CBSE Questions for Class 11 Commerce Business Studies Internal Trade Quiz 6 - MCQExams.com

Mail order houses are confronted with the problems like _______.
  • damage of goods in transit
  • excessive operating cost
  • credit policies
  • all of the above
________ may provide all facilities such as restaurant, travel and information bureau, telephone booth, restrooms, etc. 
  • A chain store
  • Mail order houses
  • A modern departmental store
  • Consumer Cooperative Stores
The wholesalers normally make forward dealing with the supply goods with the producer. This relieves the manufacturers from ______.
  • plan and regulate their production
  • keeping the stocks
  • interim loans
  • none of the above
Under ________ system the goods can be sent to all the places having postal services.
  • mail order houses
  • chain Stores
  • departmental store
  • specialty shops
Facilitating large scale production is one of the services of wholesalers to manufacturers. What do wholesalers do through this function?
  • Wholesalers provide financial assistance to the manufacturers in the sense that they generally make cash payment for the goods purchased by them.
  • They bear lots of risks such as the risk of fall in prices, theft, pilferage, spoilage, fire, etc.
  • Wholesalers collect small orders from number of retailers and pass on the pool of such orders to manufacturers and make purchases in bulk quantities.
  • All of the above
The advantages of GST to the Citizens are listed as:
  • Reduction in prices of goods and services due to elimination of cascading.
  • Uniform prices throughout the country.
  • Transparency in taxation system.
  • All of the above
The first committee to design GST model was headed by _____.
  • Vijay Kelkar
  • Asim Das Gupta
  • Dr. Chidambaram
  • None of the above
GST helps in _______.
  • increasing productivity
  • increasing Tax to GDP Ratio and revenue surplus
  • increasing Compliance
  • all of the above
GST is ______________.
  • a value added tax
  • tax on goods and services
  • tax on consumer goods and services
  • none of the above
Identify the objective(s) of implementing GST.
  • Reducing economic distortions
  • Consumption based tax instead of Manufacturing
  • Subsume all indirect taxes at Centre and State Level under
  • All of the above
GST has the disadvantage(s) as follows:
  • Complete lack of adaptation mechanisms and trained staff.
  • Unclear estimate of the exact impact of GST.
  • No clear mechanisms to control tax evasion.
  • All of the above
The advantages of GST accruing to the Central/State Government are listed as:
  • A unified common national market to boost Foreign Investment and Make in India campaign.
  • Improving the overall investment climate in the country which will benefit the development of states.
  • Uniform SGST and IGST rates to reduce the incentive for tax evasion.
  • All of the above
Sushila orders a mixer based on an advertisement in a newspaper specifying the features, price, and delivery terms. It specified that the payment will be accepted by VPP only. Identify this type of retail business.
  • Retailers
  • Wholesale
  • Second-hand Goods
  • Mail Order Retailing
The advantages of GST accruing to the Trade/ industry are listed as:
  • Reduction in multiplicity of taxes.
  • Mitigation of cascading/double taxation.
  • More efficient neutralization of taxes especially for exports.
  • All of the above
GST is applicable to all dealers with a turnover of over ______.
  • Rs. 10 lakh
  • Rs. 20 lakh
  • Rs. 40 lakh
  • Rs. 50 lakh
With the introduction of GST, imports will be ______.
  • more expensive
  • cheaper
  • neutral with no change
  • None of the above
The Chairperson of GST Council is _____.
  • the Union Finance Minister
  • the Union Minister of State
  • Minister nominated by a State
  • all of the above
A credit note is issued by ___________ and it is a document accepted for GST purposes.
  • Recipient, for reducing the tax/ taxable value;
  • Supplier, for reducing the tax/ taxable value;
  • Supplier, for increasing the tax/ taxable value;
  • Recipient, for increasing the tax/ taxable value.
GST minimizes the the tax impact on inflation.
  • True
  • False
After the implementation of GST, many services of ______ have become costlier.
  • telecom
  • airline
  • banking
  • all of the above
Suppose tax exempted goods under earlier law dispatched within 6 months prior to the appointed day are returned back within 6 months from the appointed day. How, the tax element involved in the return supply will be treated under GST?
  • Subject to tax at the appropriate rate of GST
  • No GST
  • At the half rate of the GST
  • Only SGST is charged
The GST Council dictates __________.
  • tax rate
  • tax exemption
  • tax laws
  • all of the above
The ________ is the key decision-making body that will take all important decisions regarding the GST.
  • Union Government
  • GST council
  • State Government
  • None of the above
Is there any time limit for issue of notice under section 76 in cases where tax collected but not paid?
  • No time limit
  • 1 year
  • 3 years
  • 5 years
The Service Tax which stood at 15% in the previous regime, has now been replaced with GST at 18%. 
  • True
  • False
What do you call a retailer who doesn't have a fixed location to sell the goods/services?
  • Vendors
  • Seller
  • Itinerants
  • None of the above
Goods with minor defects are sold at _______________.
  • Second hand goods shop
  • Seconds shop
  • General store
  • None of the above
Which of the following is called a business representative body?
  • World trade organisation
  • Chamber of Commerce and Industry
  • Business Organisation Union
  • None of the above
What will happen if the turnover of a registered person opting to pay taxes under composition scheme during the year 2017-18 crosses Rs.50 lakhs?
  • He can continue under composition scheme till the end of the financial year
  • He will be liable to pay tax at normal rates of GST on the entire turnover for the financial year 2017-18
  • He will cease to remain under the composition scheme with immediate effect
  • He will cease to remain under the composition scheme from the quarter following the quarter in which the aggregate turnover exceeds Rs.50 lacs
GST was introduced in India with effect from __________.
  • 1 January, 2017
  • 1 July, 2017
  • 1 April, 2017
  • 1 January, 2018
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