Appendix CA-CPT Scanner (English) December Examination

Transcription

1 Free of Cost ISBN : Appendix CA-CPT Scanner (English) December Examination Paper 1 : Fundamentals of Accounting Chapter-1: Accounting: An Introduction Unit-1: Meaning and Scope of Accounting [1] Accounting has universal application for recording and events and presenting suitable information for decision making. (a) Entries (b) Transactions (c) Data (d) Figures. Unit-2: Accounting Concepts, Principles and Conventions [2] If owner s equity of a business are ` 90,000 and profits are of ` 60,000 for the year calculate total assets of the business:- (a) ` 1,50,000 (b) ` 1,20,000 (c) ` 30,000 (d) ` 1,70,000. [3] If nothing is written in the financial statements about the fundamental accounting assumptions, then it could be presumed that:- (a) They have not been followed (b) They have been followed (c) They have been followed to some extent [4] The proprietor of a business is treated as a creditor for capital introduced by him, according to:- (a) Money Measurement Concept (b) Cost Concept (c) Entity Concept (d) Dual Aspect Concept. 1

2 2 CPT Scanner (English) : Appendix [5] Which is the accounting concept that requires the practice of crediting closing stock in the trading account? (a) Cost (b) Realisation (c) Going concern (d) Matching. Unit-3: Accounting Standards - Concepts, Objectives, Benefits [6] Consistency with reference to application of accounting principles refer to the (a) All the companies in the same industries should use identical procedures and methods (b) Income and assets have not been overstated (c) Accounting methods and procedures used have to be consistently applied from year to year (d) Any accounting method or procedure can be utilized. Chapter-2: Accounting Process Unit-1: Basic Accounting Procedures - Journal Entries [7] Fixed assets are held by business organization for. (a) Conversion into cash (b) Generating income (c) Resale [8] Mr. X purchased a computer for ` 60,000 by making a down payment of ` 10,000 and balance ` 50,000 signing the agreement of bills payable due in 50 days. As a result of these transactions. (a) Total assets increased by ` 50,000 with the corresponding increase in liability ` 50,000 (b) Total assets increased by ` 50,000 (c) Total assets increased by ` 60,000 with the corresponding increase in liability by ` 50,000 (d) Total assets increased by ` 60,000 with the corresponding increase in liability by ` 60,000 [9] Changes in the capital account of a proprietor may occur due to: (a) Profits earned (b) Losses incurred (c) Capital introduced (d) Any of the above Unit-2: Ledgers

3 CPT Scanner (English) : Appendix 3 [10] A purchased a computer having MRP of ` 60,000 for ` 45,000 and was offered a cash discount of ` 9,000. At what percentage he got trade discount on MRP before getting cash discount? (a) 15% (b) 10% (c) 7 1 /2% (d) 25%. Unit-3: Trial Balance [11] Salaries paid ` 4,500 is shown in credit side of trial balance. In the total of trial balance the debit side will be short by. (a) Short by ` 4,500 (b) Excess by ` 4,500 (c) Short by ` 9,000 (d) Excess by ` 9,000. [12] is prepared to ascertain the arithmetical accuracy of posting and balancing. (a) Cash Book (b) Journal (c) Trial Balance (d) Bank Reconciliation Statement Unit-5: Cash Book [13] Petty cash may be used to pay (a) The expenses relating to postage and conveyance. (b) Salary to administrative staff (c) For the purchase of furniture and fixtures (d) For the purchase of raw material. Unit-6: Capital and Revenue Expenditures and Receipts [14] Amount spent on increasing the seating capacity in cinema hall is:- (a) Capital Expenditure (b) Revenue Expenditure (c) Deferred Revenue Expenditure [15] Renewal fee for patent is a: (a) Capital expenditure

4 4 CPT Scanner (English) : Appendix (b) Revenue expenditure (c) Deferred revenue expenditure (d) Development expenditure. Unit-8: Rectification of Errors [16] Rectification entries are first recorded in. (a) Ledger (b) Subsidiary books (c) Journal proper (d) Trial balance. [17] Wages ` 500 paid for installation of a new machine was wrongly posted to wages account instead of machinery account. It is an error of (a) Commission (b) Principle (c) Omission (d) Clerical nature. Chapter-3: Bank Reconciliation Statement [18] The credit balance as per pass book of Mr. X was ` 65,600. Cheques issued but not presented for payment ` 75,800. Cheques deposited by one of the customers of the bank but wrongly credited in Mr. X account ` 20,600. The balance as per cash book will be:- (a) ` 30,800 Debit (b) ` 30,800 overdraft (c) ` 1,20,800 Debit (d) ` 10,400 overdraft. [19] On , the balance of the bank book is ` 7,074 (Credit) and balance as per bank statement is ` 3,159 (Debit). On scrutiny, it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on will be shown in the Balance Sheet as:- (a) As Bank Overdraft ` 3,159 (b) As Cash at Bank ` 7,674 (c) As Bank Overdraft ` 7,074 (d) As Cash at Bank ` 3,159. [20] For preparing Bank Reconciliation statement, the documents/ statements required are: (a) Cash column of cash book and bank statement (b) Bank column of cash book and bank statement

5 CPT Scanner (English) : Appendix 5 (c) Bank and cash column of the cash book (d) Bank statement. Chapter-4: Inventories [21] Net realizable value is : (a) estimated selling price (b) estimated cost price plus marketing cost (c) estimated selling price less cost incurred in order to make the sale (d) estimated selling price plus cost incurred in order to make the sale. [22] Mr. X took physical stock of his inventory on April 20 and the value of stock of cost was ` 1,60,000. Between April 01 and April 20 he sold goods worth ` 40,000 as detailed below: (i) Damaged goods sold for ` 15,000 at a loss of 20% to cost (ii) Balance goods sold were 25% profits to cost. The damaged goods to be valued at net realizable value and other stock to be valued at cost. On this basis, the value of closing stock as on March 31 was (a) ` 2,00,000 (b) ` 1,95,000 (c) ` 2,05,000 (d) None of these. [23] The opening stock is overstated by ` 10,000 & closing stock is understated by ` 15,000. The impact of these on net profit for the current year is. (a) ` 5,000 overstated (b) ` 25,000 overstated (c) ` 25,000 understated (d) ` 5,000 understated. Chapter-5: Depreciation Accounting [24] If depreciation rate is equal, the amount of depreciation in SLM method as compared to WDV method will be. (a) Equal in first year but will be lesser in remaining years (b) Less in first year but will be more in remaining years (c) Equal in first year but will be more in remaining years (d) Less in first year but will be equal in remaining years. [25] Where a machine produces products of uniform size, the of depreciation is applied: (a) Machine hour method (b) Sinking Fund Method (c) Annuity Method

6 6 CPT Scanner (English) : Appendix (d) Production Units. [26] A depreciable asset may suffer obsolescence due to:- (a) Passage of time (b) Wear and tear (c) Technological Changes [27] method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older:- (a) Straight Line (b) Reducing Balance (c) Sinking Fund (d) Annuity. [28] Which of the following is the meaning of entry stated in the machinery A/c? Dr. Machinery A/c ( ) Cr. Date DParticulars Amount (`) Date Particulars Amount (`) By Profit & loss A/c 5,000 (a) Profit on sale of machinery transferred to Profit & Loss A/c (b) Machinery of ` 5,000 sold (c) Machinery of ` 5,000 Purchased (d) Loss on sale of machinery transferred to Profit & Loss A/c. Chapter-6: Preparation of Final Accounts of Sole Proprietors [29] State which of the following statement is false: (a) Assets can be arranged in accordance with their liquidity (b) Balance sheet can be presented vertically (c) Intangible assets is not an asset (d) Trading account discloses gross profit. [30] Which of the following are current assets? 1. Accounts receivable 2. Salary paid in advance 3. Bank loan for three years 4. Preliminary expenses (a) All of the above (b) 1 & 2 (c) 2 & 3 (d) 3 & 4.

7 CPT Scanner (English) : Appendix 7 [31] The manager earns a commission of ` 25,000 which is based on 10% of the net profit. If the sales is ` 3,50,000 higher than purchases. Find out the direct + indirect expenses incurred during the year. There is no opening or closing stock. (a) ` 75,000 (b) ` 1,00,000 (c) ` 3,50,000 (d) Not ascertainable [32] On March 31, 2013, Prepaid Expenses A/c ( ) Shows a closing balance of ` 5,000. It means (a) Expenses transferred from previous year for accounting in current year. (b) Expenses transferred to next year for accounting in that or future years. (c) Expenses transferred to next year for accounting in that year only. (d) Expenses to be transferred to Profit & Loss A/c of current year. [33] Bill Discounted ` 10,000 Above item will appear in. (a) Foot Notes to Balance Sheet (b) Asset Side of Balance Sheet (c) Liability Side of Balance Sheet (d) Dr. Side of Profit & Loss A/c. [34] Which of the following is not a Miscellaneous Expenditure a shown in assets side of Balance Sheet? (a) Preliminary Expenses (b) Amount Spent on Research and Development (c) Brokerage an issue of shares and Debentures (d) Goodwill not written off. [35] In Profit and Loss Account, the selling and distribution expenses will not include: (a) Commission to Sales Agent (b) Packing Expenses (c) Legal Expenses (d) Advertisement Expenses [36] A provision for depreciation is created by debiting. (a) Machinery Account (b) Profit & Loss Account (c) Profit & Loss Appropriation Account (d) None of the above

8 8 CPT Scanner (English) : Appendix Chapter-7: Accounting for Special Transactions Unit-1: Consignment [37] Del-Credere commission is fixed in terms of percentage say 10%. The credit sales is of ` 1,00,000 and cash sales is of ` 50,000, amount of del-credere commission will be:- (a) ` 10,000 (b) ` 15,000 (c) ` 5,000 [38] Overriding commission is a commission: (a) Based on fixed percentage of the gross sales proceeds made by the consignee (b) Based on fixed percentage of the cash sales made by the consignee (c) An extra commission to promote sales of higher price than specified (d) A commission on credit sales for protection from bad debts Unit-2: Joint Ventures [39] A & B has started a joint venture for purchase and sale of garments. Initial capital contribution was ` 25,000 and ` 50,000 respectively. There is no written agreement about share of profit/loss amongst them. They purchased garments worth ` 50,000 and sold for ` 75,000. The profit of ` 25,000 shared by them as:- (a) ` 8,333 and ` 16,667 (b) ` 10,000 and ` 15,000 (c) ` 12,500 and ` 12,500 (d) ` 20,000 and ` 5,000. [40] Karthik and Dhoni enter into a joint venture sharing profit and loss in the ratio of 2 : 1. Karthik purchased the goods costing ` 2,00,000. Dhoni sold the goods for ` 2,50,000. Karthik is entitled to get 1% commission on purchase and Dhoni is entitled to get 5% commission on sales. The profit on venture will be:- (a) ` 35,500 (b) ` 36,000 (c) ` 34,000 (d) ` 38,000. [41] The minimum number of co-venture will be atleast in joint venture business. (a) 2 (b) 5 (c) 7 (d) 4

9 CPT Scanner (English) : Appendix 9 [42] Which of the following is true? (a) Co-ventures always shares profit equally (b) Number of co-ventures can never be more than two (c) The relationship between co-ventures is principal & agent (d) Co-ventures may contribute funds for running the venture [43] C and D enter into a joint venture to share profit in the ratio 5: 3. Apart from the profit, D is entitled to a commission of 5% of net profit after charging such commission. If net profit of joint venture is ` 33,600 before charging such commission. What will be share profit of C and D: (a) C will get profit ` 19,950 and D ` 11,970 (b) C will get profit ` 20,000 and D ` 12,000 (c) C will get profit ` 21,000 and D ` 12,600 (d) C will get profit ` 21,600 and D ` 12,000 Unit-3: Bills of Exchange and Promissory Notes [44] Retirement of bill means (a) Discounting of bill (b) Dishonour of bill (c) Renewal of bill (d) Payment of bill before maturity. [45] On 1 st April Mr. A sold goods worth ` 10,000 to Mr. B and drew a bill on him at three months for the amount. Mr. B accepted the bill and returned it to Mr. A who discounted the bill with the 15% p.a. The amount of discount to be charged as expense is:- (a) ` 125 (b) ` 250 (c) ` 375 (d) ` Nil. [46] Which of the following option (besides retaining the bill, till due date) are available to the holder for dealing with a Bill of Exchange? (a) Send the bill to Bank for collection (b) Get the bill discounted with a bank or other person (c) Endorsing the bill to a creditor (d) All of the above. Unit-4: Sale of Goods on Approval or Return Basis

10 10 CPT Scanner (English) : Appendix [47] A company sells motor bikes on Sale or return basis. All such transactions are however treated like actual sales and are passed through the sales book. Just before the end of the financial year, two motor bikes costing ` 55,000 each have been sent on Sale or Return basis and have been debited to customers at ` 75,000 each, cost of goods lying with the customers will be: (a) ` 1,10,000 (b) ` 55,000 (c) ` 75,000 (d) ` 1,50,000 Chapter-8: Partnership Unit-2: Treatment of Goodwill in Partnership Accounts [48] A and B are equal partners. They admit C as a partner with 1/7 th share. What is the new profit sharing ratio of A and B? (a) 6/7 : 1/7 (b) 3/7 : 3/7 (c) 4/7 : 2/7 (d) 2/7 : 4/7 Unit-3: Admission of New Partner [49] Which asset is compulsorily revalued at the time of admission of a partner? (a) Goodwill (b) Land and Building (c) Plant and Machinery (d) Furniture and Fittings. Unit-4: Retirement of a Partner [50] Under the premium paid is treated as an ordinary expense and joint life policy does not appear as an asset in the Balance Sheet of the firm: (a) Ordinary Business Expense Method (b) Surrender Value Method (c) Joint Life Policy Reserve Method (d) Sinking Fund Method. Chapter-9: Company Accounts Unit-1: Introduction to Company Accounts [51] Which of the following is not the feature of a company? (a) Separate legal entity (b) Perpetual Existence (c) Incorporated association (d) No separation between management and ownership.

11 CPT Scanner (English) : Appendix 11 Unit-2: Issue, Forfeiture and Re-Issue of Shares [52] A company Ltd. by shares before commencement of business, can issue its shares at discount. This is :- (a) Possible (b) Not Possible (c) Possible if permitted by stock exchange (d) Possible if shareholders approve. [53] Uma is the holder of 1000 shares of ` 20 each issued at 10% discount. She failed to pay allotment money of ` 8 and final call money of ` 4. The directors decided to forfeit the shares. At the time of forfeiture, discount on issue of shares A/c will be:- (a) Credited by ` 1,000 (b) Debited by ` 2,000 (c) Credited by ` 2,000 (d) Not affected. [54] Supreme Ltd. has allotted 5,000 shares to the applicants of 7500 shares on prorata basis. The amount on application is ` 3 per share. M applied for 600 shares. The number of shares allotted to M will be and the amount to be carry forward for adjustment against allotment money from M will be. (a) 200 shares; ` 200 (b) 300 shares; ` 300 (c) 400 shares; ` 600 (d) 150 shares; ` 450. [55] Which of the following share capital is not shown in the Balance Sheet:- (a) Subscribed share capital (b) Un-issued share capital (c) Authorized share capital (d) Paid up share capital. [56] Underwriting Commission will not be paid on account of shares taken by: (a) Promoters (b) Employees (c) Directors (d) All of the above. Unit-3: Redemption of Preference Shares [57] Preference shares cannot be redeemed unless they are:-

12 12 CPT Scanner (English) : Appendix (a) Partly paid up (b) Fully paid up (c) Transferred (d) Re-issued. Unit-4: Issue of Debentures [58] In case of a Balance Sheet of a company, debentures are shown under the head:- (a) Secured loans (b) Share capital (c) Reserves and Surplus (d) Current liabilities. [59] Ram limited has issued 15% debentures of ` 20,00,000 at a discount of 10% on April 1, The company pays interest half-yearly on June 30 and Dec 31 every year. On March 31, 2013 the amount shown as interest accrued but not yet due in the Balance Sheet will be:- (a) ` 2,25,000 (b) ` 1,00,000 (c) ` 75,000 (d) ` 3,00,000. [60] Which of the following is not correct in respect of debentures: (a) They can be issued for cash (b) They can be issued for consideration other than cash (c) A company can buy its own debentures (d) They can be issued in lien of dividends. Paper 2 : Mercantile Laws Chapter-1: The Indian Contract Act, 1872 Unit-1: Nature of Contracts [1] There is no binding Contract in case of as one s offer cannot be construed as acceptance. (a) Cross offer (b) Standing offer (c) Counter offer

13 CPT Scanner (English) : Appendix 13 (d) Special offer. [2] An advertisement for sale of an old flat is published in a leading newspaper. This kind of offer is: (a) Special offer (b) Continuing offer (c) Open offer (d) General offer. [3] is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract. [4] A offers B to supply `100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter offer (b) Cross offer (c) Specific offer (d) General offer. [5] contracts are also called contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory. [6] If entire specified goods is perished before entering into contract of sale, the contract is: (a) Valid (b) Void (c) Voidable (d) Cancelled. [7] In case of unenforceable contract having some technical defect, parties: (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal

14 14 CPT Scanner (English) : Appendix [8] In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations Unit-2: Consideration [9] Which of the following is not an exception to the rule No Consideration, No Contract? (a) Agreement made on account of natural love and affection (b) Agreement to compensate for past voluntary services (c) Contract of agency Unit-3: Other Essential Elements of a Valid Contract [10] G paid `10,000 to H to influence the head of a Government Organisation in order to provide him some employment. H failed to provide an employment to G in this case G can (a) Recover the amount of ` 10,000 (b) Recover the amount ` 10,000 with interest (c) Can file a suit for damages (d) Cannot recover any amount. [11] Where one party is in a position to dominate the will of another and uses his position to obtain the consent of the other party, the consent is said to have been obtained by (a) Coercion (b) Undue influence (c) Duress (d) Misrepresentation. Unit-4: Performance of Contract [12] X contracts with Y to sell his imported car for `50,000. Later on both the parties decide not to honour the deal. This is a case of discharge of contract by (a) Novation (b) Alteration (c) Rescission

15 CPT Scanner (English) : Appendix 15 (d) Remission. [13] A holds a house under a lease agreement. Subsequently he buys the house and becomes the owner of the house. The contract is discharged by (a) Rescission (b) Merger (c) Waiver (d) Remission. [14] A contract entered between promiser and promisee becomes impossible to perform due to the destruction of the subject matter. In this case (a) Promisee is entitled for compensation (b) Contract continues to be valid (c) Contract becomes void [15] A, B and C jointly promised to pay `60,000 to D. Before performance of the contract C dies. The contract (a) Becomes void on C s death (b) Should be performed by A and B along with C s legal representatives (c) Should be performed by A and B alone (d) Should be renewed between A, B and D. Unit-5: Breach of Contract [16] The damages awarded by way of punishment are: (a) Vindictive damages (b) Special damages (c) Nominal damages (d) Ordinary damages. Unit-6: Contingent and Quasi Contracts [17] Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachin, who is a minor at a remuneration of `10,000 per month. This is a (a) Void Agreement (b) Voidable Contract (c) Quasi Contract (d) Contingent Contract.

16 16 CPT Scanner (English) : Appendix Chapter-2: The Sale of Goods Act, 1930 Unit-1: Formation of Contract of Sale [18] Under the Sale of Goods Act, 1930, the seller in a contract of sale transfers the in the goods to the buyer for the price. (a) Possession (b) Control (c) Rights (d) Property. [19] In a contract of sale where goods are lying with the seller the risk of loss of goods will be borne by (a) Buyer only (b) Seller only (c) Either buyer or seller (d) Both buyer and seller. [20] Q sells 100 tons of rice to ` 50,000 per ton. P makes the full payment & says that he will pick the goods next week. Before P could pick the goods, the goods got destroyed. The loss will be borne by (a) Q (b) P (c) Both P and Q equally (d) None. Unit-2: Conditions and Warranties [21] The caveat emptor rule applies to sale where (a) The buyer has expressly told the seller the purpose for which he requires the goods (b) The sale is of a specified article under its patent (c) Where the goods is of merchantable quality and the buyer has examined the goods (d) In none of the above cases. [22] A stipulation in a contract of sale with reference to goods which are the subject thereof may be. (a) A fair price (b) A lawful price (c) Condition and warranty (d) Delivery.

17 CPT Scanner (English) : Appendix 17 [23] Conditions which are presumed by law to be present in the contract are called (a) Express Conditions (b) Qualified Conditions (c) Implied Conditions (d) Unqualified Conditions. [24] When a person sells the goods by infringing the copyrights or trademark of the other, there is a breach of an implied condition (a) As to title (b) As to description (c) As to merchantability Unit-3: Transfer of Ownership and Delivery of Goods [25] If the seller sends to the buyer a larger or smaller quantity of goods than the quantity he contracted to sell, the buyer may (a) Reject the whole (b) Accept the whole (c) Accept the quantity ordered and reject the rest (d) All of the above. Unit-4: Unpaid Seller [26] Right of general lien cannot be exercised by (a) Factor (b) Banker (c) Auctioneer (d) All of these. Chapter-3: The Indian Partnership Act, 1932 Unit-1: General Nature of a Partnership [27] A and B to divide the profits of a business equally but the loss, if any is to be borne by A alone. The partnership agreement is. (a) Lawful (b) Void (c) Illegal (d) Voidable. [28] Mode of determining existence of partnership is (a) Real relations between the parties

18 18 CPT Scanner (English) : Appendix (b) Sharing the profits of the firm (c) Business to be carried by all or anyone acting for all (d) All of the above. [29] A partnership for which no duration is fixed is known as. (a) Particular Partnership (b) Partnership at will (c) Fixed term partnership (d) Limited Partnership. [30] Dormant partner is known as. (a) Sleeping Partner (b) Active Partner (c) Partner by holding out (d) All of the above. [31] Each partner in a partnership firm is in the position of (a) Only an agent (b) Only a Principal (c) Agent as well as Principal (d) Neither Agent nor Principal. [32] Under the Indian Partnership Act, 1932, partnership can be formed with (a) One Indian and two foreigners (b) One major person and one person of unsound mind (c) Two Convicts undergoing imprisonment Unit-2: Relations of Partners [33] Robert, who is a sleeping partner in the firm wanted to inspect the books of accounts of the partnership firm due to certain allegations of financial impropriety by some of the partners. The other partners in the firm objected to the same and denied access to books of accounts. The action of the other partners is. (a) Not correct since Robert has right of access to books of accounts (b) Valid since Robert is a sleeping partner who has no such rights (c) Valid since a partner has no right to access to access to books of accounts (d) Valid since the reason cited by Robert is unacceptable. [34] Which of the following is within the implied authority of a partner : (a) Enter into partnership on behalf of the firm (b) Admitting any liability in a suit against the firm

19 CPT Scanner (English) : Appendix 19 (c) Acquire immovable property (d) Purchase and sell goods in which the firm is dealing. [35] The liability of the new partner in the firm: (a) Commences from the date of his admission (b) Depends upon the terms of the partnership agreement (c) Is for the pre-existing debts of the firm (d) All of the above. Unit-3: Registration & Dissolution of a Firm [36] An unregistered firm does not have (a) Right to file a suit against third party (b) Right to acquire property (c) Right to transfer property [37] The status of a partner making advances to a firm for its business in addition to his Capital, is that of (a) A partner of the Firm (b) An employee of the Firm (c) A creditor of the Firm (d) All of the above. [38] For dissolution of the firm, a partner may apply to the court on the ground of (a) Insanity of partner (b) Misconduct of partner (c) Perpetual losses in Business (d) All of the above. [39] When an agreement to form a partnership is signed by all the partners, the document is called (a) Promote (b) Partnership deed (c) Memorandum of Association [40] The mode of dissolution of a partnership firm provided under the Indian Partnership Act, 1932 is (a) Illustrative (b) Inclusive (c) Exhaustive

20 20 CPT Scanner (English) : Appendix Paper 3 : General Economics Chapter-1: Introduction to Micro Economics [1] Where does price mechanism exists? (a) Capitalist Economy (b) Socialist Economy (c) Both type of economies [2] Economics which is concerned with welfare propositions is called (a) Socialistic economics (b) Capitalistic economics (c) Positive economics (d) Normative economics. [3] In which among the following systems the right to property exists (a) Mixed economy (b) Capitalist economy (c) Socialist economy (d) Traditional economy. [4] Positive science only explains (a) What is? (b) What ought to be? (c) What is right or wrong [5] Socialist Economy is also known as (a) Mixed Economy (b) Planned Economy (c) Capitalist Economy Chapter-2: Theory of Demand and Supply Unit-1: Theory of Demand [6] The demand for factors of production is. (a) Fundamental demand (b) Derived demand (c) Market demand (d) Joint demand.

21 CPT Scanner (English) : Appendix 21 [7] Cross elasticity of demand between two perfect substitutes will be (a) Very high (b) Very low (c) Infinity (d) Zero [8] What is the elasticity between mid point and upper extreme point of a straight line continuous demand curve? (a) Infinite (b) Zero (c) Greater than one (d) Less than one. [9] Price of Tiffin Box is ` 100 per unit and the quantity demanded in market is 1,25,000 units. Company increased the price to `125. Due to this increase in price, quantity demanded decreases to 1,00,000 units. What will be the price elasticity of demand? (a) 1.25 (b) 0.80 (c) 1.00 [10] The price of a commodity decreases from 10 to 8 and the quantity demanded of it increases from 25 to 30 units, then the coefficient of price elasticity will be. (a) 1.00 (b) (c) 1.5 (d) -1.5 Unit-2: Theory of Consumer Behaviour [11] A higher indifference curve shows (a) A higher level of satisfaction (b) A higher level of production (c) A higher level of income [12] When total utility increases at a diminishing rate, marginal utility is (a) Zero (b) Diminishing (c) One (d) Maximum.

22 22 CPT Scanner (English) : Appendix [13] In the case of complimentary goods the shape of indifference curve will be (a) Convex to the origin (b) Straight line (c) L-Shaped (d) Circular. [14] From which of the following, the concept of consumer s surplus has been derived? (a) Law of diminishing marginal utility (b) Law of demand (c) Law of supply (d) Indifference curve analysis. [15] The price line or budget line of a consumer is (a) Parallel to x-axis (b) Parallel to y-axis (c) Straight line joining the two axis Chapter-3: Theory of Production and Cost Unit-1: Theory of Production [16] Innovation theory of entrepreneurship is propounded by (a) Kinght (b) Schumpeter (c) Max Weber (d) Peter Drucker. [17] Production function is (a) Purely a technical relationship between input & output (b) Purely an economic relationship between input & output (c) Both the technical & economical relationship between input & output [18] The concept of returns to scale is related with. (a) Very short period (b) Short period (c) Long period [19] In Cobb-Douglas production function, two inputs are

23 CPT Scanner (English) : Appendix 23 (a) Land and Labour (b) Labour and Capital (c) Capital and Entrepreneur (d) Entrepreneur and land. Unit-2: Theory of Cost [20] Which statement among below is correct in reference in Average Fixed Cost (a) Never becomes zero (b) Curve never touches x-axis (c) Curve never touches y-axis (d) All of the above. Chapter-4: Market Unit-1: Market [21] If a seller obtains ` 3,000 after selling 50 units and ` 3,100 after selling 52 units, then marginal revenue will be (a) ` (b) ` (c) ` (d) ` Unit-3: Price and Output Determination [22] In a perfectly competitive market, if MR is greater than MC, then a firm should (a) Increase its production (b) Decrease its production (c) Decrease its sales (d) Increase its sales. [23] Kinked demand curve is related to which market structure (a) Oligopoly (b) Monopoly (c) Monopsony (d) Monopolistic competition. [24] In the long run a monopolist always earns (a) Normal profit (b) Abnormal profit (c) Zero profit (d) Loss. [25] Under which of the following forms of market structure does a firm has a very considerable control over the price of its product?

24 24 CPT Scanner (English) : Appendix (a) Monopoly (b) Monopolistic Competition (c) Oligopoly (d) Perfect Competition. Chapter-5: Indian Economy: A Profile Unit-1: Indian Economy [26] Which index is used to measure the inequality of income and wealth? (a) Ginni index (b) Cost index (c) Growth index (d) Economic Index. Unit-2: Role of Different Sectors [27] Which of the following type of land tenure systems were prevailing in India at the time of independence? (a) Mahalwari System (b) Ryotwari System (c) Zamindari System (d) All of the above. [28] Which of the following is the largest contributor of GDP in India? (a) Agriculture (b) Tourism (c) Industry (d) Service Sector. [29] Who is responsible for collecting and presenting statistics in India? (a) ISI (b) CSO (c) ICAER (d) NCERT. Unit-3: National Income [30] National Income differs from Net National Product at market price by the amount of (a) Current transfers from the rest of the world (b) Net indirect taxes (c) National debt interest (d) Subsidies. [31] Value added method is used to measure.

25 CPT Scanner (English) : Appendix 25 (a) National Income (b) Domestic Income (c) Gross Income (d) Per capita income. [32] Product method of calculating national income is also known as (a) Income method (b) Value added method (c) Expenditure method Unit-4: Tax System [33] Direct taxes are in nature. (a) Progressive (b) Regressive (c) Digressive (d) Proportional. Chapter-6: Aspects of Indian Economy Unit-1: Population [34] Census of population is done in India at an Interval of. (a) 5 years (b) 10 years (c) 15 years Unit-5: Inflation [35] When prices rise because of growing factor prices then that inflation is called as (a) Demand pull inflation (b) Stagflation (c) Deflation (d) Cost push inflation. [36] Which one of the following is not a component of demand pull inflation? (a) An increase in government expenditure with no change in tax rate (b) A downward shift in savings function (c) A rise in money wage rate (d) An upward shift of investment function. Chapter-7: Economic Reforms in India Unit-1: Economic Reforms in India

26 26 CPT Scanner (English) : Appendix [37] Fiscal Deficit can be reduced by one of the following ways (a) Increase in subsidy (b) Restrict Privatisation (c) Reduction of tax Revenue (d) Re Prioritize plan scheme. [38] One major proposal of New Industrial Policy (1991) (a) Impose restriction on technical know-how for one year (b) All types of industries have been made licensed (c) NRIs will not be allowed for capital investment in India (d) Facility of direct foreign investment upto 51% in high priority industries. [39] Fiscal policy means (a) Policy relating to money matters (b) Policy related to income and expenditure of the government (c) Policy related to disbursement of funds to state government (d) Policy related to foreign trade matters. Unit-2: Liberalisation, Privatisation and Disinvestment [40] The term disinvestment is more popularly used (a) Where a holding company sells shares of a subsidiary company (b) Where an investment company off loads its holding (c) Where central/state government sells its holding of public sector companies [41] Under the strategic sale method, disinvestment price is fixed on. (a) Prevailing rate (b) Estimated rate (c) Pre-determined rate (d) Market based rate. Unit-3: Globalisation [42] Convertibility of rupee means (a) Allow it to determine its own exchange rate in international market (b) Conversion of rupee into various Foreign currencies (c) Transfer of funds in international market [43] Globalisation means (a) Creation of global trading blocks (b) Dismantling trade barriers (c) Introducing single currency in the world

27 CPT Scanner (English) : Appendix 27 [44] Objectives of price discrimination in international market (a) To capture foreign markets (b) To dispose of surplus stock (c) To earn maximum profit (d) All of the above. Chapter-8: Money and Banking Unit-2: Commercial Banks [45] Land Development Bank provide loans for a period of (a) One year (b) Two to five years (c) Five to seven years (d) Fifteen to twenty years. [46] Bad and doubtful debts of scheduled commercial banks are known as (a) Non-performing assets (b) Withdrawals of assets (c) Non recoverable assets Unit-3: Reserve Bank of India (RBI) [47] The portion of total deposit which a commercial bank has to keep with itself in liquid assets is known as (a) CRR (b) SLR (c) REPO (d) Reverse REPO. [48] Which of the following is a qualitative method of credit control (a) Bank rate (b) Open market operations (c) Variation in the reserve requirement (d) Regulation of consumer credit. [49] The rate at which discounting of bills of first class is done by RBI is called (a) Bank rate (b) Prime Lending rate

28 28 CPT Scanner (English) : Appendix (c) Repo rate [50] Which one of the following measures is not adopted by RBI for controlling credit in India? (a) Cash Deposit ratio (b) Cash Reserve ratio (c) Statutory Liquidity ratio (d) Selective credit control. Paper 4 : Quantitative Aptitude Chapter-1: Ratio and Proportion, Indices and Logarithm [1] If 3 a + 3 b + 3 a b c c = 0, then the value of 3 (a) abc (b) 9abc 1 (c) abc 1 (d) 9abc [2] Find three numbers in the ratio 1 : 2 : 3, so that the sum of their squares is equal to 504 (a) 6, 12, 18 (b) 3, 6, 9 (c) 4, 8, 12 (d) 5, 10, 15 [3] The value of log 4 9. log 3 2 is (a) 3 (b) 9 3

29 CPT Scanner (English) : Appendix 29 (c) 2 (d) 1 [4] The value of (log y x. log z y. log x z) 3 is (a) 0 (b) - 1 (c) 1 (d) 3 [5] Divide 80 into two parts 50 that their product is maximum, then the numbers are (a) 25, 55 (b) 35, 45 (c) 40, 40 (d) 15, 65 Chapter-2: Equations [6] If b 2-4ac is a perfect square but not equal to zero than the roots are: (a) real and equal (b) real, irrational and equal (c) real, rational and unequal (d) Imaginary [7] A seller makes an offer of selling certain articles that can be described by the equation x = 25-2y where x is the price per unit and y denotes the number of unit. The cost price of the article is ` 10 per unit. The maximum quantity that can be offered in a single deal to avoid loss is. (a) 6 (b) 7 (c) 8 (d) 9 [8] If kx - 4 = (k - 1)x, then which of the following is true? (a) x = - 5 (b) x = - 4 (c) x = - 3 (d) x = + 4 [9] The value of K for which the system of equations kx + 2y = 5 and 3x + y = 1 has no solution is (a) 5

30 30 CPT Scanner (English) : Appendix 2 (b) 3 (c) 6 3 (d) 2 Chapter-3: Inequalities [10] The solution of the inequality 8x + 6 < 12x + 14 is (a) (- 2, 2) (b) (0, - 2) (c) (2, ) (d) (- 2, ) Chapter-4: Simple and Compound Interest Including Annuity Applications [11] On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is ` 29.4 (a) ` 5000 (b) ` 5500 (c) ` 6000 (d) ` 6500 [12] In what time will a sum of money double its y at 6.25% p.a. simple interest? (a) 5 years (b) 8 years (c) 12 years (d) 16 years [13] What principal will amount to ` 370 in 6 years at 8% p.a. at simple interest? (a) ` 210 (b) ` 250 (c) ` 310 (d) ` 350 Chapter-5: Basic Concepts of Permutations and Combinations [14] If 15 C 3r = 15 C r+3, then r is equal is

31 CPT Scanner (English) : Appendix 31 (a) 2 (b) 3 (c) 4 (d) 5 [15] How many different words can be formed with the letters of the word LIBERTY (a) 4050 (b) 5040 (c) 5400 (d) 4500 [16] In how many ways can a family consist of three children here different birthdays in a leap year (a) 365 C 3 (b) 366 C 3-3 (c) (d) 366 C 3 Chapter-6: Sequence and Series Arithmetic and Geometric Progression [17] An Arithmetic progression has 13 terms whose sum is 143. The third term is 5 so the first term is (a) 4 (b) 7 (c) 9 (d) 2 [18] If Geometric mean (G.M.) Of a, b, c, d is 3, then G.M. of 1 a, 1 b, 1 c, 1 d will be (a) 1/3 (b) 3 (c) 81 (d) 1/81 Chapter-7: Sets, Functions & Relations [19] If ƒ(x) = (a - x) 1/n, a > 0 and n is a positive integer, then ƒ(ƒ(x)) =. (a) x (b) a (c) x 1/n (d) a 1/n

32 32 CPT Scanner (English) : Appendix [20] Of the 200 candidates who were interviewed for a position at call centre, 100 had a two-wheeler, 70 had a credit card and 140 had a mobile phone, 40 of them had both a two-wheeler and a credit card, 30 had both a credit card and a mobile phone, 60 had both a two-wheeler and a mobile phone, and 10 had all three. How many candidates had none of the three? (a) 0 (b) 20 (c) 10 (d) 18 2 x - 25 [21] If ƒ(x) =, then ƒ(5) is x - 5 (a) 0 (b) 1 (c) 10 (d) not defined Chapter-8: Limits and Continuity Intuitive Approach [22] Lim x 0 1 x is (a) + (b) - (c) 0 (d) does not exist [23] If Lim x 2 2 x - ax + x - a x - 2 = l, then which of the following is correct? (a) a = 1, l = 2 (b) a = 2, l = 3 (c) a = -2, l = -1 (d) a = -2, l = 3 Chapter-9: Basic Concepts of Differential and Integral Calculus [24] The points on the curve y = x 3 - x 2 - x + 1, where the tangent is parallel to x-axis are (a), and (1, 0) 3 27 (b) (0, 0) and (1, 0)

33 CPT Scanner (English) : Appendix 33 (c) (1, 0) and (1, 1) (d) (0, 1) and (1, 1) [25] (a) (b) 2x a dx. 2x a 2log a 2x 2.a loga 2x a.loga (c) 2 (d) None of these Chapter-10: Statistical Description of Data [26] Difference between the maximum and minimum value of a given data is called (a) Width (b) Size (c) Range (d) Class [27] If class interval is 10-14, 15-19, 20-24, then the first class is (a) (b) (c) (d) 9-15 [28] The difference between the upper and lower limit of a class is called. (a) Class Interval (b) Mid Value (c) Class boundary (d) Frequency Chapter-11: Measures of Central Tendency and Dispersion [29] Find at the variance given that the Arithmetic Mean = (8 + 4)/2 (a) 2 (b) 6

34 34 CPT Scanner (English) : Appendix (c) 1 (d) 4 [30] In normal distribution mean, median and mode are (a) Equal (b) Not Equal (c) Zero (d) None of above [31] Coefficient of mean deviation about mean for the first 9 natural numbers is (a) 200/9 (b) 80 (c) 400/9 (d) 50 [32] The price of averages whose value can be determined graphically? (a) Mode, Median (b) Mean, Mode (c) Mean, Median (d) None of the above [33] If mean = 5, Standard deviation = 2.6, median = 5 and quartile deviation = 1.5, then the coefficient of quartile deviation equals (a) 35 (b) 39 (c) 30 (d) 32 Chapter-12: Correlation and Regression [34] Determine the coefficient of correlation between x and y series: x Series y Series No. of items Arithmetic mean Sum of sq. of deviation of mean Sum of product of deviation of x and y series from mean = 122 (a) (b) 0.89 (c) 0.69 (d)

35 CPT Scanner (English) : Appendix 35 [35] Price and Demand is the example for (a) No correlation (b) Positive correlation (c) Negative (d) None of the above [36] If mean of x and y variables is 20 and 40 respectively and the regression coefficient of y on x is 1.608, then the regression line of y on x is (a) y = 1.608x (b) y = 1.5x (c) y = 1.608x (d) y = 1.56x [37] When the value of correlation coefficient is +1 or -1, then the two regression lines will. (a) have 30 angle between them (b) have 45 angle between them (c) coincide (d) be perpendicular to each other. Chapter-13: Probability and Expected Value by Mathematical Expectation [38] If P(A) = 0.45, P(B) = 0.35 and P(A&B) = 0.25, then P(A/B) =? (a) 1.4 (b) 1.8 (c) (d) [39] The probability of a cricket term winning match at Kanpur is 2/5 and hosing match at Delhi is 1/7 what is the Probability of the term winning atleast one match? (a) 3/35 (b) 32/35 (c) 18/35 (d) 17/35 [40] Find the expected value of the following probability distribution X: P(x): 3/20 1/5 1/2 1/10 ½0

36 36 CPT Scanner (English) : Appendix (a) 20.5 (b) 21.5 (c) 22.5 (d) 24.5 [41] Two coins are tossed simultaneously. Find the probability of getting exactly are head. (a) 3/4 (b) 2/3 (c) 1/4 (d) 1/2 Chapter-14: Theoretical Distributions [42] In a certain Poisson frequency distribution, the probability corresponding to two successes is half the probability corresponding to three successes. The mean of the distribution is (a) 6 (b) 12 (c) 3 (d) 2.45 Chapter-15: Sampling Theory [43] If the points of inflexion of a normal current are 6 and 14 respectively, then its standard deviation is. (a) 4 (b) 8 (c) 16 (d) 32 [44] The standard deviation of sampling distribution is known as: (a) Standard error (b) Mean (c) Variance (d) Mode [45] Sample in which number of units is less than is called a small sample. (a) 100 (b) 75 (c) 50 (d) 30

37 CPT Scanner (English) : Appendix 37 [46] Which of the following is non-probability sampling method? (a) Systematic Sampling (b) Quota Sampling (c) Cluster Sampling (d) Stratified Sampling [47] There are 75 students in a class and their average marks is 50 and standard derivation of Marks is 5. Number of students who have secured more then 60 marks (given that area under the normal curve for z = z is is. (a) 1 (b) 2 (c) 3 (d) 4 Chapter-16: Index Numbers [48] An index time series is a list of number of two or more period of time, where each index number employs the same base y can. (a) Index (b) Absolute (c) Relative (d) Sample [49] The index number for the year 2012 taking 2011 as the base year from the data given below by using simple average of price relative method is. Commodity A B C D E Price in Price in (a) 112 (b) 117 (c) 120 (d) 111 [50] What is the formula for calculating the deflated value? (a) Current value/price index of current year (b) (Current value/price index of current year) 100 (c) Price index of current year/current value (d) (Current value/price index of last year) 100

38 38 CPT Scanner (English) : Appendix FOR NOTES

39 CPT Scanner (English) : Appendix 39 FOR NOTES