CA/CMA Foundation Business Commercial Ch 1 Quiz

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Ch 1 Introduction Quiz 1

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On the basis of activities as a domain, the list does not include:

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On the basis of functions as a BCK domain, the list includes:

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BCK has derived from various dis-ciplines like marketing, accounting & finance, operations, human behaviour, laws, economics, ethics, etc. Therefore, BCK is.

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In case of business, the range of activities includes manufacturing, trading, services, retail & domestic trade, door to door selling, malls, weekly haats, etc. Therefore, BCK is.

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Business and Commercial Knowledge as a domain is :

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As per Oxford online dictionary, a specified sphere of knowledge is called as ________.

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Economic laws, philosophy, Psychology, Sociology, etc. are related with the BCK domain:

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Economic, Activities are driven cause of ________?

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Which of the following is not an economic objective of the firm?

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Which of the following is not a business Channel?

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Which of the following is not a business magazine?

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According to the English Journalist Joseph Rudyard Kipling, each one of us have six honest servants. These are ________.

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The BCK is important for the Chartered Accountants (CA). Which of the following Statement(s) is/are correct in this regard?

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The Chartered Accountants are responsible for putting in place a credible system of truthful and fair accounting and reporting of the society’s resources, their deployment and utilisation. Hence, the Chartered Accountants are the ________ of a nations resources.

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The information and communication technology has introduced several terms in the lexicon of BCK e.g. 24 X 7, B2B, B2C, etc. The impact of this evolution is the decline and demise of old businesses and newer ways of doing the business. On this basis, it can be said that BCK is.

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The BCK Vocabulary includes “Bulls & Bears”. These have been taken from the discipline:

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The businesses draw their strategies to beat their competitors. BCK has adapted the term “Strategy” from which of the following original discipline?

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Which of the following statements characterizes the best non-economic activities?

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Usually non-economic activities are driven by the reasons:

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The economic activities are dis-tinguishable merely by the present of motive.

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Ch 1 Introduction Quiz 2

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Economic activities do not include ________.

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Identify the economic activity:

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The extraction of edible oil from rice bran, mustard, coconut, Soyboan, etc. represents:

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From the broader perspective, ________ may be defined as an economic activity comprising the entire spectrum of activities pertaining to production, distribution and trading (Exchange) of goods

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Which of the following is not a characteristic of Economic Activities?

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Which of the following statement is false in respect of non-economic actinides?

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Which of the following is economic activity?

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The entire spectrum of market oriented activities coming under industry, trade and commerce is ________.

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Business as a Institution is ________.

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The periodic compensation, in case of employment, refers to:

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The attribute of a profession does not include.

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Letter of appointment and service agreement are the mode of establishment in case of

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Professional codes are used as the ethnical guidance in case of:

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Transfer of interest is possible in:

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Identify non-economic activity:

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Usually non-economic activities are driver by the reasons:

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Identify which are of the following is economic activity?

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Which of the following is organic objective of business?

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The source of livelihood in case of business is:

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The occupation in which people work for others and get remunerated in return is known as:

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Ch 1 Introduction Quiz 3

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Which of the following statements distinguishes business from entrepre-neurship?

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Which are of the following does not require any investment?

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The Logo of Institute of Chartered Accountants of India (ICAI) is suggestive of ________.

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The Micro, Small, Medium and Large Enterprises are defined with respect to the:

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Which of the following occupations requires rendering of services based upon specialised knowledge and membership of an accreditation and assessment body?

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In which of the following case, the qualifications are strictly prescribed?

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Which of the following statement is false as regards profession?

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Which form of business organisation has a separate legal entity?

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________ form of business is/are appropriate for retail business.

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The shared ownership is beneficial because.

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Business ownership is a bundle of ________.

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On the basis of size and scale of the activity undertaken, business may be classified as:

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The choice of an appropriate form of business organization depends upon:

(i) Ease of formation
(ii) Liability of aspects
(iii) Capital adequacy

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________ Suggests that business must be assessed not only in terms of their economic returns but also on the basis of their social and ecological returns.

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Sustainable development/businesses imply:

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Which one of following is true, in economics and finance?

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Trading implies buying for the pur-poses of selling. Applying this criterion, tell which of the following activities would not qualify as trading?

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Which of the following Statement is incorrect?

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In case of ________, there is a separation of ownership and management.

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The choice of an appropriate form of business organisation largely depends upon:

(I) Ease of formation
(II) Continuity and stability
(III) Liability aspects
Correct option is –

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Ch 1 Introduction Quiz 4

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Which are of the following is the easiest and earliest form of business as a human occupation?

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Sole proprietary business is suitable when market is:

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Which one of the following does not have perpetual succession?

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The choice of form of business organisation depends upon:

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Which of the following Statement is incorrect as regards Corporate form?

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The size of structure of business depend on many factors which (are):

7 / 20

Which of the following is not a form of organisation?

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The definition of HUF includes:

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As per Income Tax Act, HUF is a Separate Entity from the joint family that comprises it. Therefore, HUF cannot earn income from which of the following source?

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HUF ________ be formed by a group of people who do not constitute a family.

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In HUF:

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Head of HUF is known as ________.

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Members of HUF are known as ________.

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Which of the following statements describes the best Joint Hindu/Hindu Undivided Family (HUF) Business?

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In which of the following form of business organisation, the entrepreneur is regarded as economic hero who organizes production, uses creativity and ingenuity in innovation, bears risks and uncertainty.

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In relation to business organization structure, which one of the following is easy to form and wind up?

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Which of the following form of enterprise are the largest in India?

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________ Successive generations of an undivided family are known as HUF.

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HUF can comprise members of a:

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In a Hindu Undivided Family, liability of ________ is unlimited.

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Ch 1 Introduction Quiz 5

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Which of the following is correct?

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Income tax Act, HUF cannot card which type of ________.

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Which is not a merit of LLP?

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The liability of each member of the Hindu Undivided Family business is:

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Liability of other Co-parceners are:

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Who can be the head of Joint Hindu Family business?

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The Karta is Joint Hindu Family business has:

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There can be partnership between:

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________ is a feature of partnership form of business.

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To form a partnership, the mini-mum capital contribution should be:

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The agreement between partners must be ________.

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Which of the following is not a necessary feature of partnership?

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A partnership may be formed to carry on:

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Which of the following is part of HUF?

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In case of HUF what are liabilities of Coparcener and Karta ________.

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Which of the following statement is correct with respect to HUF ________.

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In case of Hindu Undivided Family, the individual share of each coparcener:

18 / 20

Which of the following is the feature of partnership?

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The registration of partnership firm is:

20 / 20

Which of the following is not a feature of LLP?

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Ch 1 Introduction Quiz 6

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Which amongst the following is a feature of LLP?

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What is the liability of each partner under LLP?

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Which of the following is incorrect as regards LLP?

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Which one of the following is treated as a separate legal entity Afferent from its members?

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________ oversees the governance of the LLP.

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________ is the hybrid form of business organisation which contains the features of both the corporate from as well as proprietary form of business organisation.

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Which is not a feature of LLP?

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CSR stands for:

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The Indian Companies Act provides for the registration of:

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The Companies Act, 2013 provides registration for ________.

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 In order to make the system of diffused ownership of joint stock companies and their management work, ________ provides an elaborate system of corporate functioning.

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When FERA is converted into a FEMA:

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LLP has:

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What is the maximum No. of partners in case of LLP?

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In case of LLP.

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Limited Liability Partnership is constituted under ________.

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Which corporation has both characteristics i.e. of a partnership and of a separate legal entity?

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What is the minimum number of directors in case of public companies?

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The minimum number of members in case of Private and Public companies are & respectively.

20 / 27

Which of the following document of the company focuses on its internal regulation?

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As per Companies Act, 2013, ________ company be created for a future project or to hold an asset or intellectual property and has no Significant accounting transactions.

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________ has been the most recently introduced from of business organisation in India vide “The Companies Act, 2013”.

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The Indian Corporate sector is numerically dominated by ________ Companies.

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The company solicits Capital Contribution by the issue of ________.

25 / 27

The objectives of the Company can be traced from which of the following document?

26 / 27

The affairs of a company is over-seen by:

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Gas Authority of India Limited is an example of:

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