Business and Commerce MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7

31.
Direction: The following question consists of two statements.
One is labeled as Assertion (A) and the other as Reason (R). You have to examine both the statements carefully and decide whether Assertion (A) and Reason (R) separately are true and if so, the reasoning statement is the correct explanation. Mark these items on the answer sheet.
Assertion (A): Social responsibility of business is an idea which cannot be put into action in most of the professions.
Reason (R): There are no standards by which the extent of responsibility of each segment of the society can be measured.

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true but R is not the correct explanation of A

C. A is true, but R is false

D. A is false, but R is true

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32.
The order for import of goods is called:

A. Indent

B. Import Order

C. Bill of Lading

D. Letter of Credit

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33.
Match the following countries with the types of Double Taxation Avoidance Agreement signed by India with them:

Country Type of Agreement

a. Austria 1. Limited Agreement

b. Bahamas 2. Comprehensive Agreements

c. Lebanon 3. Comprehensive Agreements/Limited Multilateral Agreement

d. Sri Lanka 4. Tax Information Exchange Agreement

Choose the correct option:

A. a-4, b-2, c-1, d-3

B. a-2, b-4, c-1, d-3

C. a-2, b-4, c-3, d-1

D. a-1, b-2, c-3, d-4

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34.
Shipping order is issued by:

A. Shipping Company

B. Custom Authorities

C. Reserve Bank of India

D. Department of Foreign Trade

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35.
In sole proprietorship business the liability of the sole proprietor is:

A. Secondary

B. Limited

C. Unlimited

D. Joint liability

E. Proportionate liability

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36.
Environment degeneration does not consist of:

A. Land degeneration and soil erosion

B. Problem of over grazing and ecological degeneration

C. Floods

D. None of the above

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37.
Written statements of organizational purpose are called

A. Mission statements

B. Formalization

C. Formal organization charts

D. None of these

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38.
The 'Scalar principle' of organisation implicitly lays down that:

A. A subordinate should have only one superior

B. Line of authority must be clearly defined

C. Manager should directly supervise only a limited number of subordinates

D. All authority should vest in one single person

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39.
NRI's can now invest in the equity capital of an export oriented Indian company up to:

A. 40%

B. 51%

C. 60%

D. 100%

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40.
Liability of sole proprietorship-

A. limited to the capital invested by him in the business

B. limited to the value of the business assets

C. limited to the value of business properties and all his personal assets

D. None of the above

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1 2 3 4 5 6 7 8 9 10

Country	Type of Agreement
a. Austria	1. Limited Agreement
b. Bahamas	2. Comprehensive Agreements
c. Lebanon	3. Comprehensive Agreements/Limited Multilateral Agreement
d. Sri Lanka	4. Tax Information Exchange Agreement

Business and Commerce MCQ Questions and Solutions with Explanations | Commerce

Answer & Solution

32. The order for import of goods is called:

Answer & Solution

Answer & Solution

34. Shipping order is issued by:

Answer & Solution

35. In sole proprietorship business the liability of the sole proprietor is:

Answer & Solution

36. Environment degeneration does not consist of:

Answer & Solution

37. Written statements of organizational purpose are called

Answer & Solution

38. The 'Scalar principle' of organisation implicitly lays down that:

Answer & Solution

39. NRI's can now invest in the equity capital of an export oriented Indian company up to:

Answer & Solution

40. Liability of sole proprietorship-

Answer & Solution

Read More Section(Business and Commerce)

32.
The order for import of goods is called:

34.
Shipping order is issued by:

35.
In sole proprietorship business the liability of the sole proprietor is:

36.
Environment degeneration does not consist of:

37.
Written statements of organizational purpose are called

38.
The 'Scalar principle' of organisation implicitly lays down that:

39.
NRI's can now invest in the equity capital of an export oriented Indian company up to:

40.
Liability of sole proprietorship-