MCQ for CA Foundation ECONOMICS - PART 2 - BUSINESS AND COMMERCIAL KNOWLEDGE - Chapter 1 INTRODUCTION

Sample Multiple Choice Questions (MCQ's) for CA Foundation - Paper 4 - Business Economics and Business and Commercial Knowledge - PART 2 - BUSINESS AND COMMERCIAL KNOWLEDGE - Chapter 1: INTRODUCTION - For Practice relevant for Dec 22 and May/June 23 Examinations

Q:1 Consider the following table showing columns for the nature of economic occupation and the corresponding characterisation of income and then, choose the right solution option from the alternatives given below the table.
Economic Occupation              Income Characterisation
i. Employment                            a. Profit
ii. Profession                              b. Wages & Salaries
iii. Business                               c. Interest
iv. Land/Property Rental           d. Rent
v. Lending                                 e. Fees

  1. i-a; ii-b; iii-c; iv-d; v-e
  2. i - b; ii - c; iii - d; iv-e; v-a
  3. i-b; ii-e; iii - a; iv - d; v-c
  4. i-c; ii-d; iii - e; iv - a; v - b

Answer: 3

Q:2 The occupation in which people work for others and get remunerated in return is known as: 

  1. Business
  2. Employment
  3. Profession
  4. None of these

Answer: 2

Q:3 Which of the following is not considered an economic activity? 

  1. Saving & Investment
  2. Production & consumption
  3. Service of Chartered Accountant
  4. Providing free medical aid by Doctor

Answer: 4

Q:4 Which of the following statements describes the best Joint Hindu / Hindu Undivided Family (HUF) Business? 

  1. It is a form of business particular to and recognized as such in India
  2. Every family business is in fact a HUF Business
  3. In HUF businesses, there is a family involvement in business
  4. Either (a) or (c)

Answer: 4

Q:5 HUF can comprise members of a: 

  1. Hindu & Sikh family
  2. Jain family
  3. Buddhist family
  4. Muslim family

Answer: 4

 

CA Foundation ECONOMICS - PART 2 - BUSINESS AND COMMERCIAL KNOWLEDGE - MCQ for Chapter 2 - Click Here

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