Commerce Talent Search Quiz
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How about taking a commerce talent search quiz? The Commerce Talent Search test which is also called as ICAI Commerce Wizard -2016 is a test to measure the concept understanding ability of a student. Different from regular tests which try only to understand how much a child knows, this test measures how well a student has grasped the concepts. These questions will also provide you with some extra knowledge that you may not have before. All the best to you! Let's go for it now!
Questions and Answers
- 1.
The highest Limit for issuing MUDRA loans is
- A.
1000000
- B.
100000
- C.
10000
- D.
1000
Correct Answer
A. 1000000Explanation
The highest limit for issuing MUDRA loans is 1000000. This means that the maximum amount of money that can be borrowed through MUDRA loans is 1 million rupees.Rate this question:
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- 2.
Who is the Commerce Minister of India?
- A.
Kapil Sibbal
- B.
Nirmala Sitaraman
- C.
Suresh Prabhu
- D.
Piyush Goyal
Correct Answer
D. Piyush GoyalExplanation
Piyush Goyal is the correct answer because he is currently serving as the Commerce Minister of India. He was appointed to this position in May 2019. Goyal is a prominent leader of the Bharatiya Janata Party (BJP) and has previously held various ministerial portfolios in the Indian government. He is known for his expertise in finance, commerce, and industry, making him a suitable choice for the role of Commerce Minister.Rate this question:
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- 3.
Which of the following is not a manufacturing Industry?
- A.
Iron & Steel Work
- B.
Flour Mills
- C.
Automobiles
- D.
Mining
Correct Answer
D. MiningExplanation
Mining is extraction, not production; it retrieves raw materials like minerals, metals, or coal from the Earth. Unlike manufacturing, which transforms raw materials into finished goods, mining involves extracting and processing resources.Rate this question:
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- 4.
Financial Management is mainly concern with________
- A.
All aspects of acquiring and utilizing financial resources for firms Activity
- B.
Arrangement of funds
- C.
Efficient Management of every Business
- D.
Profit Maximisation
Correct Answer
A. All aspects of acquiring and utilizing financial resources for firms ActivityExplanation
Financial Management is mainly concerned with all aspects of acquiring and utilizing financial resources for firms' activities. This includes activities such as arranging funds, efficiently managing the business, and maximizing profits. Financial management involves making strategic decisions regarding the allocation and utilization of financial resources to ensure the financial health and success of the organization. It encompasses various functions such as financial planning, budgeting, investment decisions, and financial control.Rate this question:
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- 5.
Who is the father of scientific management?
- A.
Henry Feyol
- B.
Elton Mayo
- C.
Chester Bernard
- D.
F.W. Taylor
Correct Answer
D. F.W. TaylorExplanation
F.W. Taylor is considered the father of scientific management because he was one of the first to develop and promote the principles of scientific management. He believed that management should be based on scientific methods and that efficiency could be improved through systematic observation, measurement, and analysis of work processes. Taylor's work laid the foundation for modern management practices and his ideas have had a significant impact on the field of management.Rate this question:
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- 6.
Bonus Shares are issued to_______
- A.
Equity Shareholders
- B.
Secured Creditors
- C.
Debenture Holders
- D.
Preference Shareholders
Correct Answer
A. Equity ShareholdersExplanation
Bonus shares are issued to equity shareholders. This means that when a company issues bonus shares, it is giving additional shares to its existing equity shareholders as a reward or incentive. These shares are given out of the company's accumulated profits or reserves. By issuing bonus shares, the company increases the number of outstanding shares without increasing its share capital. This allows existing shareholders to own a larger portion of the company without any additional investment.Rate this question:
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- 7.
Memorandum of Association contains__________
- A.
Objective Clause
- B.
Capital Clause
- C.
Name Clause
- D.
All the Above
Correct Answer
D. All the AboveExplanation
The Memorandum of Association is a legal document that outlines the fundamental details of a company. It contains the Objective Clause, which states the purpose and activities the company will undertake. The Capital Clause specifies the authorized capital of the company. The Name Clause includes the name of the company. Therefore, all of the options mentioned in the question are correct and can be found in the Memorandum of Association.Rate this question:
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- 8.
Appointment of a Company Secretary is made by
- A.
Promoters
- B.
Government
- C.
Debenture Holders
- D.
Board of Directors
Correct Answer
D. Board of DirectorsExplanation
The appointment of a Company Secretary is made by the Board of Directors. The Company Secretary plays a crucial role in ensuring compliance with legal and regulatory requirements, maintaining corporate governance standards, and facilitating effective communication between the board and shareholders. As such, it is the responsibility of the Board of Directors to select and appoint a qualified individual for this position who can fulfill these duties effectively. The Promoters, Government, and Debenture Holders may have influence over certain decisions within the company, but the appointment of a Company Secretary is specifically within the purview of the Board of Directors.Rate this question:
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- 9.
Interim Dividend is shown_________
- A.
In profit & loss A/C
- B.
In profit & Loss Appropriation A/C
- C.
On the asset side of the balance sheet
- D.
On the liability side of the balance Sheet
Correct Answer
B. In profit & Loss Appropriation A/CExplanation
Interim Dividend is shown in the profit & loss appropriation account because it is a distribution of profit made by a company during the financial year before the final accounts are prepared. This account is used to allocate the company's profits to various reserves and appropriations, including dividends. By showing it in the profit & loss appropriation account, it is clearly separated from regular expenses and income in the profit & loss account, providing a comprehensive view of the company's financial performance and how the profits are being allocated.Rate this question:
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- 10.
Which one of the following is not a barrier to communication?
- A.
Noise
- B.
Affection
- C.
Fear & Distrust
- D.
Perception
Correct Answer
D. PerceptionExplanation
Perception is not a barrier to communication because it refers to the way individuals interpret and understand information. While perception can vary from person to person, it does not necessarily hinder communication. Other options such as noise, affection, fear, and distrust can all impede effective communication by creating distractions, emotional barriers, and lack of trust between individuals.Rate this question:
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- 11.
A Company can reissue its forfeited shares______
- A.
At a Premium
- B.
At a Face value
- C.
At a Discount
- D.
All the above
Correct Answer
D. All the aboveExplanation
A company can reissue its forfeited shares at a premium, at face value, or at a discount. This means that the company has the flexibility to sell the shares at a higher price than their original value (premium), at their original value (face value), or at a lower price than their original value (discount). The decision on how to reissue the forfeited shares depends on various factors such as market conditions, company's financial position, and strategic objectives.Rate this question:
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- 12.
Maslow’s needs hierarchy theory relates to_________
- A.
Motivation
- B.
Leadership
- C.
Communication
- D.
Directing
Correct Answer
A. MotivationExplanation
Maslow's needs hierarchy theory relates to motivation. This theory suggests that individuals have different levels of needs, ranging from basic physiological needs to higher-level needs such as self-esteem and self-actualization. According to Maslow, individuals are motivated to fulfill these needs in a hierarchical order, with the lower-level needs being prioritized first. This theory has been widely used in understanding and explaining human motivation in various fields, including psychology, management, and organizational behavior.Rate this question:
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- 13.
How many heads of income are there to compute Gross total income?
- A.
Six
- B.
Five
- C.
Four
- D.
Three
Correct Answer
B. FiveExplanation
There are five heads of income to compute Gross total income. These include income from salary, income from house property, income from business or profession, income from capital gains, and income from other sources. Each of these heads represents a different source of income and is included in the calculation of the individual's total income.Rate this question:
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- 14.
Basic Objective of Cost Accounting is ________
- A.
Tax Compliance
- B.
Financial Audit
- C.
Cost Ascertainment
- D.
Profit Analysis
Correct Answer
C. Cost AscertainmentExplanation
The basic objective of cost accounting is cost ascertainment. Cost accounting helps in determining and analyzing the various costs incurred in the production process. It involves the collection, classification, and recording of costs to provide accurate information for decision-making, budgeting, and pricing. By ascertaining the costs, businesses can evaluate the profitability of products or services, identify areas of cost reduction, and make informed decisions regarding pricing and resource allocation. Therefore, cost ascertainment is a fundamental objective of cost accounting.Rate this question:
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- 15.
Accounting Provides information on
- A.
Cost & income for Manager
- B.
Company's Tax Liability for a particular year
- C.
The financial condition of an institution
- D.
All the Above
Correct Answer
D. All the AboveExplanation
Accounting provides information on cost and income for managers, allowing them to make informed decisions about the financial aspects of their department or organization. It also helps in determining the company's tax liability for a particular year, ensuring compliance with tax regulations. Additionally, accounting provides insights into the financial condition of an institution, allowing stakeholders to assess its overall health and performance. Therefore, the correct answer is "All the Above."Rate this question:
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- 16.
Patent, Copyright and Trademark are_______
- A.
Investments
- B.
Current Assets
- C.
Fixed Assets
- D.
Intangible Assets
Correct Answer
D. Intangible AssetsExplanation
Patent, copyright, and trademark are considered intangible assets because they do not have a physical presence but hold value and provide exclusive rights to their owners. These intellectual property rights can be bought, sold, licensed, or transferred, making them valuable assets for businesses. Unlike investments, current assets, or fixed assets, which typically have a physical form or can be easily converted to cash, intellectual property rights are intangible and represent legal protections and commercial advantages.Rate this question:
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- 17.
Dr. What's Comes In and Cr. What Goes out is the Rule of ------ A/C
- A.
Nominal
- B.
Personal
- C.
Real
- D.
Current
Correct Answer
C. RealExplanation
The rule of "Dr. What Comes In and Cr. What Goes Out" is associated with the Real A/C. Real accounts are those that represent tangible assets, liabilities, and capital. This rule suggests that when something is received or comes into the business, it is recorded as a debit (Dr.) in the Real A/C, and when something goes out or is given, it is recorded as a credit (Cr.) in the Real A/C. This rule helps in maintaining the balance and accuracy of the Real A/C.Rate this question:
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- 18.
Indian Partnership Act was passed in
- A.
1832
- B.
1947
- C.
1932
- D.
None of the above
Correct Answer
C. 1932Explanation
The correct answer is 1932. The Indian Partnership Act was passed in 1932 to regulate partnerships in India. This act defines the rights, duties, and liabilities of partners, as well as the dissolution and registration of partnerships. It provides a legal framework for conducting business in partnership form and ensures fairness and transparency in partnership dealings.Rate this question:
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- 19.
The left-hand side of Ledger is ----side.
- A.
Asset
- B.
Credit
- C.
Liability
- D.
Debit
Correct Answer
D. DebitExplanation
The left-hand side of the ledger is referred to as the debit side. In accounting, the debit side represents assets and expenses, while the right-hand side represents liabilities, equity, and revenue. Debits are used to record increases in assets or expenses and decreases in liabilities, equity, or revenue. Therefore, the correct answer is "Debit."Rate this question:
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- 20.
Full form of GST is________________
- A.
Government Service Tax
- B.
Good Service Tax
- C.
Goods and Services Tax
- D.
All the above
Correct Answer
C. Goods and Services TaxExplanation
The correct answer is Goods and Services Tax. GST is a comprehensive indirect tax levied on the supply of goods and services in India. It is an important tax reform that aims to simplify the taxation system by replacing multiple indirect taxes like service tax, excise duty, and VAT. The implementation of GST has helped in reducing tax evasion, promoting ease of doing business, and creating a unified market across the country.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Dec 08, 2023Quiz Edited by
ProProfs Editorial Team -
Apr 24, 2020Quiz Created by
BHARAT NIRWAL
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