling the dispute The tangible resources of a person or organization, including cash, machinery, land, building, raw material etc. are called capital fa ce 24. Who is sleeping partner? A partner who contributes capital but will not take partin business activities is called a sleeping partner. 25. When did the government institute the Companies Amendment Act? w. In February 1963. 26. What is Debit? ww It is the term using in double entry book keeping for an entry made on the left-hand side of an account 27. Who is a Floor Trader? A person, usually a member of the stock exchange entitled to trade on the floor of that exchange is called floor Trader 28. What is Liquid Asset? The asset of the business which comprises cash or item which can easily and quickly be converted into cash within a period of one year 2/10 6/28/2017 200 TOP COMMERCE Multiple Choice Questions and Answers Pdf 2017 29. Name the brand mark which has legal restrictions: Trade Mark 30. What is Stock Market? An organized market for securities. Also called a ‘stock exchange’ The tangible resources of a person or organization, including cash, machinery, land, building, raw material etc. are called capital 31. What is Tap? rta l A large quantity of securities held by some one who is able to sell to any one who wants to buy is called a tap. 32. What is value Added Tax(V.A.T.)? bs .po The principle of V.A.T. is that tax is levied at each stage of the production of goods or services and on the value added at each stage of the production 33. What is Vital Statistics? It is the statistics concerned with births, deaths, ages, health, marriages, diseases etc… in dh .jo 34. What is Gratuity? A gift given especially of a small sum of money given in response to ther service received or anticipated 35. What is Gross National Product (G.N.P)? It is the total value of all goods and services that are produced by the people of a specified country in an year 36. What is Wage? /s It is the remuneration paid to the operative staff whoe output can be directly in an year up s 37. What is a By-product? A commonly which can be sold, produced in the process of manufacturing the main product. 38. Which is called a barometer of financial health of a country? /g ro Stock-Exchange 39. A document issued by a vendor giving credit to the debtor is called: Credit note om 40. What is the term used with reference to assurance policies? Endownment k.c 41. What is Petty Cash? A small fund of cash held by an institution which is used to make small and urgent payments bo o 42. Who are entitled to take part in the control and management of business in a company? The board of directors elected by the shareholders 43. In a company who is responsible for considering the legal aspects of company activities? fa ce The company secretary 44. What is a man hour? It is an unit for measuring employment equivalent to the employment of one person for one hour w. 45. Which audit is conducted only once in a while and that also when the client desires? ww Occasional audit 46. The bailment of goods as security for payment of a debt is called: Pledge 47. The selection of goodsoffered for sale by an retailer is called: Assortment 3/10 6/28/2017 200 TOP COMMERCE Multiple Choice Questions and Answers Pdf 2017 48. What is a person or party to whom an assignment is made called? Assigne 49. What is Tenor? A bill of exchange may be payable sometime in the future 50. Which value was measured in gold or equivalent in US dollars? 51. What is the name of entry which is used in Bank Column cash book to record the money transaction? 52. The fixed cost of producing a quantity of a good divided by the quantity produced is : Average fixed cost 53. Which is the basic document of a company? in dh .jo Memorandom of association bs .po Contra entry rta l Par value 54. Minimum number of persons who has to sign the Memorandom of association? Seven persons in the presence of one witness Co-operative 56. In the name of a company which word should be used at the end? Limited up s 57. Which is the most important clauses of the memorandum? /s 55. In the charter of the company while choosing a name which word should not be included? The object clause /g ro 58. Which is a document containing a rules and regulations for the internal management of the company? The article of association 59. What is the maximum number of partners in Banking business? om Ten 60. What is the minimum number of members in a public company? Seven k.c COMMERCE Questions pdf free download :: 61. Which bank note gives the bearer the right to have its face value converted into gold or some other Convertible bank-note bo o commodity of value equivalent to the amount stated? 62. In which form the co-operative society, distributes its surplus dividends to its members? fa ce In the form of bonus 63. Which is the technique designed to create an artificial market to benefit a businessman? w. Rigging the market 64. What is dead time? ww Time lost through no fault of the employee and for which he is usually paid at the full rate 65. What is a decision tree? A diagram of a sequence of decisions, each of which involves choosing between a known number of alternatives and depends on the resultants of the previous decisions 66. What is syndicate? A group of people working together towards a common objective usually profit is called a syndicate. 4/10 ce b fa ww w. k.c o oo sin dh .jo s/ up /g ro m .po bs rta l Lecturer Preparation MCQS w. ww sin dh .jo s/ up /g ro om ok .c bo ce fa bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l w. ww sin dh .jo s/ up /g ro om ok .c bo ce fa bs .p or ta l fa w. ww sin dh .jo s/ up /g ro om ok .c bo ce bs .p or ta l w. ww sin dh .jo s/ up /g ro om ok .c bo ce fa bs .p or ta l bs .po rta l Lecturer Preparation MCQS 2. Accounting for Intangible Assets are related to– (A) AS - 10 (B) AS - 12 (C) AS - 24 (D) AS - 26 Answer: AS - 26 m /g ro up 3. Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets Answer: Impairment of Assets s/ sin dh .jo The Doing Business Report" is prepared by which of the following organizations every year? (A) World Bank (B) Asian Development Bank (ADB) (C) International Monetary Fund (IMF) (D) World Trade Organization (WTO) Answer: World Bank ok .co 4. Recording of capital contributed by the owner as liability ensures the adherence of principle of– (A) Consistency (B) Going concern (C) Separate entity (D) Materiality Answer: Separate entity ce bo 5. Bad loans in banking terminology are generally known as– (A) BPOs (B) Prime Asset (C) NPAs (D) CBS See Answer: ww w. fa 6. An association of cement manufacturers is an example of– (A) Diagonal combination (B) Vertical combination (C) Horizontal combination (D) Lateral combination Answer: Horizontal combination 7. The product range is widest in case of– rta l (A) Chain store (B) Departmental store (C) Speciality shop (D) One price shop Answer: Departmental store sin dh .jo bs .po 8. A public corporation is set up– (A) By a Special Act of Parliament (B) By a special order of the Government (C) Under Indian Companies Act, 1956 (D) By none of the above Answer: By a Special Act of Parliament 9. The minimum number of members required for registration of a cooperative society are– (A) Two (B) Seven (C) Ten (D) Twenty Answer: Ten s/ ro up 10. Insurable interest must be present at the time of insurance proposal and payment of claims in– (A) Fire Insurance (B) Marine Insurance (C) Life Insurance (D) Motor Insurance Answer: Fire Insurance .co m /g 11. A machinery is purchased for Rs. 3,00,000 and Rs. 50,000 is spent on its installation. Rs. 5,000 is spent on fuel. What will be the amount of capital expenditure ? (A) Rs. 3,00,000 (B) Rs. 3,50,000 (C) Rs. 3,55,000 (D) None of these Answer: Rs. 3,50,000 bo ok 12. Which of the following errors are not disclosed by Trial Balance ? (A) Compensatory Errors (B) Errors of Principle (C) Errors of Omission (D) All the three Answer: All the three ww w. fa ce 13. A large amount spent on special advertisement is– (A) Capital Expenditure (B) Revenue Expenditure (C) Revenue Loss (D) Deferred Revenue Expenditure Answer: Deferred Revenue Expenditure 14. Double Entry System was introduced in– (A) America (B) Japan (C) India (D) Italy bs .po 15. According to going concern concept a business entity is assumed to have– (A) A long life (B) A small life (C) A very short life (D) A definite life Answer: A long life rta l Answer: Italy sin dh .jo 16. Which of the following companies do not have the obligation to get its Articles of Association registered along with the Memorandum of Association ? (A) Public Company limited by shares (B) Unlimited companies (C) Private companies limited by shares (D) Companies limited by guarantee Answer: Public Company limited by shares ro up s/ 17. What does management audit imply ? (A) Complete audit (B) Detailed audit (C) Efficiency audit (D) Interim audit Answer: Efficiency audit m /g 18. Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory Answer: Statutory audit of company accounts is compulsory bo ok .co 19. Where does an auditor of a cooperative society submit the audit report ? (A) To the managing committee of the society only (B) To the Registrar of Cooperative Societies of the State concerned only (C) To the State Assembly concerned (D) To the Registrar of Cooperative Societies of the State concerned and a copy to the society Answer: To the Registrar of Cooperative Societies of the State concerned only ww w. fa ce 20. Which one of the following statements is correct ? (A) Audit of an educational institution is compulsory if it is run by a charitable trust (B) A club is treated as a commercial establishment (C) The accounts of a charitable trust can be audited by any person who belongs to accountancy profession (D) Audit of a charitable trust is not compulsory under law Answer: Audit of an educational institution is compulsory if it is run by a charitable trust rta l 1. DAGMAR approach in marketing is used to measure: bs .po A. Public relations B. Advertising results C. Selling volume D. Consumer satisfaction sin dh .jo 2. Cost of capital from all the sources of funds is called A. Specific cost B. Composite cost C. Implicit cost D. Simple Average cost s/ 3. A company plans to create the largest possible total sales volume. It should use bo ok A. Right issue B. Bonus issue C. Private placement D. Preferential Allotment .co m 4. Zero sum game is also known as? /g ro up A. Concentrated marketing B. Differentiated marketing C. Homogeneous marketing D. Undifferentiated marketing ce 5. An investment centre is a responsibility centre where the manager has control over ww w. fa A. Costs B. Costs and profits C. Costs, profits and product quality D. Costs, profits and assets bs .po A. Central/State Governments B. Recognised Consumer Association C. A retail dealer D. One or more consumers where there are numerous consumers having the same interest rta l 6. Who cannot be a complainant under the Consumer Protection Act 1986 in India? sin dh .jo 7. In 1952 Urwick produced a consolidated list of ten principles that included the principle that no one should be responsible for more than 5 or 6 direct subordinates whose work is interlocked. What is the correct label for this principle? A. Specialisation B. Coordination s/ C. Authority ro up D. Span of control /g 8. Capital rationing is applied in a situation where .co m A. It is difficult to bring in required amount of capital B. Financial institutions are doubtful or not sure of the viability of the project C. A large number of investment proposals compete for limited funds D. The dividend is converted into capital for completion of a new project fa ce bo ok 9. When a firm is credited with high market share in a market identified with low growth rate, it is known as: A. Question marks B. Cash cow C. Dog D. Star ww w. 10. In testing hypothesis, what is the size of the sample to be reckoned as a small sample? A. Less than 30 B. Less than 25 C. Less than 40 rta l bs .po D. Less than 100 11 Total overheads incurred for running a canteen is re-apportioned among production Departments on what basis: s/ sin dh .jo A. Floor area B. Equitable C. No. of employees D. Value of Plant ro up 12. Difference between interest on loan charged and interest on deposits offered is known by the name: .co m /g A. Slack B. Spread C. Gap D. Margin bo ce A. Maximum B. Minimum C. One D. Zero ok 13. At internal rate of return (IRR), Profitability index of a project will be: ww w. fa 14. Certain restrictions or conditions imposed by a Government in respect of foreign investment in a country are denoted by: A. TRIMS B. TRIPS C. GATS rta l D. Tariff Binding bs .po 15. Accumulated profit is shown as a liability in the balance sheet. Which accounting concept is behind such a treatment? sin dh .jo A. Going concern B. Business entity C. Accrual D. Accounting period 16. A company promotes a product by giving T shirts with logo of a sports event, without sponsoring that sports event officially. This is an example of ---- ro up s/ A. Attack Marketing B. Ambush Marketing C. Mega Marketing D. Meta Marketing applying discount rate? ok .co A. Life Cycle Costing B. ABC (Activity Based Costing C. Absorption Costing D. Standard Costing m /g 17. In which costing system future costs are considered and expressed in present day value by ce bo 18. Which act restricts the maximum number of partners in a partnership firm which carries banking business to 10 persons? ww w. fa A. Partnership Act 1932 B. Banking Regulation Act 1949 C. Companies Act 1956 rta l D. Income Tax Act 1961 19. Which among the following is a Positional average? sin dh .jo bs .po A. Arithmetic Mean B. Median C. Mode D. Geometric Mean E. Harmonic Mean ro up s/ 20. Who is father of Z theory A. Mc. Gregor B. Abraham Maslow C. William Ouchi D. F W Taylor NB: Answers are which typed in RED /g 1. Accounting is? .co m (A) An Art (B) A Science _ (C) A Profession (D) All of these ok Answer.D fa Answer.B ce (A) 1947 (B) 1949 (C) 1951 (D) 1956 bo 2. The Institute of Chartered Accountants of India was established in the year— ww w. 3. Accounting Standard Board issuing Accounting Standards in India belongs to- rta l (A) Ministry of Finance (B) Company Law Board (C) The Institute of Chartered Accountants of India (D) None of the above bs .po Answer.C 4. Which of the following Accounting Standards relates to accounting for fixed assets ? sin dh .jo (A) AS 3 (B) AS 10 (C) AS 14 (D) AS 16 Answer.B Solved MCQ Of E-Commerce And E-Banking Posted By Muneer Hayat m /g payment and support for delivery. D) All of the above. ro up s/ 1. The term e-commerce includes ............................ A) Electronic trading of Physical goods and intangibles such as information. B) The electronic provision of services such as after sales support or online legal advice C) All the steps involved in trade, such as on-line marketing ordering bo ok .co 2. Which of the following is the largest community in classification of ecommerce? A) Business to Business (B to B) B) Business to Consumer (B to C) C) Business to Government (B to G) ce D) Government to Government (G to G) ww w. fa 3. Which of the following is not the example of business to consumer (B to C) e-commerce? A) Amazon.com B) e-bay.com C) dell.com iii) Ease and Efficiency iv) Low Cost ro up s/ v) Targeted audience A) i, ii, iii and iv only B) ii, iii, iv and v only C) i, iii, iv and v only D) All i, ii, iii, iv and v sin dh .jo 5. Which of the following are the benefits of E-marketing? i) Speed ii) Reach and Penetration bs .po 4. The types of Business to Business e-commerce are ................ A) Direct selling and support to Business B) Industry portals C) Information sites about a industry D) All of the above .co m /g 6. ......................
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