SAMPLE QUESTION PAPER FOR MONTHLY TEST FOR B. COM. -1 YEAR-1 SEMESTER-I

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 SAMPLE QUESTION PAPER

FOR

MONTHLY TEST

FOR

B. COM. -1

YEAR-1 SEMESTER-I

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INSTRUCTIONS:-

1-This test includes 40 multiple choice questions (MCQs).


2-In this test,, each question has 4 options. You need to choose the correct option for each question. 


3-All questions are compulsory.

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1. Wages are paid for:

A. Short-term periods

B. Long-term periods

C. All of the above

D. None of the above


2. Which of the following is false?

A. One reason for the failure of small businesses is the lack of managerial experience

B. One reason for the failure of small businesses is that most entrepreneurs are younger than 25 years old

C. One reason for the failure of small businesses is negligence

D. One reason for the failure of small businesses is weak control systems


3. Which of the following is not a secondary industry?

A. Construction industry

B. Manufacturing industry

C. Genetics industry

D. Service industry


4. How many types of industries are there?

A. Two

B. Three

C. Four

D. Five


5. Primary industries are further divided into:

A. Extractive

B. Genetic

C. Both (1) and (2)

D. None of the above


6. Secondary industries are further divided into:

A. Construction

B. Manufacturing

C. Service

D. All of the above


7. Which one of the following statements is false?

A. There is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits.

B. If the partnership agreement does not specify otherwise, profits will be shared equally by the partners.

C. A partnership balance sheet is similar to that of a proprietorship.

D. The death of a partner dissolves the partnership and all assets must be liquidated.


8. In which of the following practices do two or more organizations collaborate on a project for mutual gain?

A. Limited partnership

B. Joint venture

C. Public corporation

D. Strategic alliance


9. Which of the following is excluded from the advantages of sole proprietorship?

A. Unlimited liability

B. Personal satisfaction

C. Entire profit

D. Independence


10. Which one of the following is an element of business?

A. Industry

B. Commerce

C. Both industry and commerce

D. Trade and aids to trade


11. What is the name for the first stage in evaluating a business?

A. Industrial revolution

B. Marketing era

C. Entrepreneurship

D. Globalization


12. Which of the following business types is associated with the longest lifetime?

A. Sole proprietorship

B. Partnership

C. Joint stock company

D. All of the above


13. Which of the following business types is required to pay double the level of taxes to the government?

A. Sole proprietorship

B. Partnership

C. Joint stock company

D. Cooperative societies


14. What is the name given to the set of rules and regulations needed to manage the internal affairs of a company?

A. Memurandum of association

B. Article of association

C. Prospectus

D. All of the above


15. General information such as the apportionment, election, and powers of directors, along with voting rights and transfer of shares, is mentioned where?

A. Company charter

B. Articles of association

C. Prospectus

D. None of the above


16. Which of the following is not an economic activity?

A  Production

B. Social service

C. Professional

D. Trading in goods


17. Which option is not a business activity?

A. Production of goods

B. Transportation

C. Exchange of goods

D. Work in a factory for wages


18. Which of the following is the characteristic of a business?

A. Production

B. Exchange or sale

C. Risk element

D. All the above


19. Oil refinery and sugar mill are classified under which industries?

A. Primary

B. Secondary

C. Tertiary

D. None of the above


20. Identify the activity which does not support trade.

A. Banking

B. Warehousing

C. Insurance

D. Mining


21. In which occupation do people get salary or wages in return for their work?

A. Employment

B. Business

C. Profession

D. None of the above


22. In which business, the support service activities are categorized?

A. Commercial industries

B. Primary industries

C. Secondary industries

D. Tertiary industries


23. In business, why is it essential to make a profit?

A. It provides a return to investors.

B. It provides funds for future extension

C.It increases the reputation of a company

D. All the above


24. Which of the following is a false statement?


A  The scope of commerce is narrower than business.

B. Commerce includes trade and auxiliaries to trade.

C. Foreign trade is purchase and sale by the traders of the same country.

D. Traders serve as a link between producers and consumers.


25. Business Organisation is defined as?

A. An art

B. A science

C. Both art and science

D. None of the above



26. Business risk is not likely to arise due to

(a) Changes in government policy

(b) Good management

(c) Employee dishonesty

(d) Power failure



27. The industries which provide support services to other industries are known as

(a) Primary industries

(b) Secondary industries

(c) Commercial industries

(d) Tertiary industries


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

(a) Business

(b) Profession

(c) Employment

(d) None of these



29. Which of the following does not characterize business activity?

(a) Production of goods & services

(b) Presence of risk

(c) Sale or exchange of goods and services

(d) Salary and wages



30. Economic activities may be classified into business, ___________ and employment

(a) Profession

(b) occupation

(c) vocation

(d) work



31. Human activities are of ____________ types

(a) One

(b) two

(c) three

(d) four



32. Following are the characteristics of business risks. One of then is not correct. Please identify it.

(a) Loss is the reward for risk bearing

(b) Business risks are due to uncertainties

(c) Risk is an essential component of every business

(d) Degree of risk depends mainly upon the nature and size of business



33. Commerce includes activities relating to trade and _________________ to trade.

(a) Supporting

(b) subsidiaries

(c) auxiliaries

(d) none of these



34. Which one of the following may not be a factor behind starting a business?

(a) Routine workload

(b) size of the firm

(c) finance

(d) location of the business



35. Which of the following cannot be classified as an objective of business?

(a) Investment

(b) Productivity

(c) Innovation

(d) Profit earning



36. Which of the following cannot be classified as an auxiliary to trade?

(a) Mining

(b) Insurance

(c) Warehousing

(d) Transport



37. Which of the broad categories of industries covers oil refinery and sugar mills?

(a) Primary

(b) Secondary

(c) Tertiary

(d) None of these



38. Which of the following is not an example of non-economic activity?

(a) Patriotism

(b) teaching

(c) sentiment

(d) sympathy



39.Transfer of interest exists in the case of

(a) Profession

(b) employment

(c) business

(d) none of these



40. ‘Earning of profit is considered to be the subsidiary objective of the business.’ The given statement is

(a) True

(b) false

(c) cannot say

(d) None


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THE TEST ENDS HERE. 

THANKS FOR PARTICIPATION.

DR. PRAVEEN KUMAR 

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