1st Year Principles of Commerce First half Book Paper

Q1. Multiple choice questions (Attempt all · 15 × 1 = 15)

1. Commerce is the component of:

   1. Industry

   2. Trade

   3. Business

   4. Agriculture

2. Due to foreign trade, the less developed countries:

   1. Becomes political slaves

   2. Do not progress

   3. Do not live alone

   4. None of the above

3. The basic objective of business is:

   1. Exchange

   2. Earning Profit

   3. Service to the society

   4. Earning foreign exchange for govt

4. The small retailer sell their goods:

   1. On credit

   2. On cash

   3. On cash to rich and on credit to poor

   4. All of the above

5. To whom does the directors of a company submit the copy of profit account:

   1. Company’s registrar

   2. Company’s auditor

   3. Company’s creditor

   4. None of the above

6. Whole seller purchases goods in:

   1. Reasonable quantity

   2. Large quantity

   3. Small quantity

   4. All

7. The wholesaler creates a link between:

   1. Retailer and consumer

   2. Retailer and manufacturer

   3. Consumer and manufacturer

   4. All the above

8. Co operative society started in:

   1. 1840

   2. 1844

   3. 1845

   4. 1850

9. What has to be bought in order to become shareholder of a company:

   1. Shares

   2. Debentures

   3. Dividend

   4. None of the above

10. If the price of goods includes the expenses till custom duty, it is called:

    1. Duty paid

    2. Custom paid

    3. Inbond

    4. None of these

11. The partnership formed for any special project is called:

    1. Limited partnership

    2. Particular partnership

    3. Partnership at will

    4. All of the above

12. The minimum number of persons in a multi members private company:

    1. Seven

    2. Four

    3. Two

    4. Three

13. Who provides capital in sole proprietorship?

    1. Sole owner

    2. Bank

    3. Workers

    4. Relatives

14. A business in which goods are produced?

    1. Trade

    2. Commerce

    3. Industry

    4. Business

15. How many copies of bill of lading are prepared?

    1. Two

    2. Three

    3. Four

    4. Five