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

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

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