CBSE Questions for Class 12 Commerce Economics Government Budget And The Economy Quiz 3 - MCQExams.com

FERA was enacted in _______.
  • 1969
  • 1973
  • 1970
  • 1972
Which of the following is/are capital receipt?
  • Contributions into the business by the proprietor
  • Loans taken from banks
  • Amount received on issue of share capital
  • All of the above
Amount received from sale of capital asset or contribution made by properties towards the capital of the business are known as _______________.
  • Deferred revenue receipts
  • Revenue receipts
  • Capital receipts
  • None of the above
 MRTP Act was enacted in ______.
  • 1968
  • 1969
  • 1970
  • 1971
If an income is received in a lump sum payment is received in installments, it is a _________________.
  • Revenue receipts, Capital receipt
  • Capital receipt, Revenue receipts
  • Capital receipt, Capital receipt
  • Revenue receipts, Revenue receipts
______ appear in the profit and loss account and are available for distribution as profit, or for creating reserves and funds, for being used in the business. 
  • Capital profit
  • Revenue Profits
  • Revenue loss
  • All of the above
__________ and ___________ have no bearing on the profit or loss for the accounting period.
  • Capital receipts, Capital expenditure
  • Capital expenditure, Capital receipts
  • Capital receipts, Regular receipts
  • None of the above
A receipt in substitution of an income is a _______________.
  • Deferred revenue receipts
  • Revenue receipts
  • Capital receipts
  • None of the above
A receipt in substitution of a source of income is a ____________.
  • Deferred revenue receipts
  • Revenue receipts
  • Capital receipts
  • None of the above
Which of the following is/are not capital receipt?
  • Receipts from sales
  • Fees received for services
  • Interest on investment
  • All of the above
The ultimate responsibility of framing and executing economic policies is that of ________.
  • govt
  • RBI
  • state govt
  • none of above
The practice of RBI lending to government through ad hoc treasury bills is _______.
  • currently in vogue
  • abolished
  • will soon be abolished
  • none of above
_______ are earned in the ordinary course of business.
  • Capital profit
  • Revenue profits
  • Capital loss
  • All of the above
_____________ is not a revenue receipt.
  • Lump sum payment received in installment
  • Amount received by the sale of goods
  • Both (A) & (B)
  • All of the above
Fiscal responsibility and budget management Act aims at reducing gross fiscal deficit by _______ $$\%$$ of GDP in each financial year.
  • $$0.5\%$$
  • $$1\%$$
  • $$1.5\%$$
  • $$2\%$$
The share of net invisible earnings in financing trade deficit ______ from __________ n sixth plan to ______ in seventh plan.
  • declined, 6396, 29.5%
  • increased, 29.5%, 63%
  • declined 67%, 63%
  • increased 63%, 85%
Everything except is capital receipt ______________.
  • Loans
  • Money from debenture holders
  • Both a & b
  • None of the above
The percentage of concessional debt to external total debt in 2016-17 is _______.
  • 9.3
  • 8.2
  • 7.1
  • 6.0
The large and sustained current account deficit in BOP had to be financed by ______.
  • loans from various sources
  • commercial borrowings
  • inflow of funds from NRIs
  • all of above
Evasion and tax avoidance in India is at a ________ Level.
  • high
  • moderate
  • low
  • none of the above
It is not uncommon in deferred revenue expenditure ___________.
  • that benefit may last for few years, 3-5 years
  • that it is an incidental expenditure with heavy amount
  • it is recurring expenditure
  • both (A) & (B)
 Revenue receipts ________________.
  • Have no effect on balance sheet
  • Have no effect on profit and loss account
  • Both a & b
  • None of the above
Company's paid up capital is rupees 50,It will be put in ____________.
  • Capital account
  • Capital receipts
  • Revenue receipts
  • Deferred revenue account
Amount received as compensation under an agreement for the loss of future profits is a  _______________.
  • Deferred revenue receipts
  • Capital receipts
  • Revenue receipts
  • None of the above
Payment into the business by proprietor is ___________.
  • Revenue receipts
  • Capital receipt
  • Deferred revenue receipt
  • None of the above
_________ is the outcome of a firm's activity in the accounting period, part of its rewards for offering goods or services to the public.
  • Deferred revenue receipts
  • Revenue receipts
  • Capital receipts
  • None of the above
Sale of Goods on Credit is ____________.
  • Capital Receipt
  • Revenue Receipt
  • Advance Receipt
  • None of these
Amount received from sale of capital asset or contribution made by proprietor towards the capital of the business are known as _________.
  • deferred revenue receipts
  • revenue receipts
  • capital receipts
  • none of the above
Which of the following is/are revenue receipt?
  • Receipts from sales of fixed assets.
  • Fees received for services by Company Secretary.
  • Interest on loan paid by Company Secretary.
  • None of the above.
Amount received for surrender of certain rights under an agreement is a______, when a capital asset is being given up in the form of these rights.
  • Deferred revenue receipts
  • Capital receipts
  • Revenue receipts
  • None of the above
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