Commerce Quiz Questions with Answers
1. In marine insurance, warranty means a guarantee–
(A) against the loss of the ship in the voyage
(B) for the safety of the captain of the ship
(C) for payment of shipping freight
(D) to comply with conditions mentioned in the policy
See Answer:
2. In a consequential loss policy which one of the following losses in indemnified ?
(A) Loss of corporate image (B) Loss of net profits due to fire
(C) Loss due to theft during fire (D) Loss due to damage around the venue of fire
See Answer:
3. Which one of the following indicates the correct chronological order of management approaches in the History of Management Thoughts ?
(A) Classical, Human Relations, Behavioural, Systems, Contingency
(B) Contingency, Systems, Behavioural, Human Relations, Classical
(C) Classical, Behavioural, Human Relations, Systems, Contingency
(D) Classical, Human Relations, Behavioural, Contingency, Systems
See Answer:
4. David C. Maclland’s motivating needs are–
(A) Needs for power affiliation and growth
(B) Needs for affiliation, achievement and security
(C) Needs for power, achievement and relatedness
(D) Needs for power, affiliation and achievement
See Answer:
5. Which one of the following gives the correct sequence with respect to communication process ?
(A) Sender, Message, Encoding, Receiver, Channel, Decoding and Feedback
(B) Message, Sender, Encoding, Receiver, Channel, Decoding and Feedback
(C) Encoding, Message, Sender, Decoding, Feedback, Receiver and Channel
(D) Sender, Message, Encoding, Channel, Receiver, Decoding and Feedback
See Answer:
6. Financial year of a company shall not exceed–
(A) calendar year
(B) 15 months
(C) 18 months with special permission of Registrar of companies
(D) 15 months with special permission of Registrar of Companies
See Answer:
7. Secretarial Compliance Report is–
(A) optional for a company
(B) required when a company does not have a whole-time secretary
(C) required if a company is not required to employ a whole-time secretary and has a paid-up share capital of Rs. 10 lakh or more
(D) required for companies as are notified by the Central Government
See Answer:
8. Which one of the following types of information, a creditor would be interested to gather while reading Annual Reports of an enterprises ?
(A) Profitability (B) Liquidity
(C) Continuity (D) Solvency
See Answer:
9. Which one of the following pairs is not correctly matched ?
(A) Accounting equation– Assets-Liabilities-Capital
(B) Accounting year– 1st April to 31st March
(C) Accrual concept– Recgonising revenue on receipt of cash
(D) Cost concept– Recognising transactions at historical cost
See Answer:
10. Included in production overhead of hardware division of Rs. 3,00,000 is Rs. 50,000, being the cost of prototype computers manufactured by the company itself. These are not to be sold but to be kept for demonstrating alive the medical imaging software programme.
The cost of prototype computers of Rs. 50,000 should be treated as–
(A) fixed assets (B) deferred revenue expenditure
(C) production overhead cost of hardware division (D) advertising cost
See Answer:
11. Rules concerning meetings and reports of a joint stock company are contained in its:
(A) Prospectus (B) Memorandum of Association
(C) Articles of Association (D) Bye-laws.
See Answer:
12. A change in the exchange rate will change the amount of local currency receivable on a bill denominated in a foreign currency.
The risk involved is called–
(A) Foreign exchange risk (B) Import risk
(C) Transaction risk (D) Monetary risk
See Answer:
13. Export promotion is indispensable for overcoming disequilibrium in–
(A) Balance of payments (B) Balance of trade
(C) Terms of trade (D) All of these.
See Answer:
14. The marine policy which insures incidental inland risks along with the marine perils is called–
(A) Block policy (B) Currency policy
(C) Blanket policy (D) Voyage policy
See Answer:
15. Which of the following does not mean the Qualified Institutional Buyer (QIB) under the SEBI (Disclosure and Investor Protection guidelines as amended by the recent DIP Circular ?
(A) Mutual Funds
(B) Pension Funds with a corpus below Rs. 20 crore
(C) Pension Funds with minimum corpus of Rs. 25 crore
(D) Provident Funds with minimum corpus of Rs. 25 crore.
See Answer:
16. Which Sections of the Companies Act, 1956 shall apply to all foreign comapnies ?
(A) Sections 660 to 670 (B) Sections 592 to 602
(C) Sections 442 to 408 (D) None of the above
See Answer:
17. The General Insurance Corporation (GIC) of India was incorporated in–
(A) Jan. 1972 (B) July 1972
(C) Nov. 1972 (D) Jan. 1973
See Answer:
18. The Life Insurance Corporation (LIC) of India came into existence on–
(A) Sept. 1, 1956 (B) July 1, 1956
(C) March 1, 1956 (D) Jan. 1, 1956
See Answer:
19. The LIC Mutual Fund was set up in–
(A) Jan. 1985 (B) March 1987
(C) June 1989 (D) Nov. 1991
See Answer:
20. On which date the Govt. lifted the three-decade old prohibition on forward trading in securities by rescinding the 1969 notification ?
(A) Jan. 10, 2000 (B) March 1, 2000
(C) April 20, 2000 (D) July 25, 2000
See Answer:
(A) against the loss of the ship in the voyage
(B) for the safety of the captain of the ship
(C) for payment of shipping freight
(D) to comply with conditions mentioned in the policy
See Answer:
2. In a consequential loss policy which one of the following losses in indemnified ?
(A) Loss of corporate image (B) Loss of net profits due to fire
(C) Loss due to theft during fire (D) Loss due to damage around the venue of fire
See Answer:
3. Which one of the following indicates the correct chronological order of management approaches in the History of Management Thoughts ?
(A) Classical, Human Relations, Behavioural, Systems, Contingency
(B) Contingency, Systems, Behavioural, Human Relations, Classical
(C) Classical, Behavioural, Human Relations, Systems, Contingency
(D) Classical, Human Relations, Behavioural, Contingency, Systems
See Answer:
4. David C. Maclland’s motivating needs are–
(A) Needs for power affiliation and growth
(B) Needs for affiliation, achievement and security
(C) Needs for power, achievement and relatedness
(D) Needs for power, affiliation and achievement
See Answer:
5. Which one of the following gives the correct sequence with respect to communication process ?
(A) Sender, Message, Encoding, Receiver, Channel, Decoding and Feedback
(B) Message, Sender, Encoding, Receiver, Channel, Decoding and Feedback
(C) Encoding, Message, Sender, Decoding, Feedback, Receiver and Channel
(D) Sender, Message, Encoding, Channel, Receiver, Decoding and Feedback
See Answer:
6. Financial year of a company shall not exceed–
(A) calendar year
(B) 15 months
(C) 18 months with special permission of Registrar of companies
(D) 15 months with special permission of Registrar of Companies
See Answer:
7. Secretarial Compliance Report is–
(A) optional for a company
(B) required when a company does not have a whole-time secretary
(C) required if a company is not required to employ a whole-time secretary and has a paid-up share capital of Rs. 10 lakh or more
(D) required for companies as are notified by the Central Government
See Answer:
8. Which one of the following types of information, a creditor would be interested to gather while reading Annual Reports of an enterprises ?
(A) Profitability (B) Liquidity
(C) Continuity (D) Solvency
See Answer:
9. Which one of the following pairs is not correctly matched ?
(A) Accounting equation– Assets-Liabilities-Capital
(B) Accounting year– 1st April to 31st March
(C) Accrual concept– Recgonising revenue on receipt of cash
(D) Cost concept– Recognising transactions at historical cost
See Answer:
10. Included in production overhead of hardware division of Rs. 3,00,000 is Rs. 50,000, being the cost of prototype computers manufactured by the company itself. These are not to be sold but to be kept for demonstrating alive the medical imaging software programme.
The cost of prototype computers of Rs. 50,000 should be treated as–
(A) fixed assets (B) deferred revenue expenditure
(C) production overhead cost of hardware division (D) advertising cost
See Answer:
11. Rules concerning meetings and reports of a joint stock company are contained in its:
(A) Prospectus (B) Memorandum of Association
(C) Articles of Association (D) Bye-laws.
See Answer:
12. A change in the exchange rate will change the amount of local currency receivable on a bill denominated in a foreign currency.
The risk involved is called–
(A) Foreign exchange risk (B) Import risk
(C) Transaction risk (D) Monetary risk
See Answer:
13. Export promotion is indispensable for overcoming disequilibrium in–
(A) Balance of payments (B) Balance of trade
(C) Terms of trade (D) All of these.
See Answer:
14. The marine policy which insures incidental inland risks along with the marine perils is called–
(A) Block policy (B) Currency policy
(C) Blanket policy (D) Voyage policy
See Answer:
15. Which of the following does not mean the Qualified Institutional Buyer (QIB) under the SEBI (Disclosure and Investor Protection guidelines as amended by the recent DIP Circular ?
(A) Mutual Funds
(B) Pension Funds with a corpus below Rs. 20 crore
(C) Pension Funds with minimum corpus of Rs. 25 crore
(D) Provident Funds with minimum corpus of Rs. 25 crore.
See Answer:
16. Which Sections of the Companies Act, 1956 shall apply to all foreign comapnies ?
(A) Sections 660 to 670 (B) Sections 592 to 602
(C) Sections 442 to 408 (D) None of the above
See Answer:
17. The General Insurance Corporation (GIC) of India was incorporated in–
(A) Jan. 1972 (B) July 1972
(C) Nov. 1972 (D) Jan. 1973
See Answer:
18. The Life Insurance Corporation (LIC) of India came into existence on–
(A) Sept. 1, 1956 (B) July 1, 1956
(C) March 1, 1956 (D) Jan. 1, 1956
See Answer:
19. The LIC Mutual Fund was set up in–
(A) Jan. 1985 (B) March 1987
(C) June 1989 (D) Nov. 1991
See Answer:
20. On which date the Govt. lifted the three-decade old prohibition on forward trading in securities by rescinding the 1969 notification ?
(A) Jan. 10, 2000 (B) March 1, 2000
(C) April 20, 2000 (D) July 25, 2000
See Answer:
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