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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

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Name

Phone No

State

Which of the following is not recorded in the Cash Book?

Cash transactions

Bank transactions

Credit transactions

Contra entries

None

The dual aspect principle states that:

Every transaction affects at least two accounts

Debit must always equal credit

Transactions should be recorded twice

Both a and b

None

Carriage outward is shown in the:

Trading Account

Profit and Loss Account

Balance Sheet

Cash Book

None

Which of the following is not an asset?

Cash

Creditors

Inventory

Plant and Machinery

None

Accumulated depreciation is shown in the balance sheet as a:

Current Liability

Current Asset

Deduction from the relevant fixed asset

Reserve

None

Which of the following is a current liability?

Machinery

Bank Overdraft

Prepaid Rent

Investments

None

What is the primary objective of providing depreciation?

To calculate tax liability

To allocate the cost of an asset over its useful life

To show the market value of the asset

To reduce profits

None

In which book are credit purchases recorded?

Cash Book

Purchases Book

Sales Book

Journal Proper

None

The term "bookkeeping" refers to:

Preparing financial statements

Recording financial transactions

Preparing tax returns

Financial forecasting

None

10.

Which of the following is a deferred revenue expenditure?

Advertising expenses providing long-term benefits

Purchase of machinery

Payment of salariess

Purchase of raw materials

None

11.

Which of the following is not included in the preparation of a trial balance?

Debtors

Creditors

Closing Stock

Cash in Hand

None

12.

Which of the following accounts is not a personal account?

Capital Account

Debtors Account

Bank Account

Salary Account

None

13.

Goodwill is an example of a:

Tangible Asset

Current Asset

Intangible Asset

Current Liability

None

14.

Which accounting standard deals with "Accounting for Fixed Assets"?

AS-1

AS-6

AS-10

AS-3

None

15.

A receipt and payment account is prepared by:

Sole Proprietors

Partnership Firms

Non-Profit Organizations

Companies

None

16.

Provision for doubtful debts is created to account for:

Bad debts already written off

Probable future bad debts

Good debts

Overstated sales

None

17.

Prepaid expenses are shown on the balance sheet as:

Liability

Asset

Reserve

Revenue

None

18.

Closing stock is valued at:

Cost price

Market price

Cost or market price, whichever is lower

Replacement cost

None

19.

A trial balance checks the:

Accuracy of financial statements

Mathematical accuracy of ledger accounts

Valuation of inventory

Revenue recognition

None

20.

The profit and loss account records:

Capital expenditures

Revenue expenditures and revenues

Opening stock and purchases

All assets and liabilities

None

21.

Which of the following is an example of capital receipts?

Sale of fixed assets

Interest income

Dividend income

Sale of goods

None

22.

Which type of error occurs when the transaction is recorded in the wrong account of the correct category?

Error of Principle

Error of Omission

Error of Commission

Compensating Error

None

23.

Which book records all adjustments required before the preparation of final accounts?

Ledger

Journal Proper

Cash Book

Purchases Book

None

24.

The term "credit note" is issued when:

Goods are purchased

Goods are sold

Goods are returned

Payment is received

None

25.

Current assets are typically converted into cash within:

6 months

12 months

24 months

36 months

None

26.

Which of the following is not part of capital expenditure?

Installation of machinery

Purchase of building

Salaries of employees

Renovation of office

None

27.

Depreciation is calculated on:

Land

Fixed assets except land

Current assets

Goodwill only

None

28.

Outstanding expenses are classified as:

Contingent Liability

Current Liability

Fixed Liability

Reserve

None

29.

Bank overdraft is considered as:

Current Asset

Current Liability

Contingent Liability

Fixed Liability

None

30.

Which statement is not true for a ledger?

It contains all accounts

It is a book of original entry

It summarizes journal entries

It is the principal book of accounts

None

31.

Discount allowed is a:

Direct expense

Indirect expense

Direct income

Indirect income

None

32.

The accrual basis of accounting recognizes revenue:

When cash is received

When earned, regardless of cash receipt

When expenses are incurred

None of the above

None

33.

The classification of accounts is based on:

Accounting standards

Accounting equation

Matching concept

Dual aspect concept

None

34.

Capital is equal to:

Assets - Liabilities

Liabilities + Assets

Assets + Revenues

Liabilities - Revenues

None

35.

Purchases Returns are recorded in:

Journal Proper

Purchases Book

Returns Inward Book

Returns Outward Book

None

36.

Which account is debited when interest is paid?

Bank Account

Cash Account

Interest Account

Profit and Loss Account

None

37.

Salaries outstanding at the end of the year are recorded in:

Profit and Loss Account and Liability side of Balance Sheet

Trading Account

Cash Book

Asset side of Balance Sheet

None

38.

Goods sent on approval basis are treated as sales when:

Dispatched

Payment is received

Customer approves the goods

Invoice is generated

None

39.

A bank statement is also known as:

Cash Book

Pass Book

Ledger

Trial Balance

None

40.

Net profit is transferred to:

Capital Account

Drawings Account

Suspense Account

Bank Account

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Income received in advance is shown in the balance sheet as a:

Current Asset

Current Liability

Contingent Liability

Reserve

None

Which account is debited when goods are purchased for cash?

Cash Account

Purchases Account

Sales Account

Capital Account

None

Accrued income is classified as a:

Current Asset

Current Liability

Fixed Asset

Revenue Expenditure

None

he matching concept ensures that:

Expenses are matched with revenues

Assets are matched with liabilities

Revenues are matched with expenses

Both a and c

None

The principal book of accounts is the:

Journal

Cash Book

Ledger

Trial Balance

None

Which of the following is not a type of depreciation method?

Straight-Line Method

Reducing Balance Method

Sum of the Years’ Digits Method

FIFO Method

None

The financial year in India usually starts from:

January 1

April 1

July 1

October 1

None

When preparing a trial balance, which of the following errors is detected?

Omission

Compensating

Arithmetic mistake

Principle

None

Goods withdrawn for personal use are recorded at:

Cost price 1

Market price

Selling price

CReplacement cost

None

10.

Which account is debited when interest is earned but not yet received?

Interest Earned Account

Interest Received Account

Accrued Interest Account

Profit and Loss Account

None

11.

he full form of GAAP is:

1Generally Accepted Accounting Principles

General Accounts and Practices

General Accepted Assets and Practices

Generally Accredited Accounting Procedures

None

12.

Trade receivables include:

Creditors

Debtors and Bills Receivable

Debtors only

Bills Receivable only

None

13.

Cash discount is recorded in the:

Profit and Loss Account

Balance Sheet

Cash Book

Journal Proper

None

14.

The amount payable by a firm to its suppliers is classified as:

Bills Payable

Bills Receivable

Trade Receivables

Trade Payables

None

15.

Which of the following is not a non-cash expense?

Depreciation

Bad Debts

Discount Allowed

Payment of Rent

None

16.

Which of the following represents a cash inflow in the cash flow statement?

Purchase of machinery

Issue of shares

Payment of dividend

Repayment of loan

None

17.

The principle of prudence requires that:

Income is recognized when earned

Expenses are recognized when paid

Anticipate no profits but provide for all probable losses

All items must be recorded at historical cost

None

18.

Which document is prepared to rectify errors in the trial balance?

Journal

Suspense Account

Ledger

Bank Reconciliation Statement

None

19.

A bill of exchange payable after sight is called a:

Demand Bill

Term Bill

Accommodation Bill

Usance Bill

None

20.

Which is not a feature of financial accounting?

Recording of transactions

Helps in managerial decision-making

Historical in nature

Summarizes financial data

None

21.

Cash paid to creditors is recorded in:

Purchases Book

Cash Book

Sales Book

Journal Proper

None

22.

The accounting period concept is related to:

Matching revenues with expenses

Recording all liabilities

Dividing the business into equal periods for reporting

None of the above

None

23.

Bills receivable endorsed to a creditor is:

Shown as an asset

Shown as a liability

Not recorded

None of the above

None

24.

Depreciation is a:

Cash Expense

Non-Cash Expense

Capital Expenditure

None of the above

None

25.

Which of the following is an example of a capital expenditure?

Repairs of machinery

Replacement of old furniture

Purchase of new machinery

None

26.

A debit balance in the profit and loss account indicates:

Net Profit

Net Loss

Capital Increase

None of the above

None

27.

A contingent liability will be recorded when:

It is probable and measurable

It is remote

It is neither measurable nor probable

None

28.

Which financial statement summarizes cash receipts and cash payments?

Balance Sheet

Income Statement

Fund Flow Statement

Cash Flow Statement

None

29.

The primary purpose of a journal is to:

Record original transactions

Prepare ledger accounts

Draft financial statements

None of the above

None

30.

Discount received is a:

Direct Income

Direct Expense

Indirect Income

Indirect Expense

None

31.

Opening stock is shown in:

Profit and Loss Account

Trading Account

Balance Sheet

Cash Book

None

32.

Trial balance ensures:

Mathematical accuracy of accounts

Accuracy of all transactions

No errors in financial statements

None of the above

None

33.

In accounting, "journal" is also known as:

Book of Accounts

Book of Original Entry

Book of Records

Book of Final Entry

None

34.

Adjustments for outstanding expenses are made in the:

Trading Account only

Profit and Loss Account only

Profit and Loss Account and Balance Sheet

Cash Book

None

35.

Which account is credited when rent is paid?

Rent Account

Profit and Loss Account

Cash Account

Bank Account

None

36.

The accrual concept is related to:

Cash basis of accounting

Revenue recognition

Realization of fixed assets

Inventory valuation

None

37.

Which statement summarizes the financial position of a company?

Cash Flow Statement

Balance Sheet

Profit and Loss Statement

Trading Account

None

38.

If a transaction is completely omitted from the books of accounts, it is known as:

Error of Omission

Error of Commission

Error of Principle

Compensating Error

None

39.

Which concept assumes that the business will continue to operate in the foreseeable future?

Accrual Concept

Going Concern Concept

Matching Concept

Consistency Concept

None

40.

The balancing figure in the trial balance is posted to the:

Suspense Account

Profit and Loss Account

Ledger Account

Cash Book

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Which financial statement summarizes revenues and expenses over a period?

Balance Sheet

Income Statement

Cash Flow Statement

Statement of Retained Earnings

None

The amount invested by the owner in a business is called:

Liability

Asset

Capital

Expense

None

Which of the following is classified as an indirect expense?

Cost of Goods Sold

Depreciation

Raw Material Cost

Freight Inward

None

Which account is debited when a bad debt is written off?

Debtor's Account

Bad Debts Account

Cash Account

Profit and Loss Account

None

Purchase of machinery is recorded in the:

Journal Proper

Purchases Book

Cash Book

Sales Book

None

Outstanding rent is shown in the balance sheet as a:

Current Asset

Current Liability

Fixed Asset

Intangible Asset

None

The process of transferring journal entries to ledger accounts is known as:

Journalizing

Posting

Summarizing

Balancing

None

Interest on drawings is:

Debited to the Capital Account

Credited to the Capital Account

Debited to the Drawings Account

Credited to the Drawings Account

None

Which accounting standard deals with "Valuation of Inventories"?

AS-1

AS-2

AS-3

AS-9

None

10.

Preliminary expenses are classified as:

Revenue Expenditure

Deferred Revenue Expenditure

Capital Expenditure

Contingent Liability

None

11.

Sales returns are recorded in the:

Purchases Book

Sales Returns Book

Cash Book

Journal Proper

None

12.

A bank overdraft is shown in the balance sheet under:

Current Liabilities

Current Assets

Reserves and Surplus

Fixed Liabilities

None

13.

Which of the following is an example of a contingent liability?

Bills Payable

Debentures

Guarantee for a loan

Outstanding Rent

None

14.

Interest on capital is credited to:

Capital Account

Cash Account

Drawings Account

Profit and Loss Account

None

15.

Provision for tax is shown in the balance sheet under:

Fixed Liabilities

Current Liabilities

Current Assets

Reserves and Surplus

None

16.

A credit balance in the Suspense Account indicates:

Excess of debits over credits

Excess of credits over debits

No errors in the trial balance

None of the above

None

17.

Which of the following errors will affect the trial balance?

Error of Omission

Error of Commission

Posting one entry twice

Wrong totaling of a subsidiary book

None

18.

Provision for depreciation appears in the:

Profit and Loss Account

Balance Sheet as a deduction from assets

Trial Balance

None of the above

None

19.

Which concept ensures that personal transactions are kept separate from business transactions?

Business Entity Concept

Dual Aspect Concept

Going Concern Concept

Matching Concept

None

20.

The preparation of financial statements is governed by:

Accounting Conventions

Accounting Standards

Government Regulations

All of the above

None

21.

Which of the following is a contra entry?

Payment by cheque

Bank deposit of cash

Payment to creditors

Cash sales

None

22.

Which of the following does not form part of the trial balance?

Closing Stock

Cash in Hand

Fixed Assets

Sundry Creditors

None

23.

Which of the following errors will not affect the agreement of the trial balance?

Omission of a transaction

Recording a transaction in the wrong account

Recording a transaction twice

Compensating errors

None

24.

A bill drawn and accepted for mutual accommodation is called:

Documentary Bill

Trade Bill

Accommodation Bill

Demand Bill

None

25.

Contingent liabilities are disclosed in the:

Balance Sheet

Notes to Accounts

Trial Balance

Profit and Loss Account

None

26.

Goods taken by the proprietor for personal use are recorded in the:

Profit and Loss Account

Drawings Account

Purchases Account

Capital Account

None

27.

If a company purchases its own shares, it is termed as:

Issue of Shares

Buyback of Shares

Redemption of Shares

None of the above

None

28.

Depreciation is charged on which of the following?

Current Assets

Fixed Assets

Intangible Assets only

None of the above

None

29.

A bank reconciliation statement is prepared to reconcile differences between:

Cash Book and Sales Book

Cash Book and Bank Passbook

Journal and Ledger

None of the above

None

30.

Which accounting standard deals with "Disclosure of Accounting Policies"?

AS-1

AS-2

AS-3

AS-10

None

31.

The term "provision" in accounting refers to:

Expenses to be paid

Liabilities of uncertain amount

Current Assets

Fixed Assets

None

32.

If a sale is made for ₹10,000 but recorded as ₹1,000, it is an error of:

Omission

Commission

Principle

Compensating

None

33.

Drawings by the proprietor will:

Reduce profit

Reduce capital

Increase liabilities

None of the above

None

34.

Cash withdrawn for personal use is recorded as a:

Credit to Cash Account

Debit to Drawings Account

Credit to Capital Account

Debit to Purchases Account

None

35.

Provision for doubtful debts is shown in the balance sheet as a deduction from:

Debtors

Cash

Loans

Sundry Creditors

None

36.

Repairs to machinery are classified as:

Revenue Expenditure

Capital Expenditure

Deferred Revenue Expenditure

None of the above

None

37.

Patents are classified as:

Current Asset

Intangible Asset

Current Liability

Fixed Asset

None

38.

The purpose of journalizing is to:

Post to the ledger

Record transactions in chronological order

Prepare the trial balance

Summarize accounts

None

39.

Wages paid for installation of machinery should be debited to:

Machinery Account

Wages Account

Repairs Account

Capital Account

None

40.

Trade discount is recorded in the:

Aales Book

Ledger

Journal Proper

Not recorded

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Financial Accounting

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

The primary objective of financial accounting is to:

Assist in decision-making

Provide information to stakeholders

Assess financial performance and position

Record daily transactions

None

Which of the following is not a Fundamental Accounting Assumption?

Going Concern

Consistency

Accrual

Materiality

None

Which financial statement shows the financial position of a business as of a specific date?

Income Statement

Cash Flow Statement

Balance Sheet

Statement of Retained Earnings

None

Prepaid insurance is classified as a:

Liability

Asset

Revenue

Expense

None

Which concept requires that revenue is recognized when earned, regardless of cash receipt?

Accrual Concept

Cash Basis of Accounting

Realization Concept

Matching Concept

None

Goods worth ₹10,000 given as charity should be credited to:

Sales Account

Charity Account

Purchases Account

Trading Account

None

Depreciation is an example of:

Capital Expenditure

Revenue Expenditure

Deferred Revenue Expenditure

None of the above

None

Which of the following accounts is not classified as a nominal account?

Salary Account

Rent Account

Machinery Account

Discount Allowed Account

None

The accounting equation is represented as:

Assets = Liabilities + Equity

Assets = Revenues - Expenses

Liabilities = Assets + Equity

Equity = Assets + Liabilities

None

10.

Bank reconciliation statement is prepared to:

Check the accuracy of cash transactions

Compare bank statement with the cash book

Reconcile cash balance with bank balance

Identify fraudulent transactions

None

11.

Capital receipts do not include:

Sale of fixed assets

Loan taken from a bank

Dividend received

Issue of shares

None

12.

Cash discount is allowed to:

Increase sales

Encourage prompt payment

Reduce stock

Attract customers

None

13.

The dual aspect principle is also known as:

Money Measurement Principle

Revenue Recognition Principle

Double-Entry System

Matching Principle

None

14.

In a trial balance, which of the following should have a credit balance?

Sales

Purchases

Wages

Rent

None

15.

Outstanding expenses are classified as:

Asset

Liability

Equity

Income

None

16.

Provision for doubtful debts is created to account for:

Bad debts

Future liabilities

Depreciation

Anticipated losses on receivables

None

17.

The primary objective of preparing a cash flow statement is to:

Evaluate profitability

Determine liquidity

Assess financial position

Identify capital expenditure

None

18.

The rectification of errors is done using:

Adjustment Account

Suspense Account

Capital Account

Profit and Loss Account

None

19.

Which of the following is a real account?

Cash Account

Salary Account

Sales Account

Interest Account

None

20.

Which document serves as a source of information for posting entries in the ledger?

Journal

Trial Balance

Balance Sheet

Cash Book

None

21.

The credit balance in the bank column of a cash book represents:

Overdraft

Cash in hand

Deposit with the bank

None of the above

None

22.

If closing stock is undervalued, the effect on the profit and loss account will be:

No effect

Overstated profit

Understated profit

Cannot be determined

None

23.

Which of the following is not shown in the financial statements?

Contingent Liabilities

Capital Reserve

Fixed Assets

Current Liabilities

None

24.

Which type of error affects the agreement of the trial balance?

Omission

Commission

Compensating

Posting

None

25.

Freight charges incurred on the purchase of goods should be:

Debited to Freight Account

Debited to Purchases Account

Debited to Trading Account

Credited to Purchases Account

None

26.

Goodwill is classified as:

Current Asset

Intangible Asset

Fixed Asset

Current Liability

None

27.

Which of the following is not a fixed asset?

Land

Buildings

Machinery

Inventory

None

28.

The purpose of depreciation is to:

Generate revenue

Reflect the market value of an asset

Allocate the cost of an asset over its useful life

Increase profits

None

29.

Gross profit is calculated as:

Sales - Purchases

Sales - Cost of Goods Sold

Sales - Operating Expenses

Sales - Returns

None

30.

If opening stock is ₹20,000, closing stock is ₹30,000, and purchases are ₹1,00,000, what is the cost of goods sold?

₹90,000

₹1,00,000

₹1,10,000

₹1,20,000

None

31.

Which accounting standard deals with "Revenue Recognition"?

AS-1

AS-9

AS-10

AS-2

None

32.

In case of a partnership firm, the partnership deed primarily outlines:

Business objectives

Profit-sharing ratio

Liabilities of the firm

Salaries of employees

None

33.

Inventory is valued at:

Cost price

Market price

Cost or market price, whichever is lower

Selling price

None

34.

If bad debts are recovered, the account to be credited is:

Bad Debts Account

Debtors Account

Profit and Loss Account

Bad Debts Recovered Account

None

35.

Carriage inwards is shown in:

Profit and Loss Account

Balance Sheet

Trading Account

None of the above

None

36.

Which accounting standard deals with "Cash Flow Statements"?

AS-1

AS-3

AS-7

AS-9

None

37.

Net Profit is transferred to:

Capital Account

Drawing Account

Trading Account

None of the above

None

38.

Wages paid for the installation of machinery should be debited to:

Machinery Account

Wages Account

Installation Expenses Account

Cash Account

None

39.

Errors disclosed by a trial balance are:

Clerical Errors

Errors of Omission

Errors of Commission

All of the above

None

40.

The written-down value of an asset is equal to:

Cost Price - Depreciation

Cost Price + Depreciation

Market Price

None of the above

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Entrepreneurship and Start Up

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

A "Serial Entrepreneur" is someone who:

Starts one business and stays with it

Starts multiple businesses sequentially

Manages a Starts one business and stays with it

Inherits a business

None

An intrapreneur is:

An employee who acts like an entrepreneur within an organization

A sole proprietor

A person starting a small business

A business consultant

None

Lifestyle entrepreneurs focus on:

High growth and profits

Balancing personal interests and work

Venture capital funding

Acquiring competitors

None

Which of the following is NOT a type of entrepreneur?

Business entrepreneur

Industrial entrepreneur

Speculative entrepreneur

Family entrepreneur

None

Women entrepreneurs often face challenges such as:

Lack of family support

Difficulty accessing funding

Social stereotypes

All of the above

None

The first step in the entrepreneurial process is:

Resource allocation

Opportunity identification

Business scaling

Market entry

None

Market research is conducted during which phase of entrepreneurship?

Ideation

Start-up phase

Expansion

Exit

None

Feasibility analysis involves assessing:

Market potential

Financial viability

Legal requirements

All of the above

None

Business model development includes:

Defining customer value propositions

Revenue generation methods

Key resources and partnerships

All of the above

None

10.

The growth phase of a business requires:

Significant scaling efforts

Cutting costs

Hiring family members

Reducing operations

None

11.

Frugal innovation refers to:

Low-cost, resource-efficient solutions

Luxury product design

Incremental product improvements

High investment in R&D

None

12.

Disruptive innovation creates:

Minor industry changes

New markets that displace established ones

Better products for existing customers

Only incremental changes

None

13.

Product life cycle stages include:

Introduction, growth, maturity, and decline

Launch, stabilization, and retirement

Startup, growth, and exit

Innovation, scaling, and exit

None

14.

Open innovation means:

Collaborating with external partners for innovation

Keeping ideas within the company

Offering free products to customers

Developing open-source software

None

15.

Reverse engineering is an example of:

Process innovation

Imitative innovation

Product diversification

Market entry strategy

None

16.

Crowdfunding platforms enable entrepreneurs to:

Borrow money from banks

Raise small amounts of money from a large number of people c

Access government grants

Obtain venture capital funding

None

17.

A convertible note is:

A loan that converts into equity at a later stage b

A promissory note

A fixed-term loan

A share certificate

None

18.

Which is not a source of business funding?

Bank loans

Angel investors

Government grants

Monopoly profits

None

19.

Working capital management focuses on:

Long-term investments

Day-to-day liquidity management

Shareholder dividends

Strategic planning

None

20.

A financial plan includes:

Budget projections

Revenue forecasts

Break-even analysis

All of the above

None

21.

Government policies supporting entrepreneurship include:

Tax benefits

Subsidies for startups

Skill development programs

All of the above

None

22.

MSME stands for:

Micro, Small, and Medium Enterprises

Medium Scale Manufacturing Enterprises

Multinational Service Market Enterprise

Manufacturing and Small Market Enterprise

None

23.

Ease of Doing Business Index is published by:

IMF

World Bank

WTO

UNDP

None

24.

Which organization in India promotes entrepreneurship?

NABARD

NITI Aayog

SIDBI

All of the above

None

25.

Corporate Social Responsibility (CSR) relates to:

Environmental and social initiatives by businesses

Financial incentives to employees

Expanding market share

Reducing production costs

None

26.

A mission statement describes:

The core purpose of a business

Future goals

Short-term strategies

Revenue models

None

27.

Core competency refers to:

Unique strengths of a business

Market weaknesses

Operational bottlenecks

Budget limitations

None

28.

Porter’s Five Forces model is used for:

Competitor analysis

Financial planning

HR management

Market entry

None

29.

Diversification is a strategy for:

Risk reduction by entering new markets

Increasing product prices

Specializing in one product

Decreasing innovation

None

30.

Competitive advantage is achieved by:

Offering superior value to customers

Reducing market competition

Increasing fixed costs d

Following competitors’ strategies

None

31.

Business ethics focuses on:

Moral principles in business operations

Maximizing profits at all costs

Ignoring customer complaints

Avoiding competition

None

32.

Corporate governance ensures:

Transparency and accountability in business

Higher profits

Decreased regulations

Lower employee turnover

None

33.

An ethical entrepreneur prioritizes:

Customer satisfaction and sustainability

Cost-cutting at any expense

Imitating competitors

Ignoring legal compliance

None

34.

Green entrepreneurship focuses on:

Environmental sustainability

Cost reduction

Entering competitive markets

Manufacturing luxury products

None

35.

Social responsibility for businesses includes:

Ethical labor practices

Environmental protection

Community welfare

All of the above

None

36.

The Gig Economy refers to:

Short-term, flexible work contracts

Traditional employment models

Family-run businesses

Large-scale manufacturing

None

37.

Digital transformation helps businesses by:

Increasing operational efficiency

Enhancing customer experience

Expanding market reach

All of the above

None

38.

E-commerce entrepreneurship focuses on:

Online business operations

Brick-and-mortar stores

Import-export trade

Agricultural enterprises

None

39.

The term "unicorn" refers to a startup valued at:

$10 million

$100 million

$1 billion

$10 billion

None

40.

Blockchain technology can enhance entrepreneurship by:

Ensuring data transparency and security

Reducing product costs

Simplifying manufacturing

Limiting market access

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Entrepreneurship and Start Up

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

Case Study 1: A Tech Startup
Scenario:
GreenTech Solutions is a startup founded by two college friends, Priya and Rahul. Their
mission is to develop affordable, eco-friendly solutions for urban waste management. Their
first product, SmartBin, is a sensor-enabled waste bin that automatically sorts biodegradable
and non-biodegradable waste. The product gained attention in a local entrepreneurship
contest, winning ₹10,00,000 as seed funding.
The startup faced challenges in scaling, including high production costs, limited market
awareness, and competition from established waste management companies. Despite these,
they partnered with a municipal corporation for a pilot project. Feedback from the project
revealed that the SmartBin required improvements in sensor accuracy and durability.
Priya suggested seeking additional funding from angel investors, while Rahul believed they
should bootstrap by cutting costs and increasing prices. They must now decide the best way
forward.

None

What type of business model is GreenTech Solutions using?

Subscription-based

Product-based

Service-based

Licensing-based

None

What stage of the entrepreneurial process is GreenTech Solutions currently in?

Opportunity identification

Scaling and growth

Exit strategy

Maturity

None

Which strategy aligns with Rahul’s approach to funding?

Bootstrapping

Venture capital

Angel investing

Crowdfunding

None

What is the primary challenge highlighted during the pilot project?

High marketing costs

Limited market demand

Issues with product quality

Lack of customer feedback

None

If Priya approaches an angel investor, which of the following is likely a key consideration for the investor?

Scalability of the business

Personal relationship with the founders

Experience in manufacturing

Availability of government subsidies

None

Conducting a SWOT analysis, the "Opportunity" for GreenTech Solutions is:

Increasing urban waste issues

Poor product durability

High production costs

Limited awareness in the market

None

What type of innovation does GreenTech Solutions demonstrate with the SmartBin?

Disruptive innovation

Incremental innovation

Reverse innovation

Frugal innovation

None

Which of the following is NOT a viable funding option for GreenTech Solutions at this stage?

Initial public offering (IPO)

Angel investment

Government grants

Venture capital

None

10.

If the startup wants to improve market awareness, which strategy would be most effective?

Partnering with other startups

Investing in digital marketing campaigns

Reducing production costs

Entering international markets

None

11.

To address sensor accuracy issues, GreenTech Solutions should focus on:

Customer support training

R&D and product development

Increasing product prices

Expanding to new regions

None

12.

Case Study 2: E-Commerce Startup
Scenario:
FreshKart is an e-commerce startup focusing on delivering fresh groceries to urban
households. Founded by Arjun and Meera, the company started with a hyperlocal delivery
model, ensuring customers received their orders within two hours. The business gained
traction during the pandemic, leading to a rapid increase in demand.
However, the founders faced challenges such as logistics issues, customer complaints about
delivery delays, and high operational costs. While investors were interested in scaling the
business nationally, Meera was concerned about the company’s operational inefficiencies.
Arjun suggested using AI and automation to streamline logistics, while Meera wanted to
focus on customer satisfaction by investing in a call center.

None

13.

What is the primary value proposition of FreshKart?

Cost efficiency

Hyperlocal grocery delivery

Nationwide delivery

Exclusive gourmet products

None

14.

Which of the following is the biggest challenge for FreshKart?

High customer acquisition cost

Operational inefficiencies

Lack of funding d) Poor brand recognition

Poor brand recognition

None

15.

What entrepreneurial concept is Arjun proposing by suggesting AI and automation?

Disruptive innovation

Process optimization

Product diversification

Resource bootstrapping

None

16.

If FreshKart uses AI for logistics, which area would benefit the most?

Customer acquisition

Delivery route optimization

Product development

Marketing strategy

None

17.

What is the likely impact of scaling nationally without addressing current inefficiencies?

Improved profitability

Reduced customer satisfaction

Increased employee retention

Stronger brand equity

None

18.

What funding stage is FreshKart most likely in?

Pre-seed

Seed funding

Series A

IPO

None

19.

Which of the following strategies aligns with Meera’s focus?

Enhancing technology infrastructure

Improving customer support

Expanding product offerings

Reducing marketing expenses

None

20.

What is FreshKart’s primary customer segment?

Rural households

Urban households

Institutional buyers

Senior citizens

None

21.

What operational cost can be reduced using AI in logistics?

Warehouse rent

Delivery time delays

Fuel costs

Employee salaries

None

22.

Which growth strategy is most suitable for FreshKart?

Market penetration

Diversification

Strategic partnerships

Cost leadership

None

23.

Case Study 3: Social Enterprise
Scenario:
SkillHub is a social enterprise providing vocational training to underprivileged youth in rural
areas. Founded by Nisha, the organization focuses on training in IT, tailoring, and small-scale
manufacturing. SkillHub is funded by CSR initiatives, government grants, and small tuition
fees from trainees.
Despite its success in creating employment opportunities, SkillHub struggles with high
dropout rates among trainees due to financial and family pressures. Nisha considers offering
stipends to trainees or partnering with local businesses to provide part-time jobs during the
training period

None

24.

What type of entrepreneur is Nisha?

Business entrepreneur

Agricultural entrepreneur

Social entrepreneur

Corporate entrepreneur

None

25.

What is the primary funding source for SkillHub?

Venture capital

CSR initiatives and grants

Bank loans

Franchise fees

None

26.

Which strategy would help reduce dropout rates?

Increasing course fees

Offering stipends to trainees

Focusing only on IT training

Reducing training duration

None

27.

What is the likely outcome of partnering with local businesses?

Reduced financial burden on trainees

Decreased operational costs

Increased dropout rates

Limited access to grants

None

28.

Which of the following is a key challenge faced by SkillHub?

Lack of trainers

High trainee dropout rates

Limited rural youth participation

Lack of funding

None

29.

What type of revenue model does SkillHub use?

Subscription-based

One-time fees

Donations and sponsorships

Advertising revenue

None

30.

What does Nisha’s focus on employment creation demonstrate?

Profit maximization

Social impact

Financial scalability

Market diversification

None

31.

What is the main motivation for local businesses to partner with SkillHub?

Profit-sharing opportunities

Tax benefits

Access to a trained workforce

Cost reduction

None

32.

Which metric is most relevant to SkillHub’s success?

Number of partnerships

Revenue growth

Employment rate of trainees

Profit margins

None

33.

Which of the following will enhance SkillHub’s scalability?

Digitalizing vocational training programs

Increasing training fees

Limiting partnerships

Focusing only on IT courses

None

34.

Case Study 4: Tech Product Development
Scenario:
EduTech Innovators is a startup that creates interactive learning apps for schools. Their
flagship app, LearnEasy, uses gamification to teach math to primary school students. The
app gained popularity among urban private schools, but EduTech Innovators faced resistance
from government schools due to lack of digital infrastructure.
To overcome this, the founders, Ravi and Akshita, proposed a hybrid model combining
offline learning kits with the app. They are also considering offering subsidized rates for
government schools to expand adoption.

None

35.

What type of innovation is LearnEasy an example of?

Product innovation

Process innovation

Marketing innovation

Frugal innovation

None

36.

Which challenge is most critical for EduTech Innovators?

High competition in the urban market

Resistance from government schools

Limited demand in private schools

Lack of funding

None

37.

What does the hybrid model represent?

Market diversification

Cost-cutting strategy

Product diversification

Strategic alliance

None

38.

How can EduTech Innovators ensure adoption in government schools?

Offer free trials

Provide subsidies and offline kits

Increase app prices for private schools

Focus solely on urban private schools

None

39.

Which customer segment is EduTech Innovators targeting with LearnEasy?

High school students

Private and government schools

Corporate training programs

College students

None

40.

What is the primary benefit of gamification in learning?

Reducing operational costs

Enhancing student engagement

Increasing teacher workload

Improving school infrastructure

None

41.

What is a likely outcome of subsidized rates for government schools?

Improved market penetration

Reduced customer satisfaction

Higher revenue margins

Lower adoption in private schools

None

42.

Which growth strategy aligns with EduTech Innovators’ goals?

Market development

Horizontal integration

Cost leadership

Mergers and acquisitions

None

43.

What metric should be used to measure success in government schools?

App downloads b

Student learning outcomes

Revenue generated

Number of private schools onboarded

None

44.

Which funding option is most suitable for EduTech Innovators’ expansion?

Crowdfunding

Government grants

Venture capital

Bank loans

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Entrepreneurship and Start Up

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Entrepreneurship is the process of:

Buying a business

Running an enterprise

Identifying opportunities and taking risks

\Earning profits

None

Which of the following is not a characteristic of an entrepreneur?

Risk-taking

Innovative thinking

Avoiding responsibility

Self-motivation

None

The word 'entrepreneur' is derived from the French word 'entreprendre,' which means:

To innovate

To undertake

To manage

To succeed

None

A business idea can be evaluated based on:

Market potential

Financial feasibility

Legal compliance

All of the above

None

Which type of entrepreneur uses resources for social benefits?

Business entrepreneur

Agricultural entrepreneur

Social entrepreneur

Corporate entrepreneur

None

Maslow's hierarchy of needs includes all except:

Safety needs

Esteem needs

Social needs

Political needs

None

McClelland's theory of motivation emphasizes:

Need for achievement

Need for affiliation

Need for power

All of the above

None

Entrepreneurial motivation includes:

Financial rewards

Social status

Independence

All of the above

None

An entrepreneur's intrinsic motivation is driven by:

External rewards

Financial incentives

Internal satisfaction

Social recognition

None

10.

Risk-taking by entrepreneurs is associated with:

Profit maximization

Innovation

Uncertainty

Planning

None

11.

A business plan typically includes:

Executive summary

Financial projections

Marketing strategy

All of the above

None

12.

The main purpose of a business plan is to:

Seek funding

Guide operations

Communicate goals

All of the above

None

13.

Which section of a business plan details target customers?

Financial plan

Marketing plan

Executive summary

Operational plan

None

14.

SWOT analysis includes:

Systems, Weaknesses, Objectives, Technology

Strengths, Weaknesses, Opportunities, Threats

Strategies, Workforce, Opportunities, Techniques

Sustainability, Worth, Objectives, Tactics

None

15.

A break-even analysis helps an entrepreneur to:

Maximize profits

Minimize costs

Identify the sales volume for no loss or profit

Forecast future demand

None

16.

The entrepreneurship ecosystem includes:

Supportive policies

Access to capital

Skilled workforce

All of the above

None

17.

Incubators primarily assist entrepreneurs with:

Financial aid

Networking opportunities

Mentorship and resources

Market analysis

None

18.

A key role of a venture capitalist is to:

Manage daily operations

Provide growth funding

Train employees

Handle legal issues

None

19.

Startups typically thrive in regions with:

High government regulations

Access to technology and innovation

Limited infrastructure

Strict labor laws

None

20.

Angel investors differ from venture capitalists because they:

Invest smaller amounts in early stages

Demand majority ownership

Are government-backed

Focus only on established businesses

None

21.

Innovation in entrepreneurship is most closely related to:

Cost reduction

Value creation

Process optimization

Market monopoly

None

22.

Strategic management involves:

Long-term planning

Day-to-day operations

Budget allocation

Employee supervision

None

23.

The 'Blue Ocean Strategy' focuses on:

Competing in existing markets

Creating uncontested market space

Cutting costs

Increasing competition

None

24.

Intellectual property protection includes:

Patents

Trademarks

Copyrights

All of the above

None

25.

The process of turning an idea into a commercially viable product is called:

Prototyping

Commercialization

Scaling

Testing

None

26.

Working capital refers to:

Fixed assets

Long-term investments

Short-term assets and liabilities

Retained earnings

None

27.

The primary goal of financial management in a startup is to:

Reduce taxes

Maximize shareholder wealth

Minimize risks

Increase market share

None

28.

Limited liability means:

Owners are not personally liable beyond their investment

Business liabilities are unlimited

Owners must repay debts

Business cannot borrow funds

None

29.

A public limited company must have a minimum of:

1 shareholder

2 shareholders

3 shareholders

7 shareholders

None

30.

Seed funding is used to:

Expand business operations

Test and develop a business idea

Buy equipmentts

Enter international markets

None

31.

Common challenges faced by entrepreneurs include:

Access to capital

Market competition

Legal compliance

All of the above

None

32.

The term "scaling a business" means:

Expanding operations to increase revenue

Reducing workforce

Restructuring ownership ices

Increasing product prices

None

33.

A key element of leadership in entrepreneurship is:

Autocratic decision-making

Team collaboration and vision setting

Micromanagement

Avoiding risks

None

34.

Pivoting in a startup context means:

Shutting down operations

Changing the business strategy

Hiring new employees

Entering a new industry

None

35.

Bootstrapping a business refers to:

Starting with minimal external funding

Seeking government grants

Taking large loans

Partnering with competitors

None

36.

The key to entrepreneurial success is:

Strong market knowledge

Effective resource utilization

Customer-centric approac

All of the above

None

37.

An entrepreneur's network is valuable for:

Knowledge sharing

Access to funding

Gaining market insights

All of the above

None

38.

Entrepreneurial resilience is the ability to:

Avoid risks

Recover from setbacks

Compete aggressively

Follow traditional methods

None

39.

The primary focus of a successful entrepreneur should be:

Short-term profits

Customer satisfaction and sustainability

Imitating competitors

Increasing debts

None

40.

A good example of an entrepreneurial venture is:

A large multinational corporation

A local bakery expanding with new recipes

A government office

A family-run subsistence farm

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Entrepreneurship and Start Up

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

An entrepreneur is best described as

A person who works for someone else

A person who starts, manages, and bears the risk of a business

A person who invests money in the stock market

A person who manages a non-profit organization

None

Which of the following is considered the primary motive of an entrepreneur?

Social service

Profit

Employment

Government support

None

Which type of entrepreneurship is involved in the development of new products and technologies?

Corporate entrepreneurship

Social entrepreneurship

Intrapreneurship

Technopreneurship

None

The process of creating something new and assuming the risks and rewards is called:

Leadership

Innovation

Entrepreneurship

Management Answer

None

Which of the following is NOT a characteristic of an entrepreneur?

Risk-taking ability

Procrastination

Vision

Innovation

None

Which of the following is an example of a social entrepreneur?

Someone starting a bakery

Someone developing an app for profit

Someone starting an NGO for clean drinking water

Someone managing an investment firm

None

The term 'intrapreneurship' refers to:

Entrepreneurship within a large company

A small-scale entrepreneur

International business

Non-profit entrepreneurship

None

Which of the following is NOT a factor that affects entrepreneurship?

Economic conditions

Political stability

Weather conditions

Access to finance

None

Which of the following is a common source of finance for a new business venture?

Government grants

Employee contributions

Customer prepayments

Competitor funding

None

10.

Which of the following is a key advantage of being an entrepreneur?

Job security

High salary

Independence

Fixed working hours

None

11.

The term 'angel investor' refers to:

A government official providing grants

A high-net-worth individual providing startup capital

A bank that provides loans to new businesses

An investor seeking only profits without any risk

None

12.

Which of the following is the least preferred source of funding for startups?

Venture capital

Personal savings

Bank loans

Family and friends

None

13.

Which of the following is a key barrier to entrepreneurship?

Access to technology

Excessive government regulation

Presence of skilled labour

Market opportunities

None

14.

An entrepreneur who buys an existing business rather than starting a new one is called a:

Franchisor

Serial entrepreneur

Acquisitive entrepreneur

Social entrepreneur

None

15.

The person who brings together the factors of production to create goods and services is known as a:

Consumer

Entrepreneur

Manager

Worker

None

16.

Which of the following is NOT a step in the entrepreneurial process?

Identifying opportunities

Developing a business plan

Appointing a government officer

Securing resources

None

17.

Which of the following is a characteristic of a successful entrepreneur?

Fear of failure

Lack of confidence

Self-motivation

Dependence on others

None

18.

Which type of risk do entrepreneurs generally face?

Financial risk

Career risk

Social risk

All of the above

None

19.

Which of the following is an advantage of a franchise business for an entrepreneur?

Low initial cost

Established brand and support

Unlimited freedom

High risk

None

20.

Which document outlines the details of how a new business will operate, including financial and marketing strategies?

Business proposal

Business plan

Financial report

Product specification

None

21.

Which of the following is a government initiative to support entrepreneurs in India?

Start-Up India

GST

IRDA

RBI Guidelines

None

22.

What is the primary purpose of conducting a feasibility study for a new business?

To estimate profit

To identify potential problems and determine viability

To attract investors

To secure bank loans

None

23.

Which of the following is NOT a type of entrepreneur?

Innovating entrepreneur

Imitating entrepreneur

Drone entrepreneur

Competitor entrepreneur

None

24.

Which of the following types of ownership gives the entrepreneur complete control over business decisions?

Partnership

Sole proprietorshipe

Corporation

Cooperative

None

25.

Which of the following is a challenge faced by social entrepreneurs? s

Profit maximization

High salary expectations

Balancing social impact with financial sustainability

Stock market regulation

None

26.

Which of the following best describes a 'scalable startup'?

A business designed to be a small family business potential

A business that can grow rapidly with increasing revenues

A business with limited growth potential

A business dependent on government subsidies

None

27.

. Which of the following skills is most important for an entrepreneur?

Programming skills

Communication skills

Copywriting skills

Data entry skills

None

28.

The type of financing provided by investors to startups with high growth potential is known as:

Venture capital

Bank loans

Grants

None

29.

Which of the following is a characteristic of an imitating entrepreneur?

Developing innovative ideas

Copying existing products or services

Taking minimal risks

Focusing only on social impact

None

30.

What does SWOT stand for in SWOT analysis?

Strengths, Weaknesses, Opportunities, Threats

Strategies, Weaknesses, Objectives, Tactics

Standards, Worth, Objectives, Techniques

Strength, Wealth, Opportunities, Techniques

None

31.

Which of the following refers to a business owned by two or more individuals with shared responsibilities?

Sole proprietorship

Corporation

Partnership

Franchise

None

32.

The motivation to work for oneself rather than for others is called:

Selfdetermination

Entrepreneurship

Personal initiative

Independence drive

None

33.

Which of the following is considered an external factor influencing entrepreneurship?

Self-confidence

Economic conditions

Risk-taking ability

Creativity

None

34.

Which of the following is NOT a type of risk faced by entrepreneurs?

Financial risk

Emotional risk

Environmental risk

Operational risk

None

35.

Which of the following describes the concept of bootstrapping?

Raising funds from venture capitalists

Starting a business with minimal external funding

Acquiring another business

Selling equity to investors

None

36.

Which of the following is a disadvantage of entrepreneurship?

Independence

Flexibility

Financial uncertainty

Creativity

None

37.

Which type of business organization protects owners from personal liability?

Sole proprietorship

Partnership

Limited Liability Company (LLC)

Cooperative

None

38.

The combination of individuals, opportunities, resources, and strategies is often called:

Business model

Entrepreneurial ecosystem

Marketing strategy

Business plan

None

39.

What is the importance of Gratitude in an entrepreneur's attitude?

It hinders success

It is irrelevant to entrepreneurship

It is a component of the entrepreneurial skillset o

It causes stress

None

40.

What is Evaluated Receipt Settlement (ERS)?

A method of settling goods receipt automatically

A manual verification process for invoices

A type of stock transfer order

A financial facility provided by vendors

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Indirect Tax Laws and Practice

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

All the best...

Name

Phone No

State

Under GST, which of the following is treated as "supply of goods"?

Renting of immovable property

Transfer of title in goods

Transfer of right to use goods

Temporary transfer of intellectual property rights

None

Which of the following services is exempt from GST?

Services by an educational institution up to higher secondary

Legal services provided by senior advocates

Supply of motor vehicles for personal use

Renting of residential property for commercial use

None

The threshold turnover limit for GST registration in services is:

₹10 lakhs

₹20 lakhs

₹40 lakhs

₹75 lakhs

None

Under customs law, which duty is levied to protect domestic industries from imports at subsidized prices?

Basic Customs Duty

Countervailing Duty

Safeguard Duty

Anti-Dumping Duty

None

What is the maximum penalty for fraudulently availing input tax credit under GST?

50% of tax due

100% of tax due

10% of tax due

25% of tax due

None

Which of the following goods is subject to the highest GST rate of 28%?

Gold jewelry

Aerated drinks

Packaged food items

Footwear

None

In the case of reverse charge mechanism under GST, who is liable to pay the tax?

Supplier of goods

Recipient of goods or services

GST department

Freight forwarder

None

Under which schedule of the GST Act are the activities deemed as neither supply of goods nor supply of services?

Schedule I

Schedule II

Schedule III

Schedule IV

None

The validity of an e-way bill is determined by the:

Type of goods transported

Mode of transportation used

Distance covered

Value of goods transported

None

10.

What is the time limit for claiming input tax credit under GST?

One year from the date of invoice

Before the filing of the annual return or September of the next financial year, whichever is earlier

Six months from the date of supply

Two years from the date of invoice

None

11.

GST is levied on the supply of:

Goods only

Services only

Both goods and services

Goods and services only for export

None

12.

What type of tax is GST?

Direct tax

Indirect tax

Capital gains tax

Income tax

None

13.

What is the GST rate applicable on basic food grains?

12%

18%

None

14.

GST compensation cess is levied on:

Alcohol

Tobacco products and luxury items

Agricultural products

Educational services

None

15.

GST is governed by which constitutional amendment?

100th

101st

102nd

103rd

None

16.

Which of the following is ineligible for claiming ITC under GST?

Goods used for personal consumption

Raw materials used in production

Machinery used for manufacturing

Services for business purposes

None

17.

ITC can be claimed on:

Goods purchased for resale

Goods given as gifts to employees

Motor vehicles for personal use

Membership fees for clubs

None

18.

The time limit to avail ITC is:

One year from the date of invoice

Six months from the date of invoice

Before the due date for filing the annual return or September of the next financial year, whichever is earlier

Two years from the date of invoice

None

19.

ITC can be utilized in which order?

IGST → SGST → CGST

IGST → CGST → SGST

ASGST → CGST → IGST

CGST → SGST → IGST

None

20.

ITC is not available for which of the following?

Goods destroyed by fire

Goods sold to another state

Goods used in production

Goods supplied on a consignment basis

None

21.

Registration under GST is mandatory if the turnover exceeds:

₹10 lakhs

₹20 lakhs

₹40 lakhs

₹50 lakhs

None

22.

Composition scheme under GST is not available for:

Manufacturers

Restaurants

Service providers (other than restaurant services)

Dealers of goods

None

23.

Casual taxable persons need to register for GST:

Only if turnover exceeds ₹40 lakhs

Compulsorily, irrespective of turnover

Only for interstate sales

Only for export supplies

None

24.

GST registration number (GSTIN) consists of how many digits?

None

25.

A person is required to register for GST within how many days of becoming liable?

7 days

15 days

30 days

60 days

None

26.

The value for customs duty is determined based on:

Maximum retail price

Transaction value

Production cost

CIF value

None

27.

The duty levied to counteract subsidies provided by exporting countries is called:

Safeguard duty

Anti-dumping duty

Countervailing duty

Basic customs duty

None

28.

Which of the following is not included in assessable value for customs duty?

Insurance charges

Packing charges

Freight charges

Post-importation expenses

None

29.

IWhich form is used for filing a bill of entry?

Form GSTR-1

Form GSTR-3B

Form ITR-1

Bill of Entry Form I, II, II

None

30.

Duty-free goods brought by passengers within permissible limits are classified as:

Restricted goods

Dutiable goods

Baggage

Export goods

None

31.

GSTR-1 is used for:

Monthly summary returns

Reporting outward supplies

Reporting inward supplies

Annual return

None

32.

Which return is filed to claim the refund of GST?

GSTR-1

GSTR-3B

RFD-01

GSTR-9

None

33.

Late fees for delayed filing of GST returns is:

₹50 per day for CGST and SGST each

₹20 per day for CGST and SGST each

₹100 per day for CGST and SGST each

₹10 per day for CGST and SGST each

None

34.

The due date for filing GSTR-9 (Annual Return) is:

31st March of the next financial year

31st December of the next financial year

30th September of the next financial year

30th June of the next financial year

None

35.

Which return is filed for TDS under GST?

GSTR-2

GSTR-7

GSTR-9

GSTR-8

None

36.

The tax on inter-state supply is:

SGST

CGST

IGST

None of the above

None

37.

Which is the highest GST slab rate?

18%

28%

40%

50%

None

38.

Place of supply for services related to immovable property is determined as:

Location of supplier

Location of recipient

Location of immovable property

Place of agreement

None

39.

Which authority resolves disputes under GST?

GST Council

Advance Ruling Authority

National Company Law Tribunal

Income Tax Appellate Tribunal

None

40.

The penalty for non-registration under GST is:

₹5,000

10% of tax due or ₹10,000, whichever is higher

₹10,000

No penalty

None

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Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform !

Subject: Economics and Government Policy

Total Number of Question: 40

Time: 41 Minutes

Please check your email after completion of test for result.

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Name

Phone No

State

Which of the following is a characteristic of a mixed economy?

Private ownership only

Public ownership only

Both public and private ownership

None of the above

None

What is the primary objective of fiscal policy in India?

Control inflation

Economic growth

Employment generation

All of the above

None

Which of these measures is considered a part of monetary policy?

Taxation

Open market operations

Subsidies

Public expenditure

None

What does GDP measure?

Total value of goods and services produced in a year

Total exports minus imports

Per capita income

None of the above

None

Which of the following is a direct tax?

Goods and Services Tax (GST)

Excise duty

Corporate tax

Customs duty

None

What is the focus of the "Make in India" initiative?

Promoting agriculture b) c) d)

Boosting manufacturing and innovation

Increasing exports of services

Enhancing foreign remittances

None

Which is the largest contributor to India's GDP?

Agriculture

Industry

Services

Mining

None

The New Industrial Policy of 1991 is primarily associated with which of the following?

Nationalization of industries

Liberalization and privatization

Restrictions on FDI

Increase in tariff rates

None

Who regulates the money supply in India?

Ministry of Finance

Reserve Bank of India

State Bank of India

Planning Commission

None

10.

What is the primary aim of MGNREGA?

Providing rural housing

Promoting self-employment

Guaranteeing wage employment in rural areas

Increasing urban employment

None

11.

What does FRBM Act stand for?

Fiscal Responsibility and Budget Management Act

Financial Reporting and Banking Mechanism Act

Financial Reforms and Budgeting Management Act

Fiscal Regulation and Business Management Act

None

12.

What is a primary deficit?

Total fiscal deficit minus capital expenditure

Total fiscal deficit minus interest payments

Revenue deficit minus interest payments

Budget deficit minus tax revenue

None

13.

What does disinvestment in public sector units (PSUs) mean?

Increasing government stake in PSUs

Reducing government stake in PSUs

Complete privatization of PSUs

None of the above

None

14.

Which of the following is NOT a type of budget in India?

Revenue budget

Capital budget

Consolidated budget

Zero-based budget

None

15.

Which institution calculates the Wholesale Price Index (WPI) in India?

Ministry of Finance

Reserve Bank of India

Office of the Economic Adviser

NITI Aayog

None

16.

Which scheme aims to provide universal healthcare in India?

Ayushman Bharat

PM Fasal Bima Yojana

PM Jan Dhan Yojana

Atal Pension Yojana

None

17.

What is the purpose of GST?

Double taxation

Uniform tax across the country

High tax rates

None of the above

None

18.

Which of the following is an indirect tax?

Income tax

Corporate tax

Excise duty

Wealth tax

None

19.

What is the aim of the Pradhan Mantri Jan Dhan Yojana?

Promoting agricultural exports

Providing financial inclusion

Boosting industrial growth

Encouraging self-employment

None

20.

Which policy governs foreign investments in India?

Fiscal policy

FDI policy

Monetary policy

Export-import policy

None

21.

What does SDR stand for in international economics?

Special Dollar Reserves

Special Drawing Rights

Specific Development Rights

Sustainable Development Revenue

None

22.

Which organization publishes the World Development Report?

IMF

World Bank

WTO

UNDP

None

23.

What is a trade deficit?

Exports are greater than imports

Imports are greater than exports

Revenue exceeds expenditure

Expenditure exceeds revenue

None

24.

Which country is India’s largest trading partner (as of 2024)

USA

China

UAE

None

25.

What is the main purpose of the IMF?

Financing large infrastructure projects

Stabilizing international exchange rates and payments

Regulating international trade disputes

Controlling inflation

None

26.

What is the role of SEBI?

Regulating banks

Regulating capital markets

Printing currency notes

Setting interest rates

None

27.

What is CRR in banking?

Credit Reserve Ratio

Cash Reserve Ratio

Current Repayment Ratio

Cash Retention Ratio Answer:

None

28.

Which bank is responsible for providing rural credit in India?

SBI

NABARD

RBI

ICICI

None

29.

What is an NBFC?

Nationalized Bank and Finance Corporation

Non-Banking Financial Compan

National Bank for Farmers and Credit

Non-Banking Federal Corporation

None

30.

What is the purpose of a repo rate?

Borrowing rate between banks

Rate at which RBI lends to commercial banks

Interest rate for savings accounts

Tax on financial transactions

None

31.

Which organization sets the Sustainable Development Goals (SDGs)?

IMF

World Bank

United Nations

WTO

None

32.

Which country recently launched its own digital currency?

USA

China

India

Germany

None

33.

What is India’s target for achieving net-zero carbon emissions?

2030

2040

2050

2070

None

34.

What is the GST compensation cess used for?

Promoting exports

Compensating states for revenue losses c

Rural infrastructure developmenties

Industrial subsidies

None

35.

Which global index measures ease of doing business?

World Competitiveness Index

Human Development Index

Ease of Doing Business Index

Global Innovation Index

None

36.

What is the purpose of NITI Aayog?

Financial regulation

National policy formulation

Controlling inflation

Distributing resources

None

37.

Which ministry oversees the Pradhan Mantri Gram Sadak Yojana?

Ministry of Urban Development

Ministry of Rural Development

Ministry of Transport

Ministry of Finance

None

38.

What is a fiscal surplus?

Revenue exceeds expenditure

Expenditure exceeds revenue

Revenue equals expenditure

None of the above

None

39.

What is India’s rank in global GDP (nominal terms) as of 2024?

3rd

5th

7th

10th

None

40.

Which of the following sectors is regulated by TRAI?

Banking

Telecom

Pharmaceuticals

Insurance

None

1 out of 4

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