CA/CMA Foundation Business Commercial Ch 1 Quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 1 1 / 20 On the basis of activities as a domain, the list does not include: Manufacturing Trading Commerce and Services Human Resource 2 / 20 On the basis of functions as a BCK domain, the list includes: Production Accounting, Finance and Taxa-tion Human Resource All of the above 3 / 20 BCK has derived from various dis-ciplines like marketing, accounting & finance, operations, human behaviour, laws, economics, ethics, etc. Therefore, BCK is. Eclectic Uni-disciplinary Bi-disciplinary None of the above. 4 / 20 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. Vast Eclectic Ever-evolving and expanding All of the above 5 / 20 Business and Commercial Knowledge as a domain is : Vast Eclectic Ever-evolving and expanding All of the above 6 / 20 As per Oxford online dictionary, a specified sphere of knowledge is called as ________. Business and Commercial Knowledge Domain Principle All of the above 7 / 20 Economic laws, philosophy, Psychology, Sociology, etc. are related with the BCK domain: Mode Scale Underlying disciplines Focus 8 / 20 Economic, Activities are driven cause of ________? Self-Interest Self-less motive Human welfare Self satisfaction 9 / 20 Which of the following is not an economic objective of the firm? Sales growth Improvement in market share Profits and return on investment Conservation of natural resources 10 / 20 Which of the following is not a business Channel? CNBC TV 18 ETNow NDTV Profit SAB TV 11 / 20 Which of the following is not a business magazine? Business word. Business Today India Forbes. Hindu’s Year Book. 12 / 20 According to the English Journalist Joseph Rudyard Kipling, each one of us have six honest servants. These are ________. What, why, when, how, where & who. Honesty, Integrity, diligence, loyalty, truthfulness & positive. Technology, Service, education, mental level, background & Finance. None of the above. 13 / 20 The BCK is important for the Chartered Accountants (CA). Which of the following Statement(s) is/are correct in this regard? The CA cannot develop notions of cost, inventory, revenue, profit is, etc. in case of FMCG business. The CA’s shall be able to conduct audit diligently only when they understand the nuances of the corresponding business. The knowledge of law is not re-quired to CA All of the above 14 / 20 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. Custodians Investigators Supervisors None of the above 15 / 20 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. Vast Multi-disciplinary Eclectic Even-evolving and expanding. 16 / 20 The BCK Vocabulary includes “Bulls & Bears”. These have been taken from the discipline: Biology Military Chemistry None of the above 17 / 20 The businesses draw their strategies to beat their competitors. BCK has adapted the term “Strategy” from which of the following original discipline? Military Biology Chemistry None of the above 18 / 20 Which of the following statements characterizes the best non-economic activities? Non-economic activities do not require any investment of re-sources These activities do not entail any operational costs These activities are undertaken by ascetics The underlying purpose of these activities is not earning of a livelihood but social, psychological or spiritual satisfaction. 19 / 20 Usually non-economic activities are driven by the reasons: Emotional Sentimental Altruism Any of the above 20 / 20 The economic activities are dis-tinguishable merely by the present of motive. Livelihood Emotional Altruism All of the above Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 2 1 / 20 Economic activities do not include ________. Profit earning Emotional sentimental Self interest Livelihood motive 2 / 20 Identify the economic activity: Cooking of food by the home-maker. Playing of piano as a hobby. Employment in a charitable or-ganisation. Exercising in a park 3 / 20 The extraction of edible oil from rice bran, mustard, coconut, Soyboan, etc. represents: Pure agriculture Agro-based industries. Business Retail industry. 4 / 20 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 Business Employment Profession Economy 5 / 20 Which of the following is not a characteristic of Economic Activities? Income generating. Productive Saving, investment & wealth Personal satisfaction only. 6 / 20 Which of the following statement is false in respect of non-economic actinides? These can never have an economic dimension. These are not for livelihood motive. These are for selfless consent (i.e. altruism) These are for charity, patriotic, social, religious, etc. 7 / 20 Which of the following is economic activity? Social, religions & cultural Personal & recreational Charity and patriotic Self-interest & rationality of what do I get in return. 8 / 20 The entire spectrum of market oriented activities coming under industry, trade and commerce is ________. Business Profession Employment All of the above 9 / 20 Business as a Institution is ________. Job creator Job seeker Both None of the above 10 / 20 The periodic compensation, in case of employment, refers to: Wages Salaries Both (a) & (b) Lump Sum amount payable on retirement. 11 / 20 The attribute of a profession does not include. Certificate of service from government Self imposed code of conduct Rendering of specialised nature of services All of the above 12 / 20 Letter of appointment and service agreement are the mode of establishment in case of Business Profession Employment All of the above 13 / 20 Professional codes are used as the ethnical guidance in case of: Business Profession Employment All of the above 14 / 20 Transfer of interest is possible in: Business Profession Employment All of the above 15 / 20 Identify non-economic activity: Music Composer. Ice Cream Vendor. Cycle repair shop. Elder sibling assisting the younger one in studies. 16 / 20 Usually non-economic activities are driver by the reasons: Emotional Sentimental Altruism Any of the above 17 / 20 Identify which are of the following is economic activity? Identify which are of the following is economic activity? Giving private tuitions. Dabbawalla picks up the food from home & delivers it to the office. All of the above. 18 / 20 Which of the following is organic objective of business? Fitness of Human Resources Community Service Effective waste handling and disposal Economic Value Added 19 / 20 The source of livelihood in case of business is: Professional fee Profit Wages Salaries 20 / 20 The occupation in which people work for others and get remunerated in return is known as: Business Employment Profession None of these Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 3 1 / 20 Which of the following statements distinguishes business from entrepre-neurship? Entrepreneurs are the business owners too All business owners are entrepreneurs too Entrepreneurs seek out new op-portunities and pursue innovative business ideas (a) and (b) 2 / 20 Which are of the following does not require any investment? Small business Business Profession Employment 3 / 20 The Logo of Institute of Chartered Accountants of India (ICAI) is suggestive of ________. Integrity Vigilance Profession None of these 4 / 20 The Micro, Small, Medium and Large Enterprises are defined with respect to the: Number of employees Number of Products Area Served Size of investment. 5 / 20 Which of the following occupations requires rendering of services based upon specialised knowledge and membership of an accreditation and assessment body? Employment Profession Business Agriculture 6 / 20 In which of the following case, the qualifications are strictly prescribed? Business Profession Employment Trading 7 / 20 Which of the following statement is false as regards profession? It is rendering of services of a specialized nature. Prescribed qualifications. Works under a certificate of practice from an established certification. The Source of livelihood is profit. 8 / 20 Which form of business organisation has a separate legal entity? Hindu Undivided Family (HUF) Co-operative society Partnership firm Sole proprietorship. 9 / 20 ________ form of business is/are appropriate for retail business. Sole proprietorship Partnership Company Both (a) and (b) 10 / 20 The shared ownership is beneficial because. There is sharing of risks. There is sharing of Profits. There is sharing of Benefits. There is sharing of Expenses 11 / 20 Business ownership is a bundle of ________. Benefits Rights Obligations Advantages 12 / 20 On the basis of size and scale of the activity undertaken, business may be classified as: Micro, Small, medium & large. Public and Private. Big and Small. Small Scale and Large Scale. 13 / 20 The choice of an appropriate form of business organization depends upon:(i) Ease of formation(ii) Liability of aspects(iii) Capital adequacy Only I Onlvm i&m I, n & m 14 / 20 ________ 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. The objectives of business. The Plurality of Business. The vision of Business. The mission of Business. 15 / 20 Sustainable development/businesses imply: Consistent economic performance Attention to social problems Harmony with nature All of the above 16 / 20 Which one of following is true, in economics and finance? Risk and uncertainty are synonymous. Risk can be calculated in advance but not uncertainty. Uncertainty can be calculated but not rise. Under uncertainties, Risk must be zero. 17 / 20 Trading implies buying for the pur-poses of selling. Applying this criterion, tell which of the following activities would not qualify as trading? Purchase of goods in bulk quantity from the manufacturer and sale in smaller quantities to the retailers. Buying from the wholesaler and selling it to the consumers. Buying from the retailer for selfconsumption. Purchase of raw materials from the suppliers for further processing in the factory. 18 / 20 Which of the following Statement is incorrect? The Business ownership accrues because a person has invested money in it. A business may be owned single or jointly. Business may be organized as a Proprietary concern or a Corpo-rate concern. Joint family business is not a business. 19 / 20 In case of ________, there is a separation of ownership and management. Sole Proprietorship. Partnership Co-ownership. Company 20 / 20 The choice of an appropriate form of business organisation largely depends upon:(I) Ease of formation(II) Continuity and stability(III) Liability aspectsCorrect option is – I and II II and III I and III I, II and ID. Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 4 1 / 20 Which are of the following is the easiest and earliest form of business as a human occupation? Sole Proprietorship Co-ownership Partnership Company 2 / 20 Sole proprietary business is suitable when market is: Non Existent National Local Global 3 / 20 Which one of the following does not have perpetual succession? Company Statutory Corporation Sole Proprietorship Co-operative Society 4 / 20 The choice of form of business organisation depends upon: Funds required. Nature of Product. Risk Involved. All of the above 5 / 20 Which of the following Statement is incorrect as regards Corporate form? Life of business is entwined with the life of owner. Business is a Separate legal per-son. The life of business in independent from the lives of its owners. The business has distinct name. 6 / 20 The size of structure of business depend on many factors which (are): In the control of enterprises Arbitrary and random Range from internal to external factors which are beyond the control of enterprises Beyond the control of enterprises. 7 / 20 Which of the following is not a form of organisation? Partnership Company Partners Sole Proprietorship 8 / 20 The definition of HUF includes: Buddhist Jain & Parsi. Sikh. All of the above. 9 / 20 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? Salary House Property. Business and Profession. Capital Gain. 10 / 20 HUF ________ be formed by a group of people who do not constitute a family. Cannot Can Should not May 11 / 20 In HUF: Liability of Karta is limited No liability of Karta Liability of Karta is unlimited Liability of everyone is unlimited 12 / 20 Head of HUF is known as ________. Karta Co-parceners Manager Head 13 / 20 Members of HUF are known as ________. Partners Shareholders Members Co-parceners 14 / 20 Which of the following statements describes the best Joint Hindu/Hindu Undivided Family (HUF) Business? It is a form of business particular to and recognized as such in India Every family business is in fact a HUF Business In HUF businesses, there is a family involvement in business Either (a) or (c) 15 / 20 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. Sole Proprietorship. Partnership Company LLP 16 / 20 In relation to business organization structure, which one of the following is easy to form and wind up? A company A sole proprietorship Statutory corporation Public enterprises. 17 / 20 Which of the following form of enterprise are the largest in India? Sole Proprietorship. Partnership Company LLP 18 / 20 ________ Successive generations of an undivided family are known as HUF. One two three four 19 / 20 HUF can comprise members of a: Hindu & Sikh family Parsi family Buddhist family Muslim family 20 / 20 In a Hindu Undivided Family, liability of ________ is unlimited. Karta Co-parceners Both (a) and (b) Neither (a) and (b) Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 5 1 / 20 Which of the following is correct? Max. No. of members is 50 in case of private limited company. Freely transferable shares in case of private limited company. Max. No. of members-200 in case of private limited company. None of the above. 2 / 20 Income tax Act, HUF cannot card which type of ________. Profit Salary House Property Other Sources. 3 / 20 Which is not a merit of LLP? Designated partners have to do all compliance Separate Legal entity Both (a) & (b) None of the above. 4 / 20 The liability of each member of the Hindu Undivided Family business is: Limited to a sum as declared by him in general public Unlimited Limited to the extent of his share in the business except karta. Limited to the extent of his share in the business including that of karta. 5 / 20 Liability of other Co-parceners are: Limited upto the extent of share except Karta Unlimited upto the extent of share except Karta Unlimited Limited 6 / 20 Who can be the head of Joint Hindu Family business? Karta Co-parcener Manager Director 7 / 20 The Karta is Joint Hindu Family business has: Unlimited liability Joint liability Limited liability No liability for debts. 8 / 20 There can be partnership between: Natural persons Artificial persons Partnership firms Any combination of natural and artificial persons 9 / 20 ________ is a feature of partnership form of business. Separate legal entity from the firm Limited scope for raising finance The liability of a partner is limited to his contribution to capital Registration of partnership is compulsory 10 / 20 To form a partnership, the mini-mum capital contribution should be: Rs. 1 Lakh There is no minimum limit Rs. 1 Crore Rs. 5 Lakh. 11 / 20 The agreement between partners must be ________. Verbal only Written only May be verbal or written In electronic form only 12 / 20 Which of the following is not a necessary feature of partnership? Sharing of Profit Sharing of losses Agency between partners Business Purpose 13 / 20 A partnership may be formed to carry on: Any trade Occupation Profession Social enterprise 14 / 20 Which of the following is part of HUF? Hindu and Sikh Family Parsi Family Both (a) and (b) None of the above 15 / 20 In case of HUF what are liabilities of Coparcener and Karta ________. Both have unlimited liability. Coparcener’s Lability is limited while Karta’s liability is unlimited. Karta’s liability is limited while Coparcener’s liability is unlimited. Both have limited liability. 16 / 20 Which of the following statement is correct with respect to HUF ________. HUF earns income from salary Four successive generations of an undivided family HUF enjoys a separate entity status under Income Tax Act, 1961 All of the above 17 / 20 In case of Hindu Undivided Family, the individual share of each coparcener: Depends upon his efficiency Keeps charging on the death or birth of coparcener Is fixed Keeps changing annually 18 / 20 Which of the following is the feature of partnership? Agreement Unlimited liability Mutual Agency All of the above 19 / 20 The registration of partnership firm is: Compulsory Mandatory Statutorily required Optional 20 / 20 Which of the following is not a feature of LLP? Every partner is agent of LLP Legal entity separate from its partners Registrar of firm is the administering authority No limit on maximum No. of partners Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on October 02, 2023 By admin Ch 1 Introduction Quiz 6 1 / 27 Which amongst the following is a feature of LLP? Separate legal entity Unlimited liability No perpetual succession Not a body corporate 2 / 27 What is the liability of each partner under LLP? Limited Unlimited Partially Limited None of the above 3 / 27 Which of the following is incorrect as regards LLP? Incorporation is mandatory No personal liability of partners except in case of fraud. ROC is the administrating authority The minimum number of members required is seven. 4 / 27 Which one of the following is treated as a separate legal entity Afferent from its members? Sole proprietorship Hindu undivided family Partnership Limited liability partnership. 5 / 27 ________ oversees the governance of the LLP. Ministry of Corporate Affairs State Government SEBI FEMA 6 / 27 ________ is the hybrid form of business organisation which contains the features of both the corporate from as well as proprietary form of business organisation. Partnership Company Sole Proprietorship Limited Liability partnership. 7 / 27 Which is not a feature of LLP? Separate legal entity. All LLP have existence for fixed period. Partnership in an LLP is required to turn into an agreement. In an LLP, partners are not liable for the act of other partners. 8 / 27 CSR stands for: Cash Security Ratio Cash Supply Ratio Corporate Social Responsibility Consumer Satisfaction Ratio 9 / 27 The Indian Companies Act provides for the registration of: Private Limited and Public Company One Person Company and Small Company Defunct Company All of the above 10 / 27 The Companies Act, 2013 provides registration for ________. One person company Small company Defunct company All of the above 11 / 27 In order to make the system of diffused ownership of joint stock companies and their management work, ________ provides an elaborate system of corporate functioning. Companies Act, 2013 Competition Act, 2002 SEBI Act, 1992 None of the above 12 / 27 When FERA is converted into a FEMA: 1934 1928 1999 1997 13 / 27 LLP has: Liability of Partners In case of fraud, liability of partners becomes unlimited It was incorporated under LLP Act, 2009 All of the above. 14 / 27 What is the maximum No. of partners in case of LLP? 02 50 07 No Limit. 15 / 27 In case of LLP. Every partner is agent of Firm only. Every partner is agent of other partners only. Every partner is agent of both firm and other partners. Every partner is not an agent at all 16 / 27 Limited Liability Partnership is constituted under ________. The Companies Act, 2013 Limited Liability Partnership Act, 2008 Partnership Act, 1932 None is applicable. 17 / 27 Which corporation has both characteristics i.e. of a partnership and of a separate legal entity? Limited Liability Partnership (LLP) Company Partnership Statutory Body. 18 / 27 What is the minimum number of directors in case of public companies? 01 02 03 04 19 / 27 The minimum number of members in case of Private and Public companies are & respectively. 02 and 05 05 and 07 02 and 07 02 and 10 20 / 27 Which of the following document of the company focuses on its internal regulation? Memorandum of Association Article of Association Prospectus Agreement 21 / 27 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. Small Company Dormant Company Gestation Company Deferred Company 22 / 27 ________ has been the most recently introduced from of business organisation in India vide “The Companies Act, 2013”. One Person Company Private Company Public Company Defunct Company 23 / 27 The Indian Corporate sector is numerically dominated by ________ Companies. Public Private Government Small 24 / 27 The company solicits Capital Contribution by the issue of ________. Memorandum of Association Articles of Association Prospectus All of the above 25 / 27 The objectives of the Company can be traced from which of the following document? Memorandum of Association Articles of Association Prospectus All of the above 26 / 27 The affairs of a company is over-seen by: Shareholders Employees Board of Directors Dividend Holders. 27 / 27 Gas Authority of India Limited is an example of: Limited liability partnership Private limited company Public enterprise None of the above. Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz
