India
Question : M/s Hi-Tech India has assets of Rs. 5,00,000 whereas liabilities are: Partner; Capitals—Rs. 3,50,000, General Reserve—Rs. 60,000 and Sundry Creditors—Rs. 90,000. If the normal rate of return is 10% and the goodwill of the firm is valued at Rs. 90,000 at 2 years; purchase of super profit, the average profit of the firm will be
Option 1: Rs.4,000
Option 2: Rs.41,000
Option 3: Rs.86,000
Option 4: None of these
Correct Answer: Rs.86,000
Solution : Answer = 86000
Goodwill = Super Profit × Number of Years' Purchase
Rs. 90,000 = Super Profit × 2
Super Profit = = Rs. 45,000
Capital Employed = Assets - Outside Liabilities (Creditors)
= Rs. 5,00,000 - Rs. 90,000 = Rs. 4,10,000
Or
= Partners
Question : The introduction of the Goods and Services Tax (GST) in India aimed to:
Option 1: Promote fiscal federalism
Option 2: Increase tax rates for businesses
Option 3: Restrict foreign trade
Option 4: Nationalize key industries
Correct Answer: Promote fiscal federalism
Solution : The correct answer is (a) Promote fiscal federalism.
The implementation of the GST aimed to create a unified taxation system across the country by replacing multiple indirect taxes levied by the central and state governments. It aimed to streamline the tax structure, reduce
Question : In India, the residuary powers to legislate any matter that is not mentioned in the three federal lists lies with the _____________.
Option 1: supreme court
Option 2: union legislature
Option 3: state legislature
Option 4: respective ministry
Correct Answer: union legislature
Solution : The correct option is the union legislature.
The residuary powers—that is, the power to legislate on matters not explicitly mentioned in the three lists (Union List, State List, and Concurrent List) of the Seventh Schedule of the Constitution—lie with the Parliament of India
Question : The Securities and Exchange Board of India (SEBI) regulates:
Option 1: Debt financing
Option 2: Equity financing
Option 3: Both debt and equity markets
Option 4: International financing
Correct Answer: Both debt and equity markets
Solution : The correct answer is (c) Both debt and equity markets
The Securities and Exchange Board of India (SEBI) regulates both debt and equity markets in India. SEBI is the regulatory body responsible for overseeing and regulating the securities market in the
Question : Statement 1: Entrepreneurship development programs provide aspiring entrepreneurs with training, mentoring, and access to financial resources.
Statement 2: The Stand Up India scheme aims to promote entrepreneurship among SC/ST entrepreneurs only.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer: Statement 1 is true, but statement 2 is false.
Solution : The correct answer is (b) Statement 1 is true, but statement 2 is false.
Statement 1 is true. Entrepreneurship development programs often provide aspiring entrepreneurs with training, mentoring, and access to financial resources to help them start
Question : Cripps Mission came to India in _____.
Option 1: 1946
Option 2: 1945
Option 3: 1942
Option 4: 1940
Correct Answer: 1942
Solution : The correct answer is 1942.
Sir Richard Stafford Cripps led the Cripps India mission, which was sent to India by the British government in March 1942 to win India's support in World War II. The proposal offered dominion status and autonomy in both external
Question : Who among the following was the first athlete to represent India in fencing at the Tokyo Olympics 2020?
Option 1: Aditi Ashok
Option 2: PT Usha
Option 3: Bhavani Devi
Option 4: PV Sindhu
Correct Answer: Bhavani Devi
Solution : The correct answer is Bhavani Devi.
The first Indian athlete to represent India in fencing at the Olympics was Bhavani Devi of Chennai. Tokyo Olympics 2020: Preliminary activities started on July 21, and the international multi-sport event took place in Tokyo, Japan, from July
Question : Who among the following organised the "All India Depressed Classes Association" in colonial India?
Option 1: M. K. Gandhi
Option 2: Jyotiba Phule
Option 3: Pandita Ramabai
Option 4: B. R. Ambedkar
Correct Answer: B. R. Ambedkar
Solution : The correct answer is B. R. Ambedkar.
B. R. Ambedkar organized the "All India Depressed Classes Association" in colonial India. He founded the "All India Depressed Classes Association" in 1930, which later evolved into the "Scheduled Castes Federation" to address the social and
Question : The 1977 elections in India marked a significant shift as they:
Option 1: Led to the formation of the first coalition government at the Centre
Option 2: Resulted in the re-election of the Congress party
Option 3: Saw the introduction of electronic voting machines
Option 4: Witnessed the highest voter turnout in Indian history
Correct Answer: Led to the formation of the first coalition government at the Centre
Solution : The 1977 elections marked a significant shift as they led to the formation of the first coalition government at the Centre, with the Janata Party coming to power.
Question : Which organization is operating the Pradhan Mantri Vaya Vandana Yojana of the Government of India?
Option 1: State Bank of India
Option 2: LIC of India
Option 3: Unit Trust of India
Option 4: Post Office
Correct Answer: LIC of India
Solution : The correct option is LIC of India.
The Pradhan Mantri Vaya Vandana Yojana has been introduced by the Indian Government for citizens 60 years of age and older. The exclusive right to run this programme has been granted to the LIC of
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