Account and Finance Questions Practice Question and Answer
8 Q: Which of the following terms is used in Banking?
616 061d8491e498f632d55001b81
61d8491e498f632d55001b81- 1Epicentrefalse
- 2Pascal’s Lawfalse
- 3Currencytrue
- 4Centre of Gravityfalse
- 5Latitudefalse
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Answer : 3. "Currency"
Q: National Income is also called as–
615 06513d59656a7b2508cb933bf
6513d59656a7b2508cb933bf- 1GNP at factor costfalse
- 2GNP at market pricefalse
- 3NNP at factor costfalse
- 4NNP at market pricetrue
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Answer : 4. "NNP at market price"
Explanation :
Initially NNPFC was known as National Income but Now NNPMP is known as National Income.
Q: Match the characteristics with their market structure:
(a) Price > MC in both short and long run
(b) Faces highly elastic demand
615 062de6fc9dc73b0303fb4f418
62de6fc9dc73b0303fb4f418- 1(a) Monopolistic competition, (b) Pure competitionfalse
- 2(a) Pure Monopoly, (b) Monopolistic competitiontrue
- 3(a) Pure competition, (b) Monopolistic competitionfalse
- 4(a) Oligopoly, (b) Pure competitionfalse
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Answer : 2. "(a) Pure Monopoly, (b) Monopolistic competition"
Q: The availability of cash and other marketable instruments like cash, which are useful for purchase and investment, is generally called.
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61b761a77a5b3510e9c6341e- 1Cash Crunchfalse
- 2Liquidityfalse
- 3Credittrue
- 4Marketabilityfalse
- 5None of thesefalse
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Answer : 3. "Credit"
Q: Which one of the following is not a method of measurement of National Income?
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6512a5dfea7f40961eb10778- 1Value Added Methodfalse
- 2Income Methodfalse
- 3Investment Methodtrue
- 4Expenditure Methodfalse
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Answer : 3. "Investment Method "
Explanation :
There are only three methods are using for calculating of national income i.e., value added method, income method and expenditure method.
Q: Form of public expenditure
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61b32c1c8b0b930f5301c652- 1Reconnaissance Expensesfalse
- 2Compensatory expenditurefalse
- 3Personal expenditurefalse
- 4Both 1 and 2true
- 5All thesefalse
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Answer : 4. "Both 1 and 2"
Q: National Income include–
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65116455cb11fc5036e3f5be- 1Financial help to earthquake victimsfalse
- 2Poket money of a childfalse
- 3Winning of a lottery Prizefalse
- 4Construction of a new Housetrue
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Answer : 4. "Construction of a new House"
Explanation :
When new house is given on rent the factor income will increase. Hence, it will be part of National Income. Rests are part of Transfer Payment.
Q: Personal Income produced in a country is not included in–
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6512906b7cef9d502469a1c2- 1Production income from NDPfalse
- 2Net Production Income from foreign.false
- 3Transfer Income from governmentfalse
- 4Current Payment on Foreign loans.true
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Answer : 4. "Current Payment on Foreign loans."
Explanation :
The Current payment on foreign loans are not included in personal Income. In economics, personal income refers to an individual’s total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period.