Account and Finance Questions Practice Question and Answer

Q:

The Income of Indians working abroad is-

809 0

  • 1
    Domestic Income of India
    Correct
    Wrong
  • 2
    Income earned from abroad
    Correct
    Wrong
  • 3
    Net domestic product of India
    Correct
    Wrong
  • 4
    Grave domestic product of India.
    Correct
    Wrong
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Answer : 2. "Income earned from abroad"
Explanation :

Expl:- NDPmp + NFIA = NNPmp

GDPmp + NFIA + GNPmp

Q:

Gross Profit means–

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  • 1
    Total investment over total savings
    Correct
    Wrong
  • 2
    Changes in methods of production
    Correct
    Wrong
  • 3
    Changes in the form of business organisation
    Correct
    Wrong
  • 4
    Total receipts over total expenditure.
    Correct
    Wrong
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Answer : 4. "Total receipts over total expenditure."
Explanation :

Gross profit = Net sales (total receipts) - Cost of goods  sold (total expenditure)

In other words it is the total receipt over total cost.

Q:

Which of the following represents the saving of the Private Corporate Sector?

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  • 1
    Undistributed profits
    Correct
    Wrong
  • 2
    Excess of income over expenditure
    Correct
    Wrong
  • 3
    Dividends paid to shareholders
    Correct
    Wrong
  • 4
    Total profit of a company
    Correct
    Wrong
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Answer : 1. "Undistributed profits"
Explanation :

For private corporate sector, retained profits adjusted for non operating surplus/deficit is considered as net saving

Q:

The Census of Indian agriculture is done by–

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  • 1
    Production Method
    Correct
    Wrong
  • 2
    Income Method
    Correct
    Wrong
  • 3
    Expenditure Method
    Correct
    Wrong
  • 4
    Consumption Method
    Correct
    Wrong
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Answer : 1. "Production Method "
Explanation :

Under the consideration of India economy, census of agriculture, is done by production method.

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