Evangeline MCQ

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1.What is the rate of GST on essential items?

a) 5%

b) 12%

c) 18%

d) 28%

Answer: a) 5%

2. The GST Council is headed by:

a) Prime Minister

b) President of India

c) Finance Minister

d) Chief Justice of India

Answer: c) Finance Minister

3. What is a primary benefit of mobile banking for customers?

a) Increased transaction costs

b) 24/7 access to banking services

c) Requirement to visit bank branches

d) Limited banking services

Answer: b) 24/7 access to banking service

4.What does "M-Banking" stand for?

a) Manual Banking

b) Modern Banking

c) Mobile Banking

d) Modular Banking

Answer: c) Mobile Banking

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5. What is a dividend?

a) A mandatory payment by shareholders

b) A portion of company profits distributed to shareholders

c) The face value of a share

d) The difference between the buying and selling price of a share

Answer: b) A portion of company profits distributed to shareholders

6. Which type of share usually does not carry voting rights?

a) Ordinary shares

b) Preference shares

c) Convertible shares

d) Equity shares

Answer: b) Preference shares

7. What is the primary goal of an investor when investing in the stock market?

a) To achieve maximum return

b) To avoid taxes

c) To avoid all risks

d) To achieve a balance between risk and return

Answer: d) To achieve a balance between risk and return

8. Which type of investment is generally considered the least risky?

a) Stocks

b) Bonds

c) Real Estate

d) Savings accounts

Answer: d) Savings accounts

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9. What is the primary function of the capital market?

a) Short-term borrowing and lending

b) Long-term borrowing and lending

c) Only issuing government securities

d) Facilitating everyday transactions

Answer: b) Long-term borrowing and lending

10. What is the secondary market?

a) Market for trading newly issued securities

b) Market for trading existing securities

c) Market for short-term debt instruments

d) Market for foreign exchange

Answer: b) Market for trading existing securities

11. Which document must an insurance policyholder typically submit to initiate a claim?

a) Premium payment receipt

b) Policy schedule

c) Claim form

d) Insurance agent's business card

Answer: c) Claim form

12. What document serves as proof of insurance coverage and includes details such as policy
limits and deductibles?

a) Insurance policy

b) Insurance premium notice

c) Insurance claim voucher

d) Insurance renewal notice

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Answer: a) Insurance policy

13. What is coordination in management?

a) Delegation of tasks

b) Planning for future goals

c) Harmonizing activities and efforts

d) Monitoring employee performance

Answer: c) Harmonizing activities and efforts

14. Which management function involves assigning tasks, grouping tasks into departments,
and allocating resources?

a) Planning

b) Leading

c) Organizing

d) Evaluating

Answer: c) Organizing

15. What is a business combination?

a) Formation of a new business entity

b) Merger of two or more businesses to form a single entity

c) Acquisition of a subsidiary by a parent company

d) Dissolution of a partnership

Answer: b) Merger of two or more businesses to form a single entity

16. What is the primary reason for businesses to pursue mergers and acquisitions?

a) To reduce market competition

b) To diversify their product offerings

c) To increase shareholder value

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d) To eliminate employee positions

Answer: c) To increase shareholder value

17. What is the difference between a secured loan and an unsecured loan?

a) Secured loans have lower interest rates

b) Secured loans require a higher credit score

c) Secured loans require collateral

d) Unsecured loans have longer repayment periods

Answer: c) Secured loans require collateral

18. Which financial institution typically provides student loans?

a) Commercial banks

b) Credit unions

c) Government agencies

d) Microfinance institutions

Answer: c) Government agencies

19. What is a product line?

a) A group of similar products marketed by different companies

b) A collection of products that serve similar needs and are marketed together

c) A single product sold exclusively online

d) A product available only during specific seasons

Answer: b) A collection of products that serve similar needs and are marketed together

20. Which pricing strategy involves setting a high initial price to capitalize on early adopters?

a) Penetration pricing

b) Skimming pricing

c) Discount pricing

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d) Psychological pricing

Answer: b) Skimming pricing

21. What is the relationship between a principal and an agent under the Law of Agency?

a) Employer and employee relationship

b) Buyer and seller relationship

c) Trustee and beneficiary relationship

d) Fiduciary relationship

Answer: d) Fiduciary relationship

22. Under what circumstances can an agent be personally liable for a contract entered into on
behalf of a principal?

a) If the principal is bankrupt

b) If the principal is a corporation

c) If the agent acts outside the scope of authority

d) If the agent discloses the principal’s identity

Answer: c) If the agent acts outside the scope of authority

23. What is the term for the cost of goods sold (COGS) excluding labour and overhead costs?

a) Direct materials cost

b) Direct labour Cost

c) Indirect materials cost

d) Variable manufacturing cost

Answer: a) Direct materials cost

24. How does the use of automation affect labour costs in manufacturing?

a) Increases direct labour costs

b) Reduces indirect labour costs

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c) Increases training costs for employees

d) Reduces productivity

Answer: b) Reduces indirect labour costs

25. What is the primary purpose of a formal report in business communication?

a) To provide updates on social media metrics

b) To analyse market trends

c) To inform stakeholders about financial performance

d) To schedule team meetings

Answer: c) To inform stakeholders about financial performance

26. What is the typical structure of a formal report?

a) Introduction, methods, results, conclusion

b) Abstract, introduction, methodology, findings, conclusion, recommendations

c) Executive summary, body, appendix

d) Title, table of contents, references

Answer: b) Abstract, introduction, methodology, findings, conclusion, recommendations

27. Which protocol is used for sending and receiving emails over the internet?

a) HTTP

b) FTP

c) SMTP

d) TCP

Answer: c) SMTP

28. What does DHCP stand for in computer networking?

a) Dynamic Host Configuration Protocol

b) Domain Hosting Configuration Protocol

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c) Digital Hosting Control Protocol

d) Dynamic Host Control Protocol

Answer: a) Dynamic Host Configuration Protocol

29. Which of the following is a component of the balance sheet?

a) Gross profit

b) Net income

c) Current liabilities

d) Operating expenses

Answer: c) Current liabilities

30. In the context of final accounts, what does "closing entries" refer to?

a) Entries made to close temporary accounts and transfer their balances to the capital
account

b) Entries made to open new accounts for the next accounting period

c) Entries made to adjust inventory values

d) Entries made to record dividends paid to shareholders

Answer: a) Entries made to close temporary accounts and transfer their balances to the
capital account

31. What type of account is "Room Revenue" in hotel accounting?

a) Revenue account

b) Expense account

c) Liability account

d) Asset account

Answer: a) Revenue account

32. In hotel accounting, which department typically incurs costs related to housekeeping and
maintenance?

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a) Front Office

b) Food and Beverage

c) Housekeeping

d) Marketing

Answer: c) Housekeeping

33. What is the primary purpose of the new issue market in finance?

a) To facilitate the trading of existing securities

b) To provide liquidity to investors

c) To raise capital through the issuance of new securities

d) To regulate stock prices

Answer: c) To raise capital through the issuance of new securities

34. Which term refers to the process of offering new securities to the public for the first time?

a) Secondary market

b) Primary market

c) Tertiary market

d) Over-the-counter market

Answer: b) Primary market

35. Which of the following is considered income from other sources under tax laws?

a) Salary

b) Business income

c) Rental income

d) Dividend income

Answer: c) Rental income

36. Interest earned on which of the following is considered income from other sources?

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a) Savings account

b) Salary

c) Business profits

d) Capital gains

Answer: a) Savings account

37. Which costing method treats fixed manufacturing overhead as a period cost rather than a
product cost?

a) Marginal costing

b) Absorption costing

c) Variable costing

d) Activity-based costing

Answer: a) Marginal costing

38. In which costing method are fixed manufacturing overhead costs fully absorbed into the
cost of each unit produced?

a) Marginal costing

b) Absorption costing

c) Direct costing

d) Standard costing

Answer: b) Absorption costing

39. Which type of financial institution primarily provides loans to individuals and
businesses?

a) Commercial bank

b) Investment bank

c) Credit union

d) Hedge fund

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Answer: a) Commercial bank

40. Which financial institution typically facilitates trading in securities, mergers, and
acquisitions for corporate clients?

a) Commercial bank

b) Investment bank

c) Credit union

d) Mutual fund

Answer: b) Investment bank

41. Which type of accounting voucher is used for recording cash transactions?

a) Payment voucher

b) Receipt voucher

c) Journal voucher

d) Purchase voucher

Answer: b) Receipt voucher

42. A voucher prepared for recording sales transactions is known as

a) Payment voucher

b) Receipt voucher

c) Journal voucher

d) Sales voucher

Answer: d) Sales voucher

43. Ethical standards in business help to

a) Reduce customer satisfaction

b) Increase conflicts among employees

c) Build trust with stakeholders

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d) Decrease regulatory compliance

Answer: c) Build trust with stakeholders

44. Ethical decision-making frameworks often include considerations of

a) Personal gain only

b) Short-term profitability

c) Stakeholder interests

d) Competitive advantage

Answer: c) Stakeholder interests

45. The total utility at Zero level of consumption will be

a) one

b) Infinity

c) zero

d) Greater than one

Answer: c) zero

46. The marginal productivity theory of distribution is associated with

a) JB Clark

b) Adam Smith

c) Alfred Marshal

d) David Ricardo

Answer: a) JB Clark

47. Process costing is suitable for

a) Hospital

b) Oil Refining Firms

c) Transport firms

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d) Brick laying firms

Answer: b) Oil Refining Firms

48. Appropriate basis for apportionment of material handling charges is

a) Material Purchase

b) Material in stock

c) Material Consumed

d)Material wasted

Answer: c) Material Consumed

49. Under debtors’ system, branch account is a

a) Nominal a/c

b) Personal a/c

c) Real a/c

d)Trading a/c

Answer: a) Nominal a/c

50. Royalty payable is debited by lessee to

a) Royalty account

b) Landlord account

c) Profit and loss a/c

d)Minimum rent a/c

Answer: a) Royalty account

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