Commerce MCQ Questions and Answers

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Q41
What is the theory of social responsibility that focuses on how companies respond to issues, rather than trying to determine their ultimate social responsibility, called ?
  • A Corporate social performance
  • B Corporate social responsiveness
  • C Stewardship principle
  • D Enlightened self-interest
Answer: Option A
Q42
What is a systematic evaluation of a company's activities in a given area of social interest such as environmental protection, workplace safety or community involvement, called ?
  • A Social responsibility
  • B Social accounting
  • C Social audit
  • D Social forecasting
Answer: Option C
Q43
What is cross rate ?
  • A A rate of exchange derived from central bank
  • B A rate of exchange between two currencies, other than those that form a market's principal rates
  • C A rate of exchange derived from the quotations for buying currencies
  • D A rate of exchange quoted by a dealer in foreign exchange for selling currencies
Answer: Option B
Q44
Which one of the following statements is not correct ?
  • A Working capital is made available by the banks to the export sector at subsidized rates of interest
  • B Market Development Fund provides the necessary financial assistance for market promotion
  • C Export Houses/Star Trading houses are granted additional license against exports made during the preceding year
  • D Export profits enjoy a variety of tax concessions in India
Answer: Option C
Q45
Which one of the following statements is correct in respect of Duty Drawback Scheme ?
  • A Relieving export goods of duties paid for components used for manufacturing the export goods
  • B Providing cash incentives to exporters to compensate the duty paid by them in foreign countries
  • C Compensating importers to the extent of import duty paid by them for importing life-saving drugs
  • D Providing a facility for withdrawing the duty paid by exporters if their exports are rejected in foreign countries
Answer: Option C
Q46
In foreign trade, what is the price quoted by a supplier which includes all charges incurred up to door delivery of goods to the buyer, called ?
  • A Loco price
  • B C.I.F. price
  • C Franco price
  • D Landed price
Answer: Option C
Q47
Consider the following statements- 1. Letter of credit cannot be opened by mail. 2. Contracts of export of goods and services against payment to be secured partly or fully beyond 90 days are treated as deferred payment exports.Which of the statements given above is/are correct ?
  • A 1 only
  • B 2 only
  • C Both 1 and 2
  • D Neither 1 nor 2
Answer: Option C
Q48
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
  • A Subrogation
  • B Utmost good faith
  • C Contribution
  • D Average clause
Answer: Option A
Q49
In a marine insurance, when must the insurable interest exist ?
  • A At the time of making contract
  • B At the time of loss of subject matter
  • C Both at the time of making contract and at the time of loss of subject matter
  • D At the time of termination of the policy
Answer: Option B
Q50
What is/are the consequence(s) of non-registration of partnership firm ? 1-It cannot sue any of its partners. 2-Partners of an unregistered firm can file suits against each other. 3-Partners can sue the firm to enforce their claims. Select the correct answer using the code given below-
  • A 1
  • B 2
  • C 3
  • D None of the above
Answer: Option D

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