NTA UGC NET/JRF Exam, Dec. 2020/June 2021 (Commerce) Shift-II

Total Questions: 100

61. Which of the following taxes have been replaced by the GST? Indicate the correct code:

A. Central Excise duty
B. Service tax
C. Taxes on advertisements
D. Duties of Excise-Medicinal and toilet
Choose the correct answer from the option given below:

Correct Answer: (*)
Solution:

Following are the taxes have been replaced by the GST:-
→ Central Taxes Replaced by GST
• Additional duties of excise
• Central Excise Duty.
• Excise duty levied under medicinal & Toiletries preparation Act.
• Additional duties of Excise levied under Textiles & Textile products.
• Additional duties of customs (CVD & SAD)
• Service Tax
• Surcharges & Cesses.
• Central sales tax
→ State Level Taxes Replaced By GST
• State VAT/Sales Tax.
• Central Sales Tax.
• Purchase Tax.
• Entertainment Tax.
• Luxury Tax.
• Entry Tax.
• Taxes on lottery, betting & gambling.
• Surcharges & cesses
• Taxes on advertisements.

62. On which of the following grounds, The Tribunal may order for the winding-up of a company on a petition submitted to it, Indicate the correct code

A. Passing of Special resolution for the winding up
B. Conducting affairs in a fraudulent manner
C. Reductions in membership
D. Inability to pay debts
Choose the correct answer from the option given below:

Correct Answer: (c) (A),(B),(C) and (D) only
Solution:

On the following grounds, the Tribunal may order for the winding-up of a company on a petition submitted to it:-
• Passing of special resolution for winding up.
• Conducting affairs in a fraudulent manner.
• Reduction in membership.
• Inability to pay debts.
• Default in delivering the statutory report.
• If company does not commence its business within a year from its incorporation or suspends its business for a whole year.
• If company acted against the interests of the sovereignty and integrity of India.
• If the company has made a default in filing with registrar its balance sheet and profit and loss account or annual return for any five consecutive financial years.

63. Which of the following income is generally chargeable under the head of income from other sources?

(A) Income for subletting house property
(B) Director fee
(C) Ground Rent
(D) Agricultural Income from outside India
(E) Insurance commission
(F) Income from sale of securities
Choose the most appropriate answer from the option given below:

Correct Answer: (d) (A),(B),(C),(D),(E)
Solution:

Following are the income generally chargeable under the head of income from other sources:-
• Income from subletting house property
• Director fee
• Ground rent
• Agricultural Income from outside India.
• Insurance commission.
Note:- Income from sale of securities will be chargeable under the head of income from capital gain.

64. Which of the following are included in person under section 17(1)?

(A) A Hindu Undivided Family (HUF)
(B) A firm
(C) An individual
(D) An individual
(E) A local authority
(F) An association of persons
Choose the most appropriate answer from the option given below:

Correct Answer: (d) (A),(B),(C),(D) and (F)
Solution:

Person under section (17(1)) includes:-
Note:- According to Income tax Act 1961 person (Section 2 (31))
Person includes:-
• An Individual
• A Hindu undivided family (HUF):
• A company:
• A firm:
• A association of person or a body of individuals, whether incorporated or not:
• A local authority and
• Artificial juridical person.

65. The exemption with respect to HRA is based upon the following factors?

(A) Rent paid
(B) Place of Residence
(C) Salary
(D) HRA Received
(E) Fair Rent
(F) Market Rent
Choose the most appropriate answer from the option given below:

Correct Answer: (a) (A),(B),(C),(D) only
Solution:

 The exemption with respect to HRA is based upon the following factors:-
• Rent paid
• Place of Residence.
• Salary
• HRA Received.
House Rent allowance [Section 10 (13A)]

66. Match List- I with List II:

List - IList II
(A)Internaitona finance corporation(I)1944
(B)International Development Association(II)1967
(C)World Intellectual property organisation(III)1956
(D)International bame for reconstruction and Development(IV)1960

Choose the correct answer from the options given below:

Correct Answer: (d) (A)- (III), B- (IV), (C)- (I), D- (II)
Solution:
List-IList-II
A.International Finance Corporation (IFC)-1956 {A sister organisation of the world bank and member of world bank group.}
B.International Development Association (IDA)-1960 {One of the largest and most effective platforms for fighting extreme poverty in world's poorest countries.}
C.World Intellectual property organisation (WIPO)-1967 {Promote world wide protection of both industrial property & copyrighted materials.}
D.International bank for Reconstruction & Development (IBRD)-1944 {That is lending arm of world bank group. It offers loans to middle-income developing countries.}

67. Match List I with List II:

List – I सूची- IList – II सूची- I
(A)Bouns shares(I)Invitatiaon to existing shares holders to purchase additional new shares
(B)Demat shares(II)Issue is made to existing members free of charge
(C)Right issue(III)Shares issues by a company to its
(D)Sweat equity share(IV)Shares in electronic form

Choose the correct answer from the option given below:

Correct Answer: (d) (A)- (IV), (B) – (I), (C) – (III), (D) – (III)
Solution:
List-IList-II
A.Bonus sharesII.Issue is made to existing members free of charge.
B.Demat sharesIV.Shares in electronic form.
C.Right issueI.Invitation to existing share holders to purchase additional new shares.
D.Sweat equity shareIII.Shares issues by a company to its employees/directors at a discount for providing know-how

68. Match List I with List II:

List – I Objectives of business firmsList – II Economists
(A)Long Run Survival(I)Marris, Robin
(B)Sales Revenue maximisation(II)Williamson, D.E.
(C)Firms's Growth Rate maximisation(III)Rothschild, K.W.
(D)Managerial utility Function(IV)Baumol, W.J.

Choose the correct answer form the option given below:

Correct Answer: (c) (A)- (III), (B) – (IV), (C) – (I), (D) – (II)
Solution:
List-IList-II
Objectives of business firmsEconomists
A.Long Run survival-Rothschild. K.W.
B.Sales Revenue maximisation--Baumal W.J.
C.firm's Growth Rate maximisation-Marris. Robin.
D.Managerial utility function Maximisation-Williamson D.E.

69. Match List I with List II:

List – I (Method of Inventory Control)List – II (Explanation)
(A)JIT system(I)Divided the items into the categories in the descending order of their usuage rate.
(B)ABC Analysis(II)Divides items into categories in the descenting order their critical use
(C)FSND Analysis(III)Inventory arrive to the manufacturing sites just few hourse before they are put to use
(D)VED Analysis(IV)The items of inventory are classified according to value of usage.

Choose the correct answer form the option given below:

Correct Answer: (c) (A)- (III), (B) – (IV), (C) – (I), (D) – (II)
Solution:
List-IList-II
A.JIT System-Inventory arrive to the manufacturing sites just few house before they are put to use.
B.ABC analysis-The items of inventory are classified according to value of usage.
C.FSND Analysis-Divide the items into the categories in the descending order of their usage rate
D.VED Analysis-Divides items into categories in descending order of their critical use.

70. Match List I with List II:

Choose the correct answer form the option given below:

Correct Answer: (a) (A)- (II), (B) – (III), (C) – (IV), (D) – (I)
Solution: