General knowledge questions and answers

21. The record of country’s transactions in goods, services and assets with the rest of the world is its–
(A) current account (B) balance of trade
(C) capital account (D) balance of payment (Ans : D)
22. An entry to Rs. 500 was wrongly posted to wages account instead of machinery account, as wages are to be capitalized it is an error of–
(A) clerical error (B) error of omission
(C) error of principle (D) error of commission (Ans : C)
23. Table A of the companies Act can be adopted for–
(A) Memorandum of Association (B) Articles of Association
(C) Prospectus (D) None of the above (Ans : B)
24. What is the amount of gross profit or loss when–
Cost of Goods sold = 7900
Sales = 11000
Purchases = 3000
(A) Rs. 8000 (B) Rs. 4900 (C) Rs. 3100 (D) Rs. 100 (loss) (Ans : C)
25. X Ltd. forfeited. 30 shares of Rs. 10 each fully called up for non payment of allotment money of Rs. 3 per share and call money of Rs. 4 per share. These shares are re-issued for Rs. 8 per share fully paid. What is the amount to be transferred to capital reserve account.
(A) Rs. 300 (B) Rs. 60 (C) Rs. 30 (D) Rs. 90 (Ans : C)
26. Who is called the Father of Economics?
(A) J. M. Keynes (B) Malthers (C) Ricardo (D) Adam Smith (Ans : D)
27. In case of inferior goods the income elasticity of demand is–
(A) positive (B) zero (C) negative (D) infinite (Ans : C)
28. According to Income Tax Act which of the following are agricultural incomes–
(A) income from live stock breeding (B) income from poultry farming
(C) income from cattle breeding (D) rent received from agricultural land (Ans : D)
29. Time series deals with–
(A) only secular trend (B) short term fluctuation
(C) trend, seasonal, cyclical and irregular variations (D) None of the above (Ans : C)
30. Opening stock Rs. 15000
Purchases Rs. 40000
Cost of golds sold Rs. 52000
Sales Rs. 57000
What is the amount of gross profit or loss–
(A) Rs. 12000 (B) Rs. 5000 (C) Rs. 5000 (Loss) (D) Rs. 7000 (Ans : B)
31. Which of the following is not viewed as a national debt?
(A) Provident Fund (B) Life insurance policies
(C) National saving certificates (D) Long term government bonds (Ans : C)
32. Which of the following is an extractive industry?
(A) Cattle breading (B) Forect cultivation
(C) Hunting (D) Iron and steel (Ans : C)
33. The burden of tax falls more heavily on the seller in a market when–
(A) both supply and demand are elastic (B) both supply and demand are inelastic
(C) demand is inelastic and supply is elastic (D) demand is elastic and supply is inelastic (Ans : D)
34. The total sum of the goods and services produced within a country in a year minus depreciation is called the–
(A) gross national product (B) net national product
(C) gross domestic product (D) net domestic product (Ans : D)
35. Monopolist can determine–
(A) price (B) output (C) either price or output (D) None of these (Ans : C)
36. The works manager gets commission of 10% on the profits after charging such commission. If the profit is Rs. 2200 what is the amount of commission–
(A) Rs. 220 (B) Rs. 200 (C) Rs. 240 (D) Rs. 244.44 (Ans : B)
37. The mean of the following distribution is–
X : 145 155 165 175
F : 10 12 15 10
(A) 159.7 (B) 160.3 (C) 162.1 (D) 165.9 (Ans : B)
38. The main advantage of functional organisation is–
(A) specialisation (B) simplicity (C) expert advice (D) experience (Ans : A)
39. Interest on single savings account in post office is exempt upto the following limit–
(A) Rs. 7000 (B) Rs. 8000 (C) Rs. 3500 (D) None of the above (Ans : C)
40. Share of partner in the income of partnership firm shall be–
(A) taxable (B) exempted (C) fully exempted (D) partially exempted (Ans : C)