Knowledge Sharing Quiz
This quiz is to test the adaptability to various knowledge sharing sessions.
There are 35 questions and all have equal marks.
Time allowed to complete the quiz is 15 minutes.
Test your learnings.
ALL THE VERY BEST!
Ajay Uppal
- 1.
How many knowledge sharing sessions have been completed?
- A.
5
- B.
8
- C.
6
- D.
9
Correct Answer
C. 6 -
- 2.
Working Capital = Assets - Liabilities ??
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Working Capital = Currents Assets - Current LiabilitiesRate this question:
-
- 3.
Costing does not help in following:
- A.
Guide in decision making
- B.
Help in price fixation
- C.
Used in variance analysis
- D.
Increase profitability
- E.
None of above
Correct Answer
E. None of aboveExplanation
Costing helps in all the listed issues.Rate this question:
-
- 4.
Cost statement must be prepared -
- A.
Bi-monthly
- B.
Monthly
- C.
Quarterly
- D.
Ocassionaly, when time permits
Correct Answer
B. MonthlyExplanation
Cost statement and reconciliation to be prepared monthly by every project site.Rate this question:
-
- 5.
Which is the correct sequence, in order of preparation?
- A.
JCR, ACE, Cost Statement
- B.
Cost Statement, ACE, JCR
- C.
ACE, Cost Statement, JCR
- D.
ACE, JCR, Cost Statement
Correct Answer
C. ACE, Cost Statement, JCRExplanation
ACE gets prepared at the begining of the job, Cost statment is to be prepared every month on incurrence of the cost and JCR gets prepared based on the Cost statement inputs.Rate this question:
-
- 6.
In, Job Cost Report (JCR), Job Cost to date + Estimate to Complete =
- A.
Profit/Loss
- B.
Revised Estimated Cost
- C.
Original Estimate of Cost
- D.
None of above
Correct Answer
B. Revised Estimated Cost -
- 7.
Revised Sales Value - Revised Estimated Cost =
- A.
PBIT
- B.
JCR Margin
- C.
PAT
- D.
ROCE
Correct Answer
B. JCR Margin -
- 8.
Contract cost as per AS-7 excludes following:
- A.
Materials cost
- B.
General administrative OH
- C.
Site Overheads
- D.
Insurance cost
Correct Answer
B. General administrative OH -
- 9.
Contract Revenue must include all probable claims even if uncertified.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Only Certified Claims should be included in the Contract Revenue.Rate this question:
-
- 10.
For following jobs, Profit/Loss can be recognised from Day 1.
- A.
Cost-plus jobs
- B.
Long cycle jobs
- C.
Short cycle job
- D.
All jobs
Correct Answer
A. Cost-plus jobs -
- 11.
As per L&T's accounting policy, Profit/Loss for a job can be recognised at the stage of:
- A.
20% completion
- B.
25% completion
- C.
50% completion
- D.
100% completion
Correct Answer
B. 25% completion -
- 12.
Contingency % for a job which is between 50% and 74% cost completion shall be
- A.
1%
- B.
2%
- C.
3%
- D.
4%
- E.
5%
Correct Answer
C. 3% -
- 13.
Foreseeable loss should be accounted as an expense in the books of accounts at following stage:
- A.
The Loss is actually incurred
- B.
25% completion
- C.
When expected contract costs exceeds contract revenue
- D.
Never
Correct Answer
C. When expected contract costs exceeds contract revenue -
- 14.
Sales =
- A.
(Cost excluding consumables) + (Estimated profit) x cost completion%
- B.
(Cost including consumables) - (Estimated profit) x cost completion%
- C.
Invoicing - Outstanding
- D.
Invoicing x cost completion %
Correct Answer
A. (Cost excluding consumables) + (Estimated profit) x cost completion% -
- 15.
Return on Capital Employed (ROCE) =
- A.
Profit / Average net funds employed
- B.
Profit / Average net working capital
- C.
Profit / Sales
- D.
Profit / Invoicing
Correct Answer
A. Profit / Average net funds employed -
- 16.
Economic Value Added (EVA) = PBIT - Interest & Taxes - Capital Charge
- A.
True
- B.
False
Correct Answer
A. True -
- 17.
In case 'C'-form is issued, the Supplier shall charge tax @
- A.
3%
- B.
2%
- C.
5%
- D.
4%
Correct Answer
B. 2% -
- 18.
'C'-form can not be issued for purchase of materials intended for
- A.
Resale
- B.
Use in manufacture of goods for sale
- C.
Self - consumption
Correct Answer
C. Self - consumption -
- 19.
Works contract service relating to following is not exempt:
- A.
Airport
- B.
Commercial building
- C.
Roads
- D.
Railway
Correct Answer
B. Commercial building -
- 20.
Current Service Tax rate on actual basis is 10.03%.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Current Service Tax rate on actual basis is 10.30%.Rate this question:
-
- 21.
Service Tax rate under composition scheme is:
- A.
2.14%
- B.
4.12%
- C.
5%
- D.
10.30%
Correct Answer
B. 4.12% -
- 22.
Under VAT, ITC means
- A.
Indirect Tax Code
- B.
Input Tax Credit
- C.
Input Tax Code
- D.
Indirect Tax Credit
Correct Answer
B. Input Tax Credit -
- 23.
No VAT / WCT is payable on:
- A.
Labour charges
- B.
Cement
- C.
Scrap items
- D.
All of them
Correct Answer
A. Labour charges -
- 24.
Current Assets include:
- A.
Outstanding (Debtors)
- B.
Vendor Credit
- C.
Stock
- D.
Cost over Invoicing
- E.
Plant & Machinery
- F.
Cash and Bank
Correct Answer(s)
A. Outstanding (Debtors)
C. Stock
D. Cost over Invoicing
F. Cash and Bank -
- 25.
Working Capital Management includes
- A.
Reducing surplus stock
- B.
Increasing Outstaning (Debtors)
- C.
Reducing Vendor Credit
Correct Answer
A. Reducing surplus stock -
- 26.
Contract Labour (Regulation & Abolition) Act, 1970 is applicable where
- A.
Less than 20 workers are deployed on contract basis
- B.
20 or more workers are deployed on contract basis
- C.
10 or more workers are deployed on contract basis
- D.
1 or more worker is deployed on contract basis
Correct Answer
B. 20 or more workers are deployed on contract basis -
- 27.
For arranging Labour licence, following documents need to be submitted:
- A.
Form V from Client
- B.
Application in Form IV
- C.
Completion Certificate
- D.
Requisite Security Deposit
- E.
Insurance Copy
Correct Answer(s)
A. Form V from Client
B. Application in Form IV
D. Requisite Security Deposit -
- 28.
BOCW Act is not applicable for building or construction work where Factories Act is already applicable.
- A.
True
- B.
False
Correct Answer
A. True -
- 29.
Labour Cess under BOCW Act is payable @
- A.
1% of Construction cost
- B.
2% of Construction cost
- C.
4.12% of Construction cost
- D.
10.3% of Construction cost
Correct Answer
A. 1% of Construction cost -
- 30.
Broad two stages of Risk management in L&T are:
- A.
Pre-bid (Tender) Stage and Post-Award (Execution) Stage
- B.
Post-Award (Execution) Stage and Completion Stage
- C.
Pre-Bid (Tender Stage) and Completion Stage
- D.
Preliminary Stage and Secondary Stage
Correct Answer
A. Pre-bid (Tender) Stage and Post-Award (Execution) Stage -
- 31.
Risk with which of below assessment will be rated under "Critical" Risk rating:
- A.
Rare Probability and Major Impact
- B.
Possible Probibility and Major Impact
- C.
Possible Probabilty and Minor Impact
- D.
Unlikely Probabilty and Extreme Impact
Correct Answer
B. Possible Probibility and Major Impact -
- 32.
All Risks can be transferred.
- A.
True
- B.
False
Correct Answer
B. False -
- 33.
No registration is required BOCW Act.
- A.
True
- B.
False
Correct Answer
B. False -
- 34.
Sale of Scrap is exempt from VAT / CST.
- A.
True
- B.
False
Correct Answer
B. False -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Feb 14, 2013Quiz Edited by
ProProfs Editorial Team -
Mar 08, 2012Quiz Created by
Youngajay
- Advertising Quizzes
- Agriculture Quizzes
- Automotive Quizzes
- Brand Quizzes
- Business Accounting Quizzes
- Business Analyst Quizzes
- Business Development Quizzes
- Business Environment Quizzes
- Business Etiquette Quizzes
- Business Finance Quizzes
- Business Math Quizzes
- Business Organization Quizzes
- Business Plan Quizzes
- Business Process Quizzes
- Business Study Quizzes
- Business Technology Quizzes
- CEO Quizzes
- Collaboration Quizzes
- Company Quizzes
- Construction Quizzes
- Consumer Quizzes
- CSR Quizzes
- Customer Quizzes
- Customer Service Quizzes
- Development Quizzes
- Ecommerce Quizzes
- Employment Quizzes
- Entrepreneurship Quizzes
- Hospitality Quizzes
- Human Resources Quizzes
- Industry Quizzes
- International Business Quizzes
- Introduction To Business Quizzes
- Investment Quizzes
- Logistics Quizzes
- Manufacturing Quizzes
- Material Quizzes
- Media Quizzes
- Office Quizzes
- Organization Quizzes
- Principles Of Business Quizzes
- Printing Quizzes
- Product Quizzes
- Publishing Quizzes
- Real Estate Quizzes
- Retail Quizzes
- SAP Business One Quizzes
- Small Business Quizzes
- Source Quizzes
- Supply Quizzes
- Survey Quizzes
- Telecommunication Quizzes
- Trade Quizzes
- Training Quizzes
- Transportation Quizzes
- Warehouse Quizzes
- Welding Quizzes
Back to top