1.Product costs that are transfer into finished goods inventory are called:
A. cost of goods manufactured
B. cost of goods sold
C. period costs
2.The tax collected by the State Governments and given to local bodies is
A. Income Tax
B. Wealth Tax
C. House Tax
D. Professional Tax
3.Basel-II norms are associated with which of the following aspects of the banking industry?
A. Risk management
B. Manpower planning
C. Retirement benefits for the employees
D. Corporate governance
4.Which among the following is considered as an important power of World Bank?
A. World Bank has right to insist on pegged parities
B. World Bank has right to float Bonds and use the proceeds for loans
5.Who will act as the banker to the Government of India?
A. State Bank of India
B. Reserve Bank of India
C. Nationalised Banks
6.The Noble Corp. installs $15,000 of equipment, paying $5,000 cash and promising to pay the remaining $10,000 in 6 months. What is the impact to this transaction?
A. Total assets are increased by $10,000
B. Current assets are increased by $10,000
C. Total assets are increased by $15,000
D. Current assets are increased by $15,000
7.The bill a supplier sends to his customer is called:
A. A debit note
B. A statement
C. An Invoice
8.Credit transaction in which cash is to be paid later is known as
A. Demand draft
B. Cheque Credit
C. Cash Credit
D. None of these
9.Among the following tax revenues of the Union Government, which is the biggest source?
A. Income Tax
B. Corporation Tax
C. Central Excise
10.Forward Market Commissions independently regulate …
A. Foreign exchange markets
B. Mutual funds
C. Commodity exchanges
D. Stock market
11.The long-term loan you take from a bank to buy a house or flat is called a .....
A. Mortgage
B. Overdraft
C. Arrears
12.When there is one buyer and many sellers in a market - what is this situation called?
A. Monopoly
B. Monopsony
C. Monotony
D. Oligopoly
13.Cash transactions in the Indian economy account for 11.5 per cent of the GDP. What is the rank of India in the world in cash transactions?
A. First
B. Second
14.When were banks in India nationalised?
A. 1988
B. 1969
C. 1900
15.Which among the following is a non banking asset ?
A. Cash Deposits
B. Property seized by the bank
C. ATM
16.Historically, what asset has always performed the best over the long term?
A. Bonds
B. Mutual Fund
C. Stocks
17.Which bank the Government of India has appointed as “Income Tax Refund Banker”
A. Canara Bank
B. SBI
C. Bank of India
18.The rate of MAT has been increased from the present 15% to 18% with effect from April 2010. What is the full form of MAT ?
A. Maximum Alternate Tax
B. Minimum Alternate Tax
C. Minimum Affordable Tax
D. Maximum Affordable Tax
19.Which public sector bank decided to do away with the teaser home loan scheme beginning 30 April 2011?
A. Bank of India
B. Union Bank
C. State Bank of India
D. Punjab National Bank
20.The Sixth Economic Census is being done in 2011. What was the year of the first Economic Census?
A. 1974
B. 1977
C. 1979
D. 1980
A. cost of goods manufactured
B. cost of goods sold
C. period costs
2.The tax collected by the State Governments and given to local bodies is
A. Income Tax
B. Wealth Tax
C. House Tax
D. Professional Tax
3.Basel-II norms are associated with which of the following aspects of the banking industry?
A. Risk management
B. Manpower planning
C. Retirement benefits for the employees
D. Corporate governance
4.Which among the following is considered as an important power of World Bank?
A. World Bank has right to insist on pegged parities
B. World Bank has right to float Bonds and use the proceeds for loans
5.Who will act as the banker to the Government of India?
A. State Bank of India
B. Reserve Bank of India
C. Nationalised Banks
6.The Noble Corp. installs $15,000 of equipment, paying $5,000 cash and promising to pay the remaining $10,000 in 6 months. What is the impact to this transaction?
A. Total assets are increased by $10,000
B. Current assets are increased by $10,000
C. Total assets are increased by $15,000
D. Current assets are increased by $15,000
7.The bill a supplier sends to his customer is called:
A. A debit note
B. A statement
C. An Invoice
8.Credit transaction in which cash is to be paid later is known as
A. Demand draft
B. Cheque Credit
C. Cash Credit
D. None of these
9.Among the following tax revenues of the Union Government, which is the biggest source?
A. Income Tax
B. Corporation Tax
C. Central Excise
10.Forward Market Commissions independently regulate …
A. Foreign exchange markets
B. Mutual funds
C. Commodity exchanges
D. Stock market
11.The long-term loan you take from a bank to buy a house or flat is called a .....
A. Mortgage
B. Overdraft
C. Arrears
12.When there is one buyer and many sellers in a market - what is this situation called?
A. Monopoly
B. Monopsony
C. Monotony
D. Oligopoly
13.Cash transactions in the Indian economy account for 11.5 per cent of the GDP. What is the rank of India in the world in cash transactions?
A. First
B. Second
14.When were banks in India nationalised?
A. 1988
B. 1969
C. 1900
15.Which among the following is a non banking asset ?
A. Cash Deposits
B. Property seized by the bank
C. ATM
16.Historically, what asset has always performed the best over the long term?
A. Bonds
B. Mutual Fund
C. Stocks
17.Which bank the Government of India has appointed as “Income Tax Refund Banker”
A. Canara Bank
B. SBI
C. Bank of India
18.The rate of MAT has been increased from the present 15% to 18% with effect from April 2010. What is the full form of MAT ?
A. Maximum Alternate Tax
B. Minimum Alternate Tax
C. Minimum Affordable Tax
D. Maximum Affordable Tax
19.Which public sector bank decided to do away with the teaser home loan scheme beginning 30 April 2011?
A. Bank of India
B. Union Bank
C. State Bank of India
D. Punjab National Bank
20.The Sixth Economic Census is being done in 2011. What was the year of the first Economic Census?
A. 1974
B. 1977
C. 1979
D. 1980
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