NTA UGC NET/JRF Exam, June 2020 Commerce (Evening-Shift)

Total Questions: 100

71. Match the items in List-I with economists propounded the same from List-II

Identify correct match from the following: 

Correct Answer: (a) A-(iv), B-(iii), C-(i), D-(ii)
Solution:



72. Match the items of List-I with those of List-Il

Correct Answer: (d) A-(ii), B-(iii), C-(iv), D-(i)
Solution:

Therefore the correct match is-

73. Match the items of List-I with the items of List-II and suggest the correct code:


Correct Answer: (c)
Solution:

74. Match the items of List-I with those of List-II and choose the correct code of combination

Correct Answer: (c) A-(ii), B-(i), C-(iv), D-(ii)
Solution:

75. Match List-I with List-II


Choose the correct answer from the options

Correct Answer: (a)
Solution:

76. What is the correct sequence of distribution of amount realised under section 154 of CGST rules?

A. Appropriated against the administrative cost of the recovery process.
B. Appropriated against any other amount due from defaulter under the Act or IGST Act, 2017
C. Appropriated against the amount due to be recovered from defaulter.
D. Balance amount, if any shall be refunded to the defaulter

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

Section 154 of CGST rules:
Disposal of proceeds of the sale of goods and movable lor immovable property the amounts so realized from the sale of goods, movable or immovable property for the recovery of dues from a defaulter shall-

(A) First, be appropriated against the administrative cost of the recovery process.

(B) Next, be appropriated against the amount to be recovered.

(C) Next, be appropriated against any of the amount due from the defaulter order the act or the integrated GST act 2017

77. Arrange the following in correct sequence:

A. Income under the different heads of Income
B. Deduction from gross total income.
C. Adjustment of losses of the current year and earlier years.
D. Rounding off.
Choose the correct answer from the options given below:

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

Step-1 Compute the income of an individual under '5' heads of income on the basis of his residential status.

Step-2 The income of any other person, if including under section 60 to 65, will be included under respective heads.

Step-3 Set off of the losses if permissible, while aggregating the income under '5' heads of income.

Step-4 Carry forward and set off the losses of past years, if permissible from such income.

Step-5 The incomputed steps 1 to 4 is known as gross total income from which deductions under section '80C' to '80U' (Chapter VIA) will be allowed.

Step-6 The balance income after allowing the deduction is known as total income which will be rounded off to the nearest Rs. '10".

Step-7 Compute tax on such total income at the prescribed rates of tax.

Step-8 Allow rebate of maximum Rs. 2500 under section '87A" in case of a resident individual having total income upto Rs. 3,50,000 for details see below.

Step-9 Add surcharge @ 10% on total income exceeding Rs. 50,00,000 and upto Rs. 1 Crore and 15% of such income tax in case of an individual having a total income exceeding Rs. 1 Crore.

Step-10 Add deduction cess @ 20% and SHEC @ 1% on the tax (including surcharges if applicable).

Step-11 Allow relief under section '89' if any

Step-12 Deduct the TDS, advance tax paid for the relevant assessment year and double taxation relief under section '90', 90A or 91.

78. Which of the following industry verticals received boost amid covid-19 pandemic lockdown?

A. Online education, gaming and entertainment
B. E-Commerce and E-Payment infrastructure
C. Retailing and pharmaceuticals
D. Hospitality and healthcare services
E. Manufacturing and MSMEs
Choose the most appropriate answer from the options given below: 

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

For business across verticals, COVID-19 has led to an unprecedented downfall in revenues and operations with extended lockdown in several countries.

Some industries such as travel and aviation, retail, and| hospitdity have taken the worst hit due to lockdowns, travel restrictions and significant slump in consumer spending.

However, even amidst this economic crisis, some of the niche sectors have not only managed to stay afloat but also witness trend-defying growth.

79. Arrange the following management functions in a logical sequence of getting things done.

A. Planning
B. Staffing
C. Organizing
D. Coordinating
E. Controlling
F. Directing
Choose the correct answer from the options given below: 

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

Function of management-
(1) Planning
(2) Organising
(3) Stuffing
(4) Directing
(5) Co-ordinating
(6) Controlling

80. Sequance the following CSR eligibility criteria and spending as per the provisions of the Indian Companies Act 2013.

A. Positive net-worth of Rs.500 crores or more
B. Two percent of average profit spend on CSR
C. Net profit of Rs.5 crore or more in given financial year
D. Turnover of Rs.1,000 crore or more
E. Penal action for non compliance
Choose the correct answer from the options given below: 

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

Corporate Social Responsibility is a management concept whereby companies integrate social and environment concerns in their business, operations and interaction with their stake holders.

CSR eligibility criteria and spending as per the provisions of the Indian Companies Act 2013.
Every company having a Net worth of rupees '500' Crores or more.
Or the turnover of rupees '1000' crores or more.
A net profit of rupees 'S' crore or more during any financial year.
2' % of average of profit spend on CSR
Penal action for non-compliance.

Shall constitute a corporate social responsibility committee of the board consisting of three or more directors, out which at least one director shall be an| independent director.