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 Business Awareness Questions

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Q:

What does IMF stand for?

A) International Monetary Fund B) Indian Money Fund
C) International Machine Federation D) Institute of Monetary Finance
 
Answer & Explanation Answer: A) International Monetary Fund

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Q:

 In December 2017, as per the announcement made by the finance Ministry, nearly how much amount have banks lost on account of frauds in the fiscal 2016-17?

A) Rs 50,000 crore B) Rs 5000 crore
C) Rs 17,000 crore D) Rs 1,000 crore
 
Answer & Explanation Answer: C) Rs 17,000 crore

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Q:

Total asset turnover is used to evaluate

A) The efficiency of management's use of assets to generate sales B) The need for asset replacement
C) The cash flows used to acquire assets D) The relation between asset cost and book value
 
Answer & Explanation Answer: A) The efficiency of management's use of assets to generate sales

Explanation:

Total asset turnover is the ratio which measures the value of a company's sales or revenues relative to the value of its assets. It is used to evaluate The efficiency of management's use of assets to generate sales.

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Q:

Business transaction are recorded

A) in chronological order B) at the end of the month
C) weekly D) any of the above
 
Answer & Explanation Answer: A) in chronological order

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Q:

A trial balance will not balance if

A) Rs.500 cash payment to creditors is debited to creditors a/c for Rs.50 and credited to cash Rs.500. B) correct journal entry is posted twice
C) the purchase on credit basis is debited to purchases and credited to cash D) None of the above
 
Answer & Explanation Answer: A) Rs.500 cash payment to creditors is debited to creditors a/c for Rs.50 and credited to cash Rs.500.

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Q:

Which institution in India acts as 'lender of the last resort'?

A) Finance Ministry B) Reserve Bank of India
C) Treasury D) Currency Printing Presses
 
Answer & Explanation Answer: B) Reserve Bank of India

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Q:

An advantage of the corporate form of business is that

A) Easier to raise capital B) The Business Lives On
C) Protecting Personal Assets D) All the above
 
Answer & Explanation Answer: D) All the above

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Q:

On a classified balance sheet, companies usually list current assets

A) in the order of acquisition. B) with the largest dollar amounts first.
C) in alphabetical order. D) in the order in which they are expected to be converted into cash.
 
Answer & Explanation Answer: D) in the order in which they are expected to be converted into cash.

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