CA CPT DECEMBER 2016
Session – I
Part A – Fundamentals of Accounting
Q. 1 Which of the following financial statements will be provided to the outsiders?
1. Balance Sheet
2. Cash flow statement
3. P&L A/C
4. Trial Balance
A. 1,2,4
B. 1,3
C. 2,3,4
D. All 1,2,3,4
Q. 2 The procedural aspects of accounting include____________
A. Generating & using the financial information
B. Generating & classifying the financial information
C. Generating & communicating the financial information
D. None of the above
Q. 3 The concept of conservatism when applied to the Balance Sheet results in
A. Understatement of assets
B. Overstatement of assets
C. Overstatement of capital
D. None of the above
Q. 4 Identify the accounting standard which deals with provisions, contingents liabilities and contingent assets.
A. AS 28
B. AS29
C. AS30
D. AS32
Q. 5 AS 22 deals with_______
A. Accounting for tax on income
B. Intangible assets
C. Impairment of assets
D. Accounting for investments
Q. 6 Match the following
| GROUP-1 | GROUP-2 |
| 1) AS 25 | a) Intangible Assets |
| 2) AS 26 | b) Interim Financial Reporting |
| 3) AS 27 | c) Impairment of Assets |
| 4) AS 28 | d) Financial Reporting of interests in Joint Ventures |
A. 1-c, 2-a, 3-b, 4-d
B. 1-a, 2-b, 3-c, 4-d
C. 1-b, 2-a, 3-d, 4-c
D. 1-d, 2-c, 3-b, 4-a
Q. 7 Out of the following statements, identify the wrong statement.
A. Real & personal A/c’s are transferred to the balance sheet.
B. Nominal A/c’s are transferred to profit and loss A/c
C. Cash A/c is not opened separately in the ledger
D. Rent A/c is a personal A/c and outstanding Rent A/c is a nominal A/c
Q. 8 Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a__________proof of accuracy.
A. Conclusive
B. Exclusive
C. submissive
D. Inclusive
Q. 9 Which of the following errors are not revealed by the trial balance?
A. Wrong amount entered in the book of original entry
B. Wrong amount entered in the sales bill.
C. Complete omission of a transaction in the book of original entry
D. All of the above
Q. 10 List price of the goods purchased =Rs. 60,000 cash paid = Rs. 45,000 (After receiving a cash discount of Rs. 9,000)
Trade discount = ?
A. 10%
B. 7.5%
C. 15%
D. 25%
Q. 11 When the two aspects of a transaction are posted in the cash book itself, such an entry is called as______
A. Double Entry
B. Debit Entry
C. Single Entry
D. Contra Entry
Q. 12 Insurance Claim received for the damage of machinery due to fire is considered as_______
A. Revenue receipt
B. Casual receipt
C. Deferred Revenue receipt
D. None of these
Q. 13 Errors are rectified by using Suspense A/c
A. Before the preparation of Trial Balance
B. After the preparation of Trial Balance
C. Before and after the preparation of Trial Balance
D. None of these
Q. 14 After the rectification of following errors, the net profit will be
(i) A cheque of Rs 3,100 was dishonored and debited to discount A/c
(ii) Goods of the value of Rs 1,200 were returned by a customer and included in stock but not recorded in the books
(iii) Sales book was under cast by Rs 23,000.
A. Increases by Rs 24,900
B. Decreased by 24,900
C. Increased by Rs 23,700
D. No change
Q. 15 OD balance as per pass book is Rs. 2,175 Cheques of Rs. 100, Rs. 175, Rs. 150 are issued, but not yet presented for payment. A Cheque of Rs600 is deposited in the bank but not yet cleared. find out the OD balance as per cash book.
A. Rs 2,000
B. Rs 2,150
C. Rs 1,475
D. Rs 1,925
Q. 16 Average inventory is Rs 28,000 closing inventory is Rs 6,000 more than opening inventory. Then find the value of closing inventory.
A. Rs 31,000
B. Rs 28,000
C. Rs 27,000
D. Rs 34,000
Q. 17 Value of physical inventory on 15-04-2016 was Rs 3,00,00. Sales amounting to Rs 1,00,000 and purchases worth Rs 50,000 were held between 31-03-2016 to 15-4-2016. Goods are sold at 20% profit on sales. Value of Inventory as on 31-03-2016 is
A. Rs 3,50,000
B. Rs 2,70,000
C. Rs 3,00,000
D. Rs 3,30,000
Q. 18 Which method is an exception to non-historical cost methods
A. Adjusted selling price
B. Latest purchase price
C. Standard cost
D. Weighted average price
Q. 19 Opening Inventory=1,000 units at Rs 4 per unit purchases=1,200 units at Rs 5 per unit sales at the end=2,000 units at Rs 8 per unit find out the profit under weighted average price method
A. Rs 6,000
B. Rs 6,909
C. Rs 6,900
D. Rs 7,000
Q. 20 The assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be.
A. Credited to Revaluation reserve A/c
B. Debited to Revaluation reserve A/c
C. Credited to P & L A/c
D. Debited to P & L A/c
Q. 21 A Machinery was purchased by X Ltd on 01-01-13. Depreciation was charged at 15% p.a. under SLM. with effect from the 2nd year depreciation was charged under WDV method at the same rate. The WDV of the machinery on 01-01-15 was `3,68,475. Find the original cost of the machinery?
A. Rs 4,33,500
B. Rs 5,10,000
C. Rs 6,00,000
D. Rs 4,23,500
Q. 22 The cost of machinery is Rs 60,000 Depreciation is charged at 20% p.a. under SLM. In the 2 nd year it is decided to change the method and adopt WDV method @ 20% p.a. If the machine was sold for Rs 30,000 at the end of the 3rd year, calculate the amount loss:
A. Loss 4,720
B. Loss 4,560
C. Loss 720
D. Loss 560
Q. 23 Trade receivables as per trial Balance = Rs 40,000.
Bad debts Rs 2,000
Existing provision Rs 800
New provision is to be made @ 5% on debtors.
The amount to be debited to P & L A/c is______
A. Rs 3,200
B. Rs 4,000
C. Rs 3,100
D. Rs 4,600
Q. 24 Accrued Income appease on the_______
A. Credit side of P & L A/c
B. Debit side of P & L A/c
C. Assets side of balance sheet
D. Liabilities side of balance sheet
Q. 25 The Fixed Assets of a company is double of the current assets and half of capital. If the current assets are Rs 3,00,000 and investments Rs 4,00,000 calculate the current liabilities assuming that there are no other items in the balance sheet.
A. Rs 2,00,000
B. Rs 1,00,000
C. Rs 3,00,000
D. Rs 4,00,000
Q. 26 Entries for prepaid expenses, outstanding expenses and depreciation arte called as______
A. Adjustments Entries
B. Transfer Entries
C. Closing Entries
D. Rectification Entries
Q. 27 The Nature of consignment A/c and consignee’s A/c will be_______
A. Nominal, personal
B. Real, Nominal
C. Personal, Real
D. Nominal, Real
Q. 28 Goods sent on consignment for Rs 50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs 30,000. Freight & insurance paid by consignor were Rs 2,500 and Rs 1500 respectively. calculate closing inventory
A. Rs 24,000
B. Rs 21,600
C. Rs 20,000
D. None
Q. 29 If del-credere commission is allowed for bad debts, consignee will debit the bad debts amount to:
A. Commission Earned A/c
B. Consignor’s A/c
C. Trade receivables (Customers) A/c
D. General Trading A/c
Q. 30 X sold goods to Y at cost + 10%. Y sold the goods to Z at cost + 20% profit on sales. the cost of the goods to X is Rs 50,000. Find out the cost of the goods to Z.
A. Rs 66,000
B. Rs 68,750
C. Rs 55,000
D. Rs 70,000
Questions: 31 – 32
Answer the Questions (31 & 32)
A & B entered into a joint venture sharing profits and losses in the ratio of 2:3. A bought goods worth Rs 36,000 and sent half of the goods to B. B purchased goods worth Rs 22,500 and sent goods worth Rs 9,000 to A. Goods worth Rs 3,000 were destroyed by fire in the premises of A and the insurance claim was received at 50%. All the goods were sold at a mark-up of 25% on cost. Expenses incurred by both were Rs 5,000.
Q. 31 The sales made by A & B were
A. Rs 30,000 & Rs 39,375
B. Rs 40,500 & Rs 39,375
C. Rs 40,500 & Rs 35,625
D. Rs 41,250 & Rs 24,375
Q. 32 The profit on joint venture is_________
A. Rs 7,000
B. Rs 7,375
C. Rs 8,875
D. Loss Rs 1,500
Q. 33 Out of the following, which is not related to joint ventures
A. Account Sales
B. Account Current
C. Delcredere commission
D. All of the above
Q. 34 A Bill of Exchange, before its acceptance is called as_________
A. Draft
B. Bills Receivable
C. Bills payable
D. None of these
Q. 35 If an accommodation bill of Rs 50,000 is discounted for Rs 49,000 and the proceeds are shared by X & Y in the ratio of 1:4, the discount to be borne by Y is
A. Rs 800
B. Rs 600
C. Rs 1,000
D. Rs 400
Q. 36 A dealer sends his goods on sale or return basis He sends goods for Rs 10,000 and records as normal sale. The profit on sale is 20%. the value of physical inventory taken is Rs 50,000. Then the value of closing inventory appearing in the balance sheet will be:
A. Rs 50,000
B. Rs 60,000
C. Rs 57,500
D. Rs 58,000
Q. 37 A,B,C &D are equal partners in a firm. They Changed the profit sharing ratio to 2:2:1:1. Calculate sacrifice or gain ratio.
A. 1/24
B. 1/12
C. 1/10
D. 1/6
Q. 38 A and B are partners in a firm in the profit sharing ratio of 2:3. C is admitted as a new partner. A sacrificed 1/3rd of his share and B 1/4th of his share in favour of C. Find the new profit sharing ratio of A,B & C .
A. 17:27:37
B. 16:27:17
C. 17:21:27
D. None of these
Q. 39 A and B are partners in a firm with capitals of Rs 5,00,000 each. They admit C as a partner with 1/4th share in the profits of the firm . C brings in Rs 8,00,000 as his share of capital. The profits and loss account showed a credit balance of Rs 4,00,000 as on the date of his admission. The value of hidden goodwill will be
A. Rs 14,00,000
B. Rs 18,00,000
C. Rs 10,00,000
D. None of these
Q. 40 A,B, and C are partners in a firm, sharing profits & losses in the ratio of 5:3:2 respectively. The balance of capital is Rs 50,000 each for A & B and Rs 40,000 for ‘C’ ‘B’ Decides to retire from the firm. The goodwill of the firm is valued at Rs 30,000 and profit on revaluation of assets and liabilities was Rs 5,000. The firm also has a balance in the reserve A/c at Rs 15,000 on that date. What amount will be payable to ‘B’?
A. Rs 45,000
B. Rs 55,000
C. Rs 65,000
D. Rs 75,000
Q. 41 Amount received in excess of surrender value of a joint life policy is shared by the partners in
A. Profit sacrificing ratio
B. Capitals ratio
C. Equal ratio
D. None
Q. 42 A,B and C are partners in a firm sharing profits and losses in the ratio of 7:5:4 The profit of the firm for the year ended 31-03-2016 was Rs 2,40,000. C died on 30-06-15. What is the share of ‘C’ in the profit ?
A. Rs 15,000
B. Rs 18,000
C. Rs 24,000
D. Rs 20,000
Q. 43 A,B & C are partners in a firm sharing profits and losses in the ratio of 2:2:1. B retired The goodwill of the firm is valued at Rs 30,000. In what ratio A & C will compensate for B.
A. 8,000 : 4,000
B. 4,000 : 8,000
C. 20,000 : 10,000
D. 10,000 : 20,000
Q. 44 Interest on partners’ capitals is allowed out of
A. Profits
B. Capitals
C. Goodwill
D. None of the above
Q. 45 Akash and Vikas are partners in a firm with capital of Rs 60,000 each. Srikanth is admitted as a new partner for 1/5th share, who brings in Rs 80,000 as capital. Find the value of inferred goodwill.
A. Rs 2,00,000
B. Rs 2,20,000
C. Rs 4,00,000
D. Rs 3,00,000
Q. 46 The Subscribed share capital of S Ltd. Rs. 80,00,000, divided into shares of Rs. 100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77,500 shares. The calls in arrears amounted to Rs. 67,500.The final call money per share=?
A. Rs. 27
B. Rs. 25
C. Rs. 7.80
D. Rs. 20
Q. 47 Which of the following statements is false?
A. Issued capital can never be more than authorized capital
B. In case of under subscription, issued capital will be less than the subscribed capital
C. Uncalled capital may be converted into reserve capital
D. Paid up capital is equal to called up capital less calls in arrears
Q. 48 Reserve capital means:
A. The part of subscribe uncalled capital
B. Accumulated Profits
C. The part of Capital Reserve
D. The part of Capital Redemption Reserve
Q. 49 Zebra Ltd. Invites applications for 50,000 shares for which Rs.2 per share is payable on application. Applications were received for 80,000 shares and 50,000 shares are allotted on a pro-rata basis to the applications for 70,000 shares. Calculate the excess application money from X, who was allotted 200 shares.
A. Rs. 160
B. Rs. 100
C. Rs. 300
D. None of the above
Q. 50 Maximum number of partners in a firm is mentioned in the
A. Companies Act
B. Partnership Act
C. Income Tax Act
D. None of these
Q. 51 Debenture holders are_________ of a company:
A. Vendors
B. Debtors
C. Creditors
D. Owners
Q. 52 When debentures are issued as collateral security against any loan, then the holder of such debentures is entitled to
A. Interest only on the amount of loan
B. Interest only the face value of debentures
C. Interest both on the amount of the loan and on the debentures
D. None of the above
Q. 53 If fresh equity shares are issued for the redemption of preference shares, which A/C will be credited?
A. Capital Reserve A/C
B. Capital redemption reserve A/C
C. Preference share Capital A/C
D. Equity share capital A/C
Q. 54 P Ltd. Issued 20,000, 12% debentures of Rs.10 each, which are redeemable after 5 years at a premium of 20%.The amount of loss on redemption of debentures to be written off every year=?
A. Rs. 80,000
B. Rs. 40,000
C. Rs. 10,000
D. Rs. 8,000
Q. 55 Preference shares of Rs. 10each, which were issued at par are eligible for redemption if they are
A. Paid application and allotment money at Rs. 5 per share.
B. Fully paid up to at Rs. 10 per share
C. Paid up at Rs. 7.50 per share
D. All of the above
Q. 56 BOD, Investors, Suppliers, Partners, Customers, Managers, Lenders. Which of the following statements is correct?
A. (i) Internal Users : BOD, partners, managers (ii) External users: Investors, Lenders, Suppliers, Customers
B. (i) Internal Users : BOD, Investors, managers (ii) External Users : Partners, lenders, Suppliers, Customers
C. (i) Internal Users : BOD, partners, lenders (ii) External Users : Investors, managers, suppliers, Customers
D. (i) Internal Users : BOD, partners (ii) External Users : Investors, lenders, Managers
Q. 57 E Ltd. Had allotted 10,000 shares to the applicants of 14,000 shares on pro basis. The amount payable on application is Rs. 2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F=?
A. 60 share; Rs 120
B. 340 shares; Rs 160
C. 320 shares; Rs 200
D. 300 shares; Rs 240
Q. 58 Balance of outstanding salary at 31 March 2015 is Rs 25,000 and balance of outstanding salary at 31 March 2016 is Rs 10,000. Salary paid during the year is Rs 3,00,000. Prepaid salary is Rs 10,000. Balance of salary A/c transferred to P & L A/c will be:
A. Rs 3,05,000
B. Rs 2,65,000
C. Rs 3,15,000
D. None of the above
Q. 59 Rs. 18,000 received from the tenant for rent and entered correctly in the cash book. It is posted to the debit of the rent account. In the trial balance:
A. The debit total will be greater by Rs. 36,000 than the credit total.
B. The debit total will be greater by Rs. 18,000 than the credit total.
C. Subject to other entries being correct the total will agree.
D. None of the above
Q. 60 An error can be deleted at any of the following stages:
A. Before preparation of Trial Balance
B. After extracting trial balance but before the Final Accounts are drawn
C. After the Final Accounts i.e. in the next accounting period
D. All of the above
Part B – Mercantile Laws
Q. 61 Which of the following is not the legal requirement of a valid offer:
A. it must be communicated to the offeree
B. it must be made with a view to obtain offeree’s assent
C. it must express offeror’s final willingness
D. it must be made to specific person but not to public at large
Q. 62 Exchange of identical offers in ignorance of each other offers are known as:
A. counter offer
B. cross offer
C. general offer
D. special offer
Q. 63 Amount withdrawn from ATM is
A. Quasi contract
B. Express contract
C. Tacit contract
D. None of the above
Q. 64 Which of the following is a valid offer ?
A. Advertisement in newspaper
B. Price list
C. Advertisement including reward
D. All of the above
Q. 65 R an optical surgeon, employs S as the assistant for a term of 3 yrs. and S agrees not to practice as a surgeon during this period. this contract is:
A. valid contract
B. void contract
C. voidable contract
D. illegal contract
Q. 66 If the aggrieved party does not face any loss_____________damages can be claimed.
A. General
B. Special
C. Nominal
D. Vindictive
Q. 67 Ashok owes Lakshmi Rs.25,000/-. Lakshmi said that she will accept Rs. 15,000/- towards final settlement. It is_________contact.
A. Voidable
B. Valid
C. Illegal
D. Unenforceable
Q. 68 When both the parties have decided to cancel the contract. It is known as_________
A. Remission
B. Novation
C. Rescission
D. None of the above
Q. 69 Voidable contract is one which :
A. can be enforced by aggrieved party
B. can be enforced by both the parties
C. cannot be enforced by both parties
D. None of the above
Q. 70 It is the duty of the finder to return the goods to the true owner. Otherwise the finder is guilty of
A. Criminal Misappropriation of goods
B. Theft
C. Extortion
D. None of the above
Q. 71 Which contract depends upon the happening or non-happening of future uncertain events ?
A. Contingent contract
B. Wagering agreement
C. Void agreement
D. Voidable contract
Q. 72 Novation means:
A. Alteration of contract
B. Substitution of a new contract
C. Cancellation of contract
D. None of the above
Q. 73 A wants to go to his home at Delhi from his place of employment. He travels by bus as there is an air bus belonging to Chandra travels Pvt. Ltd. Which is standing at the bus stand waiting for passengers. Here is
A. Internal offer
B. External offer
C. Implied offer
D. Express offer
Q. 74 Communication of acceptance is said to be completed as against the offeree :
A. when it comes to the knowledge of proposer
B. when acceptance is posted
C. when letter of acceptance is in transit
D. None of the above
Q. 75 __________does not affect the free consent of the parties.
A. Fraud
B. Coercion
C. Incompetency of parties
D. Undue influence
Q. 76 The party to the contract believes a particular thing to be true but it is not true. It falls under__________
A. Fraud
B. Undue influence
C. Misrepresentation
D. Coercion
Q. 77 A buyer bought some Jewellery thinking that it is real whereas it is not so. The seller did not correct the buyer’s opinion of buyer. Can the buyer make any claim on the ground of fraud?
A. Yes
B. No
C. Both (a) & (b)
D. None of these
Q. 78 Giving keys of godown to the buyer is________ delivery.
A. Constructive
B. Symbolic
C. Actual
D. None of the above
Q. 79 Right of lien can be exercised by seller when________
A. Goods are under possession of seller
B. Goods are delivered to carrier
C. Goods are delivered to buyer
D. Goods are not under possession of seller
Q. 80 Which of the following is not the right of an unpaid seller?
A. To resell the goods
B. To stop the goods in Transit
C. To retain the goods
D. To demand back the goods
Q. 81 Which of the following is not a document of title to goods?
A. Bill of lading
B. Railway receipt
C. Dock warrant
D. Performa invoice
Q. 82 In case of non separable goods performance of contract becomes impossible due to operation of law, remedy available to buyer is:
A. Repudiation of contract
B. can claim damages
C. no remedy to buyer
D. none of the above
Q. 83 Caveat emptor means:
A. Let the seller beware
B. Let the buyer beware
C. Let the creditor beware
D. None of the above
Q. 84 In a concluded sale, If goods are destroyed, loss is to be faced by_________
A. Seller
B. Buyer
C. Carrier
D. Seller’s agent
Q. 85 When there is a contract for sale of specific goods, the agreement is_______ , if the goods, without the knowledge of the seller, have been perished or are no longer in accordance with description before the contract.
A. Void
B. Voidable
C. Valid and enforceable
D. Illegal
Q. 86 Goods sold by description but not identified or agreed upon at the time of contract of sale are
A. Specific goods
B. Future goods
C. Existing goods
D. Unascertained goods
Q. 87 Rasheed sends gold to Adam for making ornaments. This is a_________
A. Contract of sale
B. Contract of work and labour
C. Hire purchase agreement
D. Sale on approval basis
Q. 88 The buyer of pesticide tin, the lid of which is broken, gets injured by inhaling the powder. The seller has failed in disclosing the same. Here , buyer can claim:
A. Damages for breach of warranty as to disclose of dangerous nature
B. Repudiation of contract
C. Both (a) & (b)
D. None of these
Q. 89 Where the goods are of perishable nature, unpaid seller can
A. Sue for price
B. Repudiate the contract before due date
C. Resell the goods
D. Sue for damages
Q. 90 In a partnership firm difference of opinion over ‘routine matters’ can be settled by:
A. Senior partner
B. Majority of partners
C. All the partners
D. Managing partner
Q. 91 Public notice is not needed in case of
A. Dissolution of firm
B. Admission of partner
C. Retirement of partner
D. Expulsion of partner
Q. 92 Reconstitution of firm takes place except in case of
A. Admission of partner
B. Retirement of partner
C. Change in profit sharing ratio
D. Insolvency of partner
Q. 93 Unregistered firm cannot file a suit against:
A. Incoming partner
B. Outgoing partner
C. Minor partner
D. Third party
Q. 94 True test of partnership is
A. Sharing of profits
B. Mutual agency
C. Both (a) and (b)
D. None of the above
Q. 95 A partner can be expelled by
A. Majority of partners
B. Express contract
C. Good faith
D. All of the above
Q. 96 Which of the following essentials of partnership deed?
A. It should be made Legally
B. It should be enforceable
C. It should be a written agreement between two or more persons
D. It should be forbidden by law
Q. 97 A partner can retire:
A. On reaching the age of superannuation
B. On the balance in the capital account reaching a certain amount
C. In accordance with the partnership deed
D. On the condition of his nominee becoming a partner
Q. 98 Who does not actually take part in business and gives his name to the firm ?
A. Actual partner
B. Sleeping partner
C. Nominal partner
D. None of the above
Q. 99 The maximum number of partners in partnership firm is determined by_________
A. Companies Act
B. Partnership Act
C. Limitation Act
D. None of the above
Q. 100 Where in a partnership firm, the partners are entitled to interest on their capitals, such interest is payable________
A. Only out of capital
B. Only out of cash brought in by incoming partner towards goodwill
C. Only out of profits of the firm
D. None of the above
Session – II
Part A – General Economics
Q. 101 Which of the following is another name of production possibilities Curve?
A. Demand curve
B. Indifference curve
C. Transformation curve
D. Supply curve
Q. 102 Freedom of choice is an advantage of :
A. Capitalist economy
B. Mixed economy
C. Socialist economy
D. Communist economy
Q. 103 Who among the following gave the definition of Economics as “ Science which deals with wealth”?
A. Frachild
B. A.C Pigou
C. Adam smith
D. J.B. Say
Q. 104 Lionel Robbins said the following except :
A. Scarce means
B. Limited ends
C. Alternative Uses
D. Economics is science
Q. 105 In which economic system all the means of production are owned and controlled by private individuals for profit?
A. Capitalist
B. Socialist
C. Mixed
D. None of these
Q. 106 Supply is a__________concept.
A. Flow
B. Stock
C. Both flow & stock
D. Qualitative
Q. 107 Elasticity of supply refers to the percentage change in supply divided by__________
A. Percentage change in income
B. Percentage change in price
C. Percentage change in demand
D. Percentage change in cost
Q. 108 Conspicuous goods are also called as:
A. Veblen
B. Snob
C. Prestigious
D. All of the above
Q. 109 A relative price is___________
A. Price expressed in terms of money
B. What you get paid for baby-sitting your cousin
C. The rate of one money price to another
D. Equal to a money price
Q. 110 Concept of consumer surplus is based on :
A. Law of Diminishing Marginal Utility
B. Law of Equi – Marginal Utility
C. Law of Diminishing returns
D. Engel’s law
Q. 111 In case of a straight line demand curve meeting the two axes, the price elasticity of demand at the Y – axis of the line would be :
A. Infinity
B. Equal to 1
C. Zero
D. Less than 1
Q. 112 If income increases by 10% and demand increases by 5%, than income elasticity of demand :
A. +0.5
B. -0.5
C. +0.05
D. -0.05
Q. 113 Average product raises due to an increase in variable input, then Marginal product is:
A. More than AP
B. Less than AP
C. Equal to AP
D. None
Q. 114 Suppose the first units of a variable input generate corresponding total outputs of 150, 200, 350, and 550 . The marginal product of the third unit of inputs is :
A. 50
B. 100
C. 150
D. 200
Q. 115 Which among the following is not a characteristic of land ?
A. Land is an active factor
B. Its power is indestructible
C. Variety of uses
D. Its supply is limited
Q. 116 Which is not a characteristic of labour ?
A. Labour is not separable from labourer
B. Labour is perishable
C. Labour is not a mobile factor
D. Labour is an active factor
Q. 117 A firm’s average fixed cost is Rs. 20 at 6 units of output .What will it be at 4 units of output?
A. 60
B. 30
C. 40
D. 20
Q. 118 If TVC = 1000, TFC = 400 , then calculate ATC at 5 units.
A. 280
B. 250
C. 150
D. 300
Q. 119 Average Cost of producing 50 units of a commodity is Rs.250 and total fixed cost is 1,000. Calculate AFC of producing 100 units of the commodity?
A. 10
B. 30
C. 20
D. 5
Q. 120 Which one of the following is incorrect:
A. Price Discrimination in perfect competition is beneficial for seller
B. Price Discrimination in imperfect competition is beneficial for seller
C. Price Discrimination in monopoly is beneficial for seller
D. None of the above.
Q. 121 The market for ultimate consumers in known as_________
A. Whole sale market
B. Retail market
C. Unregulated market
D. Regulated market
Q. 122 In a perfect competition , who set the prices:
A. Buyers
B. Sellers
C. Both buyers and seller
D. Government
Q. 123 Which of the following markers has the concept of group equilibrium in long – run ?
A. Monopoly
B. Perfect competition
C. Monopolistic competitive
D. Oligopoly
Q. 124 Which is the first order condition for the profit of a firm to be maximum ?
A. AC= MR
B. MC= MR
C. MR= AR
D. AC= AR
Q. 125 Which of the following is false regarding Monopoly ?
A. Firm is a price taker
B. Unique product
C. Single Seller
D. None of above
Q. 126 Average revenue is also known as __________
A. Supply curve
B. Demand curve
C. Marginal revenue
D. Average cost
Q. 127 The price discrimination under monopoly will be possible under which of the following conditions ?
A. The seller has no control over the supply of his product
B. The market has the same conditions all over
C. The price elasticity of demand is different
D. The price elasticity of demand is uniform
Q. 128 Which of the following is not a cause of under – developed country?
A. Unemployment & poverty
B. Overpopulation
C. Income inequalities
D. Dominance of Mass consumption
Q. 129 ___________is the apex bank for agriculture credit in India:
A. RBI
B. SIDBI
C. NABARD
D. ICICI
Q. 130 Which committee recommended simplification and rationalization of tax system in India:
A. Chelliah
B. Booth lingam
C. Both (a) & (b)
D. Urjit Patel
Q. 131 BPO stands for__________
A. Bharat Petroleum Organization
B. Business Process Outsourcing
C. Big Portfolio Outstanding
D. Business Profit Organization
Q. 132 One the basis of end use, industries are classified into:
A. Consumer Goods, Free Goods, Large scale industries
B. Intermediate Goods, Consumer goods, Small scale industries
C. Capital Goods, Basic Goods, Intermediate Goods, Consumer Goods
D. Consumer Goods, Large Scale industries
Q. 133 ___________Unemployment is caused by decline in demand.
A. Structural
B. Technological
C. Disguised
D. Chronic
Q. 134 Workforce refers to that part of :
A. Labour force which is employed
B. Population which is unemployed
C. Population which is forced to work
D. Labour force which is unemployed
Q. 135 In the theory of demographic transition in the last stage :
A. Birth rate rise, death rate rises
B. Birth rate rise, death rate falls
C. Birth rate falls, death rate rises
D. Birth rate falls, death rate falls
Q. 136 Right of children to free and compulsory education Act ( RTE Act ) 2009, has free education for all children between the age of ___________ a fundamental right.
A. 5 and 14 years
B. 5 and 14 years
C. 7and 14 years
D. 8 and 14 years
Q. 137 Inflation can be controlled by:
A. Fiscal measures
B. Monetary measures
C. Control of investments
D. All of the above
Q. 138 __________ is the different between total receipts and total expenditure:
A. Fiscal deficit
B. Budget deficit
C. Revenue deficit
D. Capital deficit
Q. 139 Which of the following is not included in domestic territory?
A. Ships and aircrafts operated by the residents of the country between two or more countries
B. Fishing vessels, oil and natural gas rigs, and floating platforms operated by the residents of the country.
C. Embassies, consulates and military establishments of the country located abroad.
D. Corporate offices of residents outside India.
Q. 140 __________ is a systematic record of all the economic transactions between one country and rest of the world:
A. Balance of trade
B. Balance of transactions
C. Budget
D. Balance of payments
Q. 141 Which of the following is not a direct tax:
A. Gift tax
B. Corporate income tax
C. VAT
D. Wealth tax
Q. 142 Government has permitted up to _________ % Foreign Direct Investment (FDI) by foreign airlines in Indian airline companies:
A. 26
B. 49
C. 51
D. 74
Q. 143 Per capita income = __________:
A. NNP is divided by total population
B. Population is divided by NNP
C. Total capital divided by population
D. None of these
Q. 144 Which of the following is not correctly matched:
A. Liberalisation – relaxation of previous government restrictions usually in areas of social and economic policies.
B. Privatisation – the transfer of assets or service functions from public to private ownership
C. Disinvestment – disposal of private sector’s unit to public sector
D. Globalisation – integrating the domestic economy with the world economy
Q. 145 _________refers to that portion of total deposits of a commercial bank which it has to keep with RBI in the form of cash reserves.
A. CRR
B. SLR
C. Bank Rate
D. Repo Rate
Q. 146 Who is called the ‘Bank of Issue’?
A. RBI
B. SBI
C. IDBI
D. ICICI
Q. 147 Money includes:
A. Currencies and demand deposits
B. Bonds, government securities
C. Equity shares
D. All of the above
Q. 148 ____________is the official minimum rate at which central bank of a country is prepared to rediscount approved bills held by commercial banks :
A. Repo Rate
B. Reverse repo rate
C. Bank Rate
D. CRR
Q. 149 Commercial Banks in India in 1969 were nationalized due to:
A. Urban Bias
B. Concentration of economic power
C. Agricultural sector was neglected
D. All of the above
Q. 150 Profitability ratio of commercial banks has not improved much due to ______________:
A. Low interest on Government borrowings from banks
B. Subsidization of credit of priority sector
C. Increasing expenditure due to over staffing
D. All of the above
Part B – Quantitative Aptitude
Q. 151 A bag contains 23 numbers of coins in the form of 1 rupee, 2 rupee and 5 rupee coin. The total sum of the coins is Rs 43. The ratio between 1 rupee and 2 rupees coins is 3 : 2, then the number of 1 rupee coins:
A. 12
B. 8
C. 10
D. 16
Q. 152 If 3^x = 5^y = (75)^z then:
A. (1/x) + (2/y) = (1/z)
B. (2/x) + (1/y) = (1/z)
C. (1/x) + (1/y) = (1/z)
D. None of these
Q. 153 If abc = 2 then the value of
(1/(1+a+(2b)^(-1))) + (1/(1+(b/2)+(c^(-1)))) + (1/(1+(a^(-1))+c)) =
A. 1
B. 2
C. 1/2
D. 3/4
Q. 154 Given log 2 = 0.3010 and log 3 = 0.4771 then the value of log 24:
A. 1.3081
B. 1.1038
C. 1.3801
D. 1.8301
Q. 155 Particular company produces some articles a day. The cost of production per article is Rs 2 more than thrice the number of articles and the total cost of production is Rs 800 on a day then the number of articles is:
A. 16
B. 14
C. 18
D. 15
Q. 156 A triangle formed by the lines y = 0, x + 2y = 3, 2x – y = 1:
A. Isosceles triangle
B. Equilateral triangle
C. Right angled triangle
D. None of these
Q. 157 The inequalities: x1+2(x2)<= 5 ; x1 + x2 >= 1 ; x1 >= 0 ; x2 >= 0 represents the region:
a)
b)
c)
d)
A. (a)
B. (b)
C. (c)
D. (d)
Q. 158 If a person lends Rs 6,000 for 4 year and Rs 8,000 for 3 years at S.I. The total interest earned is Rs 2,400 then the rate of interest is:
A. 5%
B. 6%
C. 7%
D. 8%
Q. 159 A sum of money amounts Rs 7,803 for one year at the rate of 4% compounded semiannually then the sum invested is :
A. 7,000
B. 7,500
C. 7,750
D. 7,750
Q. 160 The difference between the simple interest and compound interest on a certain sum of money invested for 2 years at 5% p.a. is Rs 30. Then the sum:
A. 10,000
B. 12,000
C. 13,000
D. None of these
Q. 161 In how many ways 4 members can occupy 9 vacant seats in a row :
A. 3204
B. 3024
C. 4^9
D. 9^4
Q. 162 Find the value of n from the expression given in the figure.
A. 14
B. 15
C. 16
D. 17
Q. 163 How many numbers between 1000 and 10,000 can be formed with the digits 1,2,3,4,5,6:
A. 720
B. 360
C. 120
D. 60
Q. 164 A person received the salary for the 1st year is Rs 5,00,000 per year and he received an increment of Rs 15,000 per year then the sum of the salary he taken in 10 years:
A. Rs 56,75,000
B. Rs 72,75,000
C. Rs 63,75,000
D. None of these
Q. 165 The number of terms of the series needed for the sum of the series 50 + 45 + 40 + __________ becomes zero:
A. 22
B. 21
C. 20
D. None of these
Q. 166 2.353535 __________=
A. 233/99
B. 234/99
C. 232/99
D. 235/99
Q. 167 The number of subsets formed from the letters of the word “ALLAHABAD”:
A. 128
B. 16
C. 32
D. None of these
Q. 168 f = R->R is defined by f (x) = 2x then f is:
A. One – one and onto
B. One – one and into
C. Many to one
D. One to many
Q. 169 If f(x) = 100x then f -1 (x) :
A. x/100
B. 1/(100x)
C. 1/100
D. None of these
Q. 170
A. 1
B. 1/2
C. -1/2
D. -1
Q. 171
A. 77/98
B. 9/7
C. 7/9
D. 99/77
Q. 172 If (x) = ((x3)+(a3))/(x+a) for x ≠ -a
= K for x = -a
Is continuous at x = – a then the value of K is:
A. -3(a)2
B. -2(a)2
C. 3(a)2
D. 2(a)2
Q. 173
A. 1/(2√((x2)-1))
B. 1/(2√((x2)+1))
C. 1/((√x-1)+(√x+1))
D. None of these
Q. 174 
A. 1
B. 0
C. ±√3
D. ±√2
Q. 175 Find the value of :
A. e – 1
B. (ee)-1
C. ee
D. None the there
Q. 176 Different modes of presentation of data are:
A. Textual
B. Tabular
C. Both (a) & (b)
D. None of these
Q. 177 Profit made by XYZ bank in different years refers to ____________:
A. Attribute
B. Discrete variable
C. Continuous variable
D. None of these
Q. 178 For construction of Histogram the class intervals of frequency distribution is:
A. Equal
B. Unequal
C. Either Equal or Unequal
D. None of these
Q. 179 In _________method(s) information can be gathered by the researcher himself by contacting the interviewee:
A. Personal Interview
B. Telephone Interview
C. Both (a) & (b)
D. Indirect oral
Q. 180 The G.M. of observation 40, 50 and x is 10, then find the value of x:
A. 1
B. 5
C. 2
D. 1/2
Q. 181 The mean of 10 observations is 14.4. Out of these mean of 4 observations is 16.5, then find the mean of remaining observations:
A. 13.6
B. 13
C. 13.8
D. 12
Q. 182 If the mean of data is 55.6 and the mode is 46, then the median is:
A. 50.4
B. 40.7
C. 52.4
D. None of these
Q. 183 is used for ordering the size of designed clothes:
A. Mean
B. Median
C. Mode
D. None of these
Q. 184 The mean of 6,4,1,5,6,10 and 3 is 5. If each number is added with 2, then the new mean is ________:
A. 7
B. 5
C. 6
D. 10
Q. 185 Regression coefficients are affected by _________:
A. Change of origin
B. Change of Scale
C. Both origin & Scale
D. Neither origin nor scale
Q. 186 If the sum of the squares of rank differences in the marks of 10 students in two subject is 44, then the coefficient of rank correlation is __________:
A. 0.78
B. 0.73
C. 0.87
D. None of these
Q. 187 If the regression line of x on y is 3x + 2y = 100, then find the value of (b)xy?
A. -2/3
B. 10/3
C. 3/2
D. 2/3
Q. 188 Regression lines are passes through the __________ points:
A. Mean
B. Standard deviation
C. Both (a) & (b)
D. None of these
Q. 189 If P (A) = 1/2 , P(B) = 1/3 , P (A ∪ B) = 2/3 , then the P (A ∩ B)?
A. 1/4
B. 1/6
C. 2/3
D. 1/2
Q. 190 If P (A) = 2/3 , P(B) = 3/8 , P (A ∩ B) = 1/4 , then events A & B are __________
A. Independent and mutually exclusive
B. Independent but not mutually exclusive
C. Mutually exclusive but not independent
D. Neither independent nor exclusive
Q. 191 A bag contains 6 green and 5 red balls. One ball is drawn at random. The probability of getting a red ball is?
A. 5/11
B. 6/11
C. 5/6
D. None of these
Q. 192 The Second & third moments of observations (-6, -4, -2, 0, 2, 4, 6) are:
A. (12, 0)
B. (0, 12)
C. (16, 0)
D. (0, 16)
Q. 193 In ___________ distribution mean = variance:
A. Binomial
B. Normal
C. Poisson
D. t
Q. 194 __________ is / are Bi-parametric distribution (s):
A. Binomial
B. Poisson
C. Normal
D. Both (a) & (c)
Q. 195 In Poisson distribution μ4 = 2, then find μ2:
A. 2
B. 4
C. 2/3
D. 1/2
Q. 196 If X & Y are two independent normal variates with means μ1 & μ2 and standard deviations σ1 & σ2 respectively, then X + Y follows
A. Mean = μ1 + μ2, standard deviations = 0
B. Mean = μ1 + μ2, standard deviations = (σ1)^2 + (σ2)^2
C. Mean=0 , standard deviations= (σ1)^2 + (σ2)^2
D. Mean= μ1+μ2 , standard deviations= √((σ1)^2 + (σ2)^2)
Q. 197 According to Neyman’s allocation, in stratified sampling:
A. Sample size is proportional to the population size and population standard deviation
B. Sample size is proportional to the sample SD
C. Sample size is proportional to the sample variance
D. Population size is proportional to the sample variance
Q. 198 From the following data:
The Paasche’s price index number is:
| Commodity | A | B | C | D | |
| 1992 Base Year | Price | 3 | 5 | 4 | 1 |
| Quantity | 18 | 6 | 20 | 14 | |
| 1993 Current Year | Price | 4 | 5 | 6 | 3 |
| Quantity | 15 | 9 | 26 | 15 |
A. 146.41
B. 148.25
C. 144.25
D. None of these
Q. 199 The time reversal test is satisfied by ___________ index number:
A. Laspeyres
B. Paasche’s
C. Fisher’s
D. None of these
Q. 200 Index numbers are used in:
A. Economics
B. Statistics
C. Both (a) & (b)
D. None of these
| Answer Sheet | ||||||||||
| Question | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Answer | B | A | A | B | A | C | D | A | D | A |
| Question | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| Answer | D | D | B | A | A | A | D | D | B | B |
| Question | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 |
| Answer | C | C | A | C | B | A | A | B | A | B |
| Question | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 |
| Answer | A | B | D | A | A | D | B | B | C | C |
| Question | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 |
| Answer | C | A | A | A | A | A | B | A | A | A |
| Question | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 |
| Answer | C | A | D | D | B | A | D | A | A | D |
| Question | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 |
| Answer | D | B | C | C | A | C | B | C | A | A |
| Question | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 |
| Answer | A | B | C | A | C | C | B | B | A | D |
| Question | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 |
| Answer | D | B | B | B | A | D | B | A | C | B |
| Question | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 100 |
| Answer | B | C | D | B | D | C | C | C | A | C |
| Question | 101 | 102 | 103 | 104 | 105 | 106 | 107 | 108 | 109 | 110 |
| Answer | C | A | D | B | A | A | B | D | C | A |
| Question | 111 | 112 | 113 | 114 | 115 | 116 | 117 | 118 | 119 | 120 |
| Answer | A | A | A | C | A | C | B | A | A | A |
| Question | 121 | 122 | 123 | 124 | 125 | 126 | 127 | 128 | 129 | 130 |
| Answer | B | C | C | B | A | B | C | D | C | C |
| Question | 131 | 132 | 133 | 134 | 135 | 136 | 137 | 138 | 139 | 140 |
| Answer | B | C | A | A | D | B | D | B | D | D |
| Question | 141 | 142 | 143 | 144 | 145 | 146 | 147 | 148 | 149 | 150 |
| Answer | C | B | A | C | A | A | D | C | D | D |
| Question | 151 | 152 | 153 | 154 | 155 | 156 | 157 | 158 | 159 | 160 |
| Answer | A | A | A | C | A | C | A | A | B | B |
| Question | 161 | 162 | 163 | 164 | 165 | 166 | 167 | 168 | 169 | 170 |
| Answer | B | B | B | A | B | A | C | B | A | B |
| Question | 171 | 172 | 173 | 174 | 175 | 176 | 177 | 178 | 179 | 180 |
| Answer | C | C | A | C | C | C | C | C | C | D |
| Question | 181 | 182 | 183 | 184 | 185 | 186 | 187 | 188 | 189 | 190 |
| Answer | B | C | C | A | B | B | A | A | B | B |
| Question | 191 | 192 | 193 | 194 | 195 | 196 | 197 | 198 | 199 | 200 |
| Answer | A | C | C | D | C | D | A | A | C | C |
