NTA UGC NET/JRF Exam, January 2025 (Commerce)

Total Questions: 100

81. If new contract is substituted in place of an existing contract, it is called:

Correct Answer: C. Novation
Solution:Novation occurs when a new contract replaces an existing contract, with the mutual consent of all parties involved. This can involve either changing the contractual terms or substituting one party with another. Other options are incorrect:
• Waiver → Refers to voluntarily giving up a right or claim under a contract.
• Remission → Involves accepting a lesser performance than originally agreed.
• Alteration → Modifies some terms of an existing contract without replacing it entirely.

82. ____ is the result of the Bretton Wood Conference of nations held in 1944.

Correct Answer: B. IMF
Solution:The Bretton Woods Conference (1944) led to the creation of:
• IMF (International Monetary Fund) → Established to stabilize exchange rates and facilitate global financial cooperation.
• IBRD (International Bank for Reconstruction and Development, also known as the World Bank)→ Aimed at financing post-war reconstruction and economic development.
Other options are incorrect:
• WTO (World Trade Organization) was established in 1995 as a successor to GATT.
• ADB (Asian Development Bank) was established in 1966 to promote economic development in Asia.

83. Which one of the following is not a behavioural symptom of stress?

Correct Answer: A. Lower Job Satisfaction
Solution:Lower job satisfaction is a major behavioural symptom of stress, as stressed employees feel demotivated and disengaged. Other symptoms are more indicative of organizational outcomes rather than individual behaviour:
• Lower Job Performance → A consequence of stress but not strictly a behavioural symptom.
• Higher Absenteeism → A result of physical or psychological stress, not necessarily a direct behaviour.
• Higher Labour Turnover → A long-term effect of dissatisfaction, not an immediate behavioural response.

84. Which of the following is correct?

Correct Answer: D. A firm under oligopoly is in equilibrium where MR = MС
Solution:Under oligopoly, firms maximize profit where Marginal Revenue (MR) = Marginal Cost (MC). Other options are incorrect:
A. Incorrect→ In perfect competition, equilibrium occurs where Price (P) = AR = MR = MC, not just AR = MR.
B. Incorrect → In monopoly, equilibrium occurs where MR = MC, not TR = MR.
C. Incorrect → In monopolistic competition, equilibrium occurs where MR = MC, not AC = MC.

85. Which of the following are the features of F.E.M.A?

(a) Central government can regulate payments to and from a person situated outside country.
(b) Holding of immovable property outside India is restricted.
(c) R.B.I can restrict the transaction from capital account even if it is done by authorized person.
(d) All foreign financial transactions are to be done through F.E.M.A authorized person.
(e) F.E.M.A applies to Indian citizens living abroad.
Choose the correct answer from the options given below:

Correct Answer: D. (a), (c), (d) only
Solution:(a) Central government can regulate payments to and from a person situated outside the country → True, as FEMA controls foreign exchange transactions to prevent economic instability.
(c) RBI can restrict transactions from capital accounts even if done by an authorized person → True, as FEMА allows RBI to regulate capital account transactions to prevent currency fluctuations.
(d) All foreign financial transactions are to be done through a FEМАauthorized person → True, to ensure transactions comply with foreign exchange laws.
(b) Incorrect → Holding of immovable property outside India is not completely restricted; certain conditions apply.
(e) Incorrect→ FEMA does not apply to Indian citizens living abroad unless they have Indian assets or earnings subject to FEMA rules.

86. Match the List-I with List-II.

List-I(Key definition Under IT Act 2000)List-II(Sections)
(a) AddresseeI. Section 2(1)(f) of the Information Technology Act 2000
(b) Adjudicating OfficerII. Section 2(1)(d) of the Information Technology Act 2000
(c) Affixing Electronic SignatureIII. Section 2(1)(c) of the Information Technology Act 2000
(d) Asymmetric Crypto SystemIV. Section 2(1)(b) of the Information Technology Act 2000

Choose the correct answer from the options given below:

Correct Answer: A.
Solution:(a) Addressee - IV. Section 2(1)(b) of the Information Technology Act, 2000 → Defines an addressee as a person who is intended by the originator to receive an electronic record but does not include an intermediary.
(b) Adjudicating Officer - III. Section 2(1)(c) of the Information Technology Act, 2000 → The Adjudicating Officer has the power to impose penalties for violations of the Act.
(c) Affixing Electronic Signature - II. Section 2(1)(d) of the Information Technology Act, 2000 → Describes the process of using digital signatures to authenticate electronic documents.
(d) Asymmetric Crypto System - I. Section 2(1)(f) of the Information Technology Act, 2000→ Defines cryptographic techniques using a pair of keys (public and private) to enable secure communication.

87. Which of the following points are considered as salient features of Limited Liability Partnership (LLP)?

(a) LLP is a body corporate
(b) LLP is a legal entity separate from its partners
(c) LLP does not enjoy a perpetual succession
(d) Partners of LLP have unlimited liability
(e) LLP is an artificial legal person Choose the correct answer from the options given below:

Correct Answer: A. (a), (b) and (e) only
Solution:(a) LLP is a body corporate → True, as per the Limited Liability Partnership (LLP) Act, 2008, LLPs are legally recognized entities.
( ILP is a legal entity separate from its partners → True, as LLPs enjoy separate legal status, meaning they can own property, enter into contracts, and sue or be sued independently of their partners.
(e) LLP is an artificial legal person → True, like companies, LLPs exist in the eyes of the law and can perform legal functions.
(c) Incorrect → LLPs enjoy perpetual succession, meaning the LLP continues to exist even if partners change.
(d) Incorrect → Partners of an LLP have limited liability, meaning they are not personally liable for the debts of the LLP beyond their contribution.

88. Which of the following refers to an attempt to avoid payment of taxes by using illegal means?

Correct Answer: D. Tax Evasion
Solution:Tax Evasion refers to illegally avoiding tax payments by underreporting income, inflating deductions, or hiding assets. It is a criminal offense.
Other options are incorrect:
• Tax Management → Legitimate tax compliance through proper accounting.
• Tax Planning → Legal strategies to minimize tax liability using deductions and exemptions.
• Tax Avoidance → Legally reducing tax liabilities through loopholes but without violating laws.

89. Match the List-I with List-II.

List-I (Statistical Test)List-II (Explanation)
(a) Z-TestI. Tests the significance of the association between two attributes
(b) Chi-SquareII. Compares the difference in the mean values of two independent sample groups (non-parametric data)
(c) ANOVAIII. Tests the significance of the different between average of two large sized sample groups (Parametric data)
(d) Mann-Whitney Test (U-test)IV. Compares the difference in the mean values of more than two sample groups (Parametric data)

Choose the correct answer from the options given below:

Correct Answer: B.
Solution:(a) Z-Test - III. Tests the significance of the difference between the average of two large-sized sample groups (Parametric data) → Used for large samples (n > 30) when population variance is known.
(b) Chi-Square - I. Tests the significance of the association between two attributes→ Used for categorical data analysis, such as independence and goodness-of-fit tests.
(c) ANOVA - IV. Compares the difference in the mean values of more than two sample groups (Parametric data) → Used for analyzing variance among multiple groups.
(d) Mann-Whitney Test (U-test) II. Compares the difference in the mean values of two independent sample groups (Non-parametric data) → Used when data is not normally distributed.

90. Which of the following points are considered as essential characteristics of a Promissory Note?

(a) It must be in writing
(b) It must not contain an undertaking or promise to pay
(c) The promise to pay must be conditional
(d) A promissory note must be signed by the maker.
(e) Promise to pay money only
Choose the correct answer from the options given below:

Correct Answer: A. (a), (d) and (e) only
Solution:(a) It must be in writing→ True, a promissory note must be documented and signed.
(d) A promissory note must be signed by the maker → True, without a signature, it is not legally valid.
(e) Promise to pay money only → True, it must involve only monetary transactions.
(b) Incorrect → A promissory note must contain a promise to pay, not just an undertaking.
(c) Incorrect→ The promise to pay must be unconditional, meaning no extra conditions should be attached.