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01.Disadvantages of Joint Hindu family business
(a) The business is usually run on a small scale. The benefits of large-scale business cannot be enjoyed as this may raise the cost of business.
(b) Karta has limited authority to run the business. The initiative and sincerity of young members of the family has no place.
(c) The liability for business debts is unlimited.
(d) There are no checks and controls on the sole proprietor.
02.Long term finance
(a) Installment credit
(b) Shares
(c) Public deposits
(d) All of the above
03.Medium Term finance
(a) Customers advance.
(b) Bank Credit
(c) Mortgages
(d) None of the above
04.Short term finance
(a) Trade Credit
(b) Debentures
(c) Ploughing back of profits
(d) Financial institutions
05.Objectives of Budget
(a) To provide a realistic estimate of income and expenses for a period.
(b) To provide a coordinated plan of action to achieve the target.
(c) To provide a comparison of actual results with those budgeted and to indicate courses of corrective actions.
(d) All of the above
06.Advantages of partnership type of organisation
(a) The formation of a partnership firm is a simple procedure
(b) The partnership firm can raise a larger amount of finance than a sole trader
(c) Firm has longer existence as it is not dependent on any one person.
(d) All of the above
07.Personal qualities of successful salesman
(a) He should be fluent in different languages.
(b) He should always be polite & courteous while dealing with his customers.
(c) He should be persuasive, tactful and convincing.
(d) He must possess good health & sound physique
08.Mental qualities of successful salesman
(a) He should be sincere, dependable, co-operative & honest.
(b) He should be intelligent enough to understand the nature & requirements of potential buyers.
(c) He should have patience to listen to his customers & resolve their objections.
(d) He must have good stamina.
09.Social qualities of successful salesman
(a) He should also be well dressed as it adds to his charm.
(b) He must have the imagination to look at things from the viewpoint of the customer.
(c) A good salesman must have a liking for people & the ability to mix with them
(d) A good salesman must have specialized knowledge of selling techniques.
10.Advantages of journal
(a) Risk of each member is reduced because it is diffused and spread over several members of the company.
(b) Each journal is a complete reflection of rule of double entry.
(c) Since a company pays income tax at flat rates, it bears low tax- liability on higher profits as compared to others.
(d) Insolvency, insanity or death of its members has no effect on existence of company
11.Advantages of Joint Stock Company
(a) It reduces the chances of error in accounting.
(b) Courts recognize the journal as evidence in proving or disproving claims.
(c) Narration gives a brief explanation of a particular transaction.
(d) The shares of the company can be transferred easily & can also be easily converted into cash which attracts investors.
12.Advantages of perpetual method of inventory control
(a) Balance of stock can be known at any time during the year
(b) It ensures a reliable checking of the store items.
(c) Overstocking & under stocking is avoided
(d) All of the above
13.Give advantages of departmental store
(a) The goods can be transferred to other branches if needed.
(b) It keeps a large variety of goods, thus offering a good choice to customers, when they buy the required goods.
(c) They provide shopping facilities near the residence of would be customers
(d) Purchasing, assembling, transporting, advertising & financing for all multiple shops is made by the central office.
14.Give salient features of Multiple Shop
(a) It buys its requirements in large quantities which reduces its cost & increases the profit.
(b) Due to huge sales in departmental stores, the selling cost per unit becomes very low.
(c) They are group of shops in the same branch of retail trade.
(d) It provides telephone facilities, recreation facilities & free home delivery facility to its customers.
15.Enlist the qualities of the approved supplier
(a) The price is lowest or reasonable as compared to competitors
(b) Has a good reputation in the market
(c) Has a sound financial position. i.e can supply the material on credit
(d) All of the above
16.Advantages of mail order business
(a) It is very useful for those customers who live in remote areas of the country.
(b) Support for finance from various nationalized & Co – operative banks in the form of soft loans
(c) Less competition
(d) None of the above
17.Advantages of opening a drug store in a rural area.
(a) Less competition
(b) Small market area hence can get a site in the main market.
(c) Potential customers can be easily found out.
(d) All of the above
18.Techniques of Inventory Control
(a) Economic Order Quantity
(b) Perpetual Inventory system
(c) Input output ratio analysis
(d) Setting of various level
(e) All of the above
19.Recruitment Is the scientific process of improving the knowledge and skill of the employee for performing a particular job.
(a) True
(b) False
20.Training is the process of exploring the source of supply of the required personnel and stimulating the prospective employees to apply for jobs in the organization.
(a) True
(b) False
21.Books for account in which a transaction is recorded for the first time from source document is called book of original entry
(a) True
(b) False
22.Cash Credit facility is The facility to draw the cheque, more than the amount standing to the credit of his account against some security
(a) True
(b) False
23.Inventory control is a process of maintaining optimum level of inventory by using any technique of inventory control.
(a) True
(b) False
24.Surplus is residue incidentally obtained from the manufacturing process. It is usually a small value and is recoverable without further processing
(a) True
(b) False
25.Trade means buying, selling and exchange of goods and services.
(a) True
(b) False
26.Accounting is used to denote established customs or traditional practices as a guide to the preparation of accounting statements
(a) True
(b) False
27.Accounting conventions concept means the necessary assumption or conditions upon which accounting is based.
(a) True
(b) False
28.Finance is the provision of money at any time when business requires it.
(a) True
(b) False
29.Overdraft facility is The facility to borrow the money up to a certain fixed limit against some existing security or guarantee.
(a) True
(b) False
30.Discounting of Bills is the process of encashment of customer’s bills before they become due for payment,
(a) True
(b) False
31.A debenture is a document or certificate issued by the company acknowledging loan and also gives an undertaking to repay the specified borrowed sum along with interest to the debenture holder on a prescribed date
(a) True
(b) False
32.The Cash book maintained by a petty cashier which is used to record small day to day expenses or cash payments.
(a) True
(b) False
33.Financial planning is defined as the process of deciding the financial activities or goals of an organization.
(a) True
(b) False
34.The capital required is divided into large no. of equal parts & each part is considered as a share.
(a) True
(b) False
35.A budget is a written plan covering projected activities of a firm for a definite period of time.
(a) True
(b) False
36.Assembling distribute goods to the retailer who are widely scattered
(a) True
(b) False
37.Warehousing moves the good from the place of production to his warehouse and from there to the retailer
(a) True
(b) False
37.Trade presses conduct independent market research and collect useful data pertaining to different trades and markets.
(a) True
(b) False
38.Many trade associations include trade journals, economic and financial periodicals, and annual reports published by some business houses and banking companies.
(a) True
(b) False
39.Scrap items are those items which are not required by the organisation..Eg rejected components, defective parts, obsolete material etcUntitled Question
(a) True
(b) False
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