1) MSMED Act was enacted in the year a) 2008 b) 2004 c) 2007 d) 2006 2) MSMEs are important for the nation’s economy because they significantly contribute to a) all the above b) industrial production c) exports d) employment 3) Self help groups convert the savings into a common fund known as a) none of the above b) Common fund c) Group corpus fund d) Group fund 4) There are ______ distinct modes of credit to Self Help Groups. a) 4 b) 1 c) 2 d) 3 5) Investment limit of a micro enterprise under manufacturing sector does not exceed__________ lakhs a) 50 b) 10 c) 20 d) 25 6) The purchase of goods from a foreign country is called---------- a) Re-export b) Import c) Export d) Entrepot 7) When goods are imported for the purpose of export it is called as-----------. a) Trade b) Foreign Trade c) Home Trade d) Entrepot 8) ---------- acts as a connective link between the producer and the consumer. a) Business b) Trade c) Industry d) Commerce 9) The aim of home trade is ---------------- --. a) To obtain all types of goods. b) To raise the standard of living c) To provide the essential goods and services economically d) To raise the national income 10) Internal trade can be classified into ----------categories a) Five b) Three c) Four d) Two 11) Trade middleman who acts as a link between wholesaler and customers refers to a -----------. a) Customer b) Producer c) Broker d) Retailer 12) Who is the first middleman in the channel of distribution? a) Customer b) Wholesaler c) Producer d) Retailer 13) ----------buy the goods from the producer and sell it to the retailers. a) consumers b) Manufacturer c) Wholesaler d) Retailer 14) ---------- are agents who merely bring the buyer and the seller into contact. a) stockiest b) Broker c) Commission agent d) Selling agent 15) Merchant middlemen can be classified into ---------- categories. a) Four b) Three c) Two d) Five 16) Retailers deal in ____________ quantity of goods a) Limited b) Small c) Large d) Medium 17) Small scale Fixed retailers include __________ a) Hawkers b) General stores c) Pedlars d) Cheap Jacks 18) Small shops which deal in a particular line of products are called as _______ a) Street stalls b) Market traders  c) Single line stores  d) Sugar market  19) _____are mobile traders who deal in low priced articles with no fixed place of business. a) Itinerant traders b) Shopping malls  c) Super markets  d) Street stalls  20) Movement of goods , services, intellectual property, human assets, technology and so on among the countries. a) Internal trade b) International Trade  c) International business  d) Entrepot Trade  21) Goods are imported for purpose of re-export to another country is termed as_________. a) International trade b) Import Trade  c) Export Trade d) Entrepot Trade  22) Movement of goods , services among the countries. a) Internal trade b) International Trade  c) International business  d) Entrepot Trade  23) Selling of goods from home country to foreign country is called a) Joint Venture b) Home Trade c) Entrepot Trade d) Foreign Trade 24) EPC stands for a) Export Promotion Congress b) Export processing commission c) Export Promotion Council d) Export Carriage council 25) STC is expansion for a) State Trading Corporation b) State Training Centre c) State Training Council d) State Trading Centre 26) An ------------- is document prepared by importer an sent to the exporter to buy the goods a) Indent b) Enquiry c) Charter Party d) Invoice 27) The ------------------- receipt is an acknowledgement of receipt of goods on the ship issued by the Captain a) Bill of Lading b) Mate’s Receipt c) Consular Invoice d) Shipping Bill 28) The Exporters appoint the ------------- agent to fulfill the customs formalities a) Commission Agent b) Factor c) Clearing Agent d) Forwarding Agent 29) General Agreement on Tariff and Trade was signed on a) 26-October-1947 b) 28-October-1947 c) 30-October-1947 d) 29-October-1947 30) WTO was estabilished on a) 1-1-1994 b) 1-1-1996 c) 1-1-1997 d) 1-1-1995 31) The headquarter of WTO is located at a) Brazil b) New York c) London d) Geneva 32) The day to day administration of WTO is entrusted with a) Administrative Council b) General Body c) Executive Council d) General Council 33) World bank is located at a) Hongkong b) Washington DC c) New York d) Tokyo 34) The Statement which discloses a record of transactions between the residents of one country and residents of foreign country.  a) Balance of Payment b) Balance of Trade c) Statement of Receipts and Payments d) Accounting Statement 35) The Balance of Payments councils consists of a) Receipts and Payments Account b) Both Current Account and Capital c) Current Account d) Capital Account 36) Foreign capital long- term loan and foreign currency reserve are recorded under a) Private Capital b) Banking Capital c) Both Private and Official Capital d) Official Capital 37) The term official capital includes a) Both Special Drawing Rights held by the Government and RBI holdings of foreign currencies b) RBI holdings of foreign currencies c) Special Drawing Rights held by the Government d) Foreign Investment 38) Balance of payments surplus indicates a) Exports and Imports are above b) Exports are more than the Imports c) Imports are more than Exports d) Exports and Imports are at Equilibrium 39) An agreement enforceable by law is a a) Contract b) Enforceable acceptance c) Accepted offer d) Approved promise 40) Every promise and every set of promises, forming the consideration for each other, is an a) Contract b) Offer c) Acceptance d) Agreement 41) Void agreement signifies a) Agreement against public policy. b) Agreement illegal in nature c) Agreement not enforceable by law d) Agreement violating legal procedure 42) Acceptance to be valid must a) Be conditional. b) Be absolute c) Be unqualified d) Both be absolute & unqualified 43) A contract with or by a minor is a a) Voidable at the option of either party. b) Valid contract c) Void contract d) Voidable contract 44) On the valid performance of the contractual obligations by the parties, the contract a) Becomes void b) Become enforceable c) Becomes legal d) Is discharged 45) Which of the following persons can perform the contract? a) Agent of the promisor b) All the above c) Promisor alone d) Legal representatives of promisor 46) A, B, C jointly promised to pay 50,000 to D. Before performnce of the contract, C dies. Here, the contract a) Should be performed by A and B along with C’s legal representatives. b) Should be performed by A and B alone. c) Should be renewed between A, B d) Becomes void on C’s death 47) Which of these parties cannot demand performance of promise? a) On the death of a Promisee, his Legal Representative. b) Stranger to the Contract c) Promisee d) Any of the Joint Promisees 48) A person is said to be a third person if he is not a a) promisor b) Legal Representative c) promise d) agent 49) On the valid performance of the contractual obligation by the parties, the contract a) Is discharged b) Becomes enforceable c) Becomes void d) None of these 50) An agreement to do an act impossible in itself under Section.56 is a) Void b) Voidable c) Valid d) Unenforceable 51) Any agreement which becomes impossible to perform under various circumstances a) Voidable b) Void c) Valid d) None of these 52) Discharge by mutual agreement may involve a) Novation b) Alteration c) Rescission d) All of the above 53) The compensation given for breach of contract is a) Damage b) Money c) remuneration d) Cheque 54) Income Tax is a) none of these b) a business tax c) a direct tax d) an indirect tax 55) Period of assessment year is a) 1st Jan. to 31st Dec. b) 1st April to 31st March c) 1st March to 28th Feb d) 1st July to 30th June 56) The year in which income is earned is known as a) Light Year b) Calendar Year c) Assessment Year d) Previous Year 57) The aggregate income under five heads is termed as a) Salary Income b) Business Income c) Gross Total Income d) Total Income 58) Agricultural income earned in India is a) None of the above b) Fully Taxable c) Fully Exempted d) Not Considered for Income 59) Who is the chairman of the GST council? a) RBI Governor b) President of India c) Finance Minister d) Prime Minister 60) GST Stands for a) General Sales Tax b) Goods and Supply Tax c) Government Sales Tax d) Goods and Services Tax 61) What kind of Tax the GST is? a) All Business Organisations b) Direct Tax c) Indirect Tax d) Dependence on the Type of Goods and Services 62) What is IGST? a) All the Above b) Integrated Goods and Service Tax c) Indian Goods and Service Tax d) Initial Goods and Service Tax 63) In India GST became effective from? a) 1st March, 2017 b) 1st April, 2017 c) 1st January, 2017 d) 1st July, 2017

+1 COMMERCE Lesson21-33 Prepared by M.MuthuSelvam Cell No: 9842104826

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