NTA UGC NET/JRF Exam, Dec. 2021/June 2022 (Commerce) Shift-I

Total Questions: 100

31. Sequence the procedure for e-filing of ITR-1 and ITR-2

(A) Login
(B) Register
(C) Verification
(D) Downloading utility and preparing the Return
(E) e-Filing Income Tax Return
Choose the correct answer from the options given below :

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

Sequence the procedure for e-filing of ITR- 1 & ITR-2 is:-

Register
↓
Login
↓
Downloading utility & preparing the return
↓
E-filing Income tax return
↓
Verification

32. The information with respect to a company is :

EBIT = Rs. 35 Lakh 15% Term loan = Rs. 50 Lakh Working capital term loan from bank @ 20% = Rs. 30 lakhs
10% Preference share capital = Rs. 10 lakhs Public deposits accepted @ 14% = 15 lakhs
Which one among the following is the interest Coverage Ratio for the company

Correct Answer: (c) 2.24
Solution:

Interest Coverage Ratio

33. Which of the following statements are true regarding price and output determination under perfect competition?

A. A firm is a price taker
B. In the long run, a firm is in equilibrium when its AR = MR = LAC = LMC
C. A firm is in equilibrium in the short run only when price goes below its AC E. A firm fixes the price of its products when AR = MR
Choose the correct answer from the options given below :

Correct Answer: (b) A and B only
Solution:An industry is in state of equilibrium in the long run when both the long-run demand & the long run supply of the industry are equal. Therefore, at equilibrium point, the long run Marginal cost of each firm should be equal to the long run marginal revenue of the firm & it should also be equal to the average cost. Ex - LMC = LMR = LAR = LAC In perfect competition price is determined by the industry on the basis of demand & supply that price is accepted by all the firm.

34. Match List I with List-II

List-I Characterstic BusinessList-II Description
A. Cash Cows(i) The most valuable segments of a company; the parts most wanted by an acquirer
B. Crown Jewels(ii) A third party friendly to management who helps a company avoid an unwanted takeover with taking over the company on its own
C. Fallen Angles(iii) A BCG term for business segment which have a high market share in low growth markets
D. White Squire(iv) A bond issued at investment grade whose rating is subsequently dropped to below the investment grade

Choose the correct answer from the options given below :

(A)(B)(C)(D)
(a)iiiviiii
(b)iiviiiii
(c)iviiiiii
(d)iiiiivii
Correct Answer: (d)
Solution:
List-I Characteristic BusinessList-II Description
A. Cash Cows(iii) A BCG term for business segment which have a high market share in low growth markets
B. Crown Jewels(i) The most valuable segments of a company; the parts most wanted by an acquirer
C. Fallen Angles(iv) A bond issued at investment grade whose rating is subsequently dropped to below the investment grade
D. White Squire(ii) A third party friendly to management who helps a company avoid an unwanted takeover with taking over the company on its own

35. Given below are two statements, one is labelled as Assertion A and the other is labelled as Reason R

Assertion A : An export processing zone is different from free trade zone as it promotes units primarily devoted to exports.
Reason R : Goods imported to free tade zone may be re-exported without any processing, in the same form. But goods exported by units in an EPZ are expected to have undergone some value addition by manufacturing.
In light of the above statements, choose the most appropriate answer from the options given below

Correct Answer: (a) Both A and R are correct and R is the correct explanation of A
Solution:

No tax is imposed on the import & export of goods in the free trade zone & the goods are imported & exported in their original farm, whereas in the export processing zone, the exported goods are processed & value added after which distribution is done. Hence, Both A and R are correct and R is the correct explanation of A.

36. Which of the following are included in Salary as per Section 17 (1) of the Income Tax Act?

(A) Wages
(B) Any pension or annuity
(C) Any interest from Government securities
(D) Any gratuity
(E) Any advance of salary
Choose the correct answer from the option given below

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

Salary as per section 17(1) of the Income Tax act included:-
• Wages
• Any pension or annuity
• Any Gratuity
• Any advance of salary
• Any fees, commissions, perquisites or profits in lieu or in addition to any salary or wages etc.

37. A is entitled to children education allowance @ Rs. 80 p.m. per child, for three children, it amount to Rs. 240 pm. It will be exempted to the extent to which one of the following under the Indian Income Tax Act?

Correct Answer: (b) Rs. 160 p.m
Solution:

According to Indian Income tax Act 1961 following tax benefits on children education allowance & hostel expenditure:-

  • Children's Education Allowance:- INR 100 per month per child up to a maximum of 2 children.
  • Hostel expenditure allowance:- INR 300 per month per child up to a maximum of 2 children.

38. Match List I with List II

List-I Entrepreneurial TheoryList-II Description
A. Thomas Cochran's Theory(i) Highlight the self-confidence of a person and the dependency on fortune and external environment for becoming an entrepreneur
B. Rotter's Locus of Control Theory(ii) Religious beliefs are the driving or restraining forces for entrepreneurial activity
(C) McLelland's Theory(iii) The environment in which an individual is brought up determines his entrepreneurial urge
(D) Max Webber's Theory(iv) The need for achievement (nAch) drives and stimulate entrepreneurship

Choose the correct answer from the options given below :

(A)(B)(C)(D)
(a)iiiiivii
(b)iiiiiivi
(c)iiviiiii
(d)iiiiiiiv
Correct Answer: (a)
Solution:
List-I Entrepreneurial TheoryList-II Description
A. Thomas Cochran's Theory(iii) The environment in which an individual is brought up determines his entrepreneurial urge
B. Rotter's Locus of Control Theory(i)Highlight the self-confidence of a person and the dependency on fortune and external environment for becoming an entrepreneur
C. McLelland's Theory(iv)The need for achievement (nAch) drives and stimulate entrepreneurship
D. Max Webber's Theory(ii)Religious beliefs are the driving or restraining forces for entrepreneurial activity

39. Which of the following issue are covered in Social Marketing?

(A) Tobacco
 (B) Family planning
(C) Public health
(D) Financial well-being
 (E) Social good
Choose the correct answer from the options given below :

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

 Following are the issues covered in social marketing:-

  • Tobacco/Smoking

  • Family planning

  • Public Health

  • Financial well being

  • Social good Societal issue can be challenge for marketers because they are not always in the control of marketer.

40. Match List I with List II

List-I PLC StageList-II Pricing Strategy
(A) Decline(i) Price to match or beat competitors price
(B) Maturity(ii) Charge cost-plus price
(C) Growth(iii) Price reduction
(D) Introduction(iv) Price to penetrate market

Choose the correct answer from the options given below :

(A)(B)(C)(D)
(a)iiiiviii
(b)iiiiiiv
(c)iiiiivii
(d)iiiiiiiv
Correct Answer: (c)
Solution:
List-I PLC StageList-II Pricing Strategy
(A) Decline(iii)Price Reduction
(B) Maturity(i)Price to match or beat competitors price
(C) Growth(iv)Price to penetrate market
(D) Introduction(ii)Charge cost-plus price