Commerce online quiz 281

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
An assumption, which states that there must be linear relationship between independent variable and dependent variable is
A
irrelevant range of linearity
B
relevant range of linearity
C
significant range
D
insignificant range
Question 2
The tax invoice should be issued.....the date of supply of service:
A
Within 30 days from
B
Within 1 month from
C
Within 15 days from
D
On
Question 3
Describe the cost unit applicable to the Bicycle industry:
A
per part of bicycle
B
per bicycle
C
per tonne
D
per day
Question 4
What will happen if the turnover of a registered person opting to pay taxes under composition scheme during the year 2017-18 crosses Rs.50 lakhs?
A
He can continue under composition scheme till the end of the financial year
B
He will be liable to pay tax at normal rates of GST on the entire turnover for the financial year 2017-18
C
He will cease to remain under the composition scheme with immediate effect
D
He will cease to remain under the composition scheme from the quarter following the quarter in which the aggregate turnover exceeds Rs.50 lacs
Question 5
Hierarchy has been described as the "scalar process" by
A
L.D. White
B
Mooney and Riley
C
P.H. Appleby
D
Gullick and Urwick
Question 6
Whether prosecution can be initiated against the following persons?
A
Members of Appellate Tribunal, since they did not follow the case law, which was decided by the President, leading to incorrect decision by such members of Appellate Tribunal
B
Adjudicating Authority for not following the orders of the Commissioner, when such work was delegated to such Adjudicating Authority
C
Vindictive action taken by a departmental officer, while discharging his function. The action was however in the favour of the revenue
D
None of the above
Question 7
A debit in a nominal account denotes an......
A
income
B
loss
C
revenue
D
expense
Question 8
If the price of good A increases relative to the price of substitutes B and C, the demand for
A
B will increase
B
C will increase
C
Both B and C will increase
D
B and C will decrease
Question 9
Which of the following persons can opt for composition scheme?
A
Person making any supply of goods which are not leviable to tax under this Act;
B
Person making any inter-State outward supplies of goods;
C
Person effecting supply of goods through an e-commerce operator liable to collect tax at source
D
None of the above
Question 10
An opportunity cost is.....
A
the advantage foregone
B
the cost
C
the income
D
none of the above.
Question 11
Tarapore Committee submitted its report on ''Full Convertibility on Rupee'' on-
A
Current account
B
Capital account
C
Both in current as well as in Capital account
D
Special Drawing Rights (SDR)
Question 12
In India GST became effective from
A
1st April, 2017
B
1st January, 2017
C
1st July, 2017
D
1st March, 2017
Question 13
When can the proper officer issue summons to call upon a person?
A
To give evidence
B
Produce a document
C
Produce any other thing in an enquiry
D
All of the above
Question 14
Constant growth rate is 7.2% and an expected rate of return is 12.5% then expected dividend yield will be
A
5.30%
B
19.70%
C
-5.30%
D
17.36%
Question 15
What is 'STT'?
A
Standard Transaction Tax
B
Securities Transaction tax
C
Securities Transfer tax
D
Standard Transfer tax
Question 16
Reorder point is divided by number of sold units for per unit of time to calculate
A
relevant carrying cost
B
relevant ordering cost
C
purchase order lease time
D
number of purchase orders
Question 17
When marginal utility is negative then total utility?
A
increases
B
decreases
C
is zero
D
is negative
Question 18
The swap arrangement where principal amounts are not exchanged, but periodical payments will be a
A
Currency swap
B
Cross currency interest swap
C
Interest rate swap.
D
Non-Financial swap.
Question 19
Whether the registered person will get immunity from interest & late fee leviable if assessment order passed u/s 62(1) is withdrawn?
A
Taxable person will get immunity only from late fee u/s 47.
B
No, taxable person will still be liable for interest u/s Section 50 and late fee u/s Section 47. Therefore, no immunity has been provided for the same.
C
Taxable person will get immunity from late fee u/s 47 as well as interest u/s 50.
D
Taxable person will get immunity only from interest u/s 50.
Question 20
What are the supplies on which reverse charge mechanism would apply?
A
Notified categories of goods or services or both
B
Inward supply of goods or services or both from an unregistered dealer
C
Both of the above
D
None of the above
There are 20 questions to complete.

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