Q:

Management accountants would not

A) prepare reports primarily for external users.	B) be concerned with the impact of cost and volume on profits
C) assist in budget planning.	D) determine cost behavior.

Answer & Explanation Answer: A) prepare reports primarily for external users.

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Q:

Which of the following taxes is levied by the State Government only?

A) Wealth tax	B) Entertainment tax
C) Income tax	D) Gift tax

Answer & Explanation Answer: B) Entertainment tax

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Q:

The demand for a inferior good increases with ________ in the consumer's income.

A) increase	B) decrease
C) constant	D) double

Answer & Explanation Answer: B) decrease

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Q:

Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.

A) Rs. 32 crores	B) Rs. 52 crores
C) Rs. 18 crores	D) Rs. 38 crores

Answer & Explanation Answer: C) Rs. 18 crores

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Q:

A minimum wage _____.

A) is the price floor below which workers may not sell their labor	B) is set at a price below the equilibrium wage
C) creates a price ceiling below which the wage cannot legally go	D) decreases unemployment

Answer & Explanation Answer: A) is the price floor below which workers may not sell their labor

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Q:

"Sunrise Industries” are industries _____________

A) which are well developed and have ample scope for further development	B) which improve export performance of the country
C) which small-scale industries	D) which have high growth potential and meet further requirements of the economy

Answer & Explanation Answer: D) which have high growth potential and meet further requirements of the economy

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Q:

If an unintended increase in business inventories occurs

A) aggregate expenditures must exceed the domestic output	B) we can expect businesses to lower the level of production
C) we can expect aggregate production to be unaffected	D) we can expect businesses to increase the level of production

Answer & Explanation Answer: B) we can expect businesses to lower the level of production

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Q:

Which of the following is a nitrogen-fixing bacteria?

A) Salmonella	B) Rhizobium
C) E.coli	D) Pseudomonas

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