NTSE-STAGE 1
ECONOMICS QUESTION BANK
Question 1.
Which of the following activity is an economic activity?
(a) A friendly match played between two classes and school
(b) Caring of children by parents
(c) Teacher teaching in a school
(d) Assembly of a school
Answer:
(c).
Question 2.
The form of Indian Economy is:
(a) Capitalist
(b) Socialist
(c) Mixed
(d) None of these
Answer:
(c).
Question 3
Which of the following types of economy gives the right of personal property of the citizens?
(a) Capitalist
(b) Socialist
(c) Both capitalist and socialist
(d) None of these
Answer:
(a).
Question 4.
Which of the following is not the merit of a mixed economy?
(a) Guardian of personal freedom
(b) Loss of class struggle
(c) More satisfaction to consumers
(d) Control over economic ups and downs
Answer:
(c).
Question 5.
How man is presented in ancient economic thought?
(a) Economic man
(b) Source of production
(c) Integral individual
(d) All of the above
Answer:
(c).
Under capitalist economy, the central problems are solved through:
(a) Government.
(b) Price-mechanism
(c) Prime-Minister.
(d) Public.
Answer:
(b).
Question 2.
Which of the following is not the characteristic of the Indian economy?
(a) Planned Mixed economy.
(b) Agriculture dominated economy.
(c) Federal economy.
(d) Industrially developed economy.
Answer:
(a).
Question 3.
It is not the characterisitc of the socialist economy:
(a) Individual Freedom.
(b) Maximum Social Welfare.
(c) Economic Planning.
(d) Resources owned by the society.
Answer:
(a).
Question 4.
There is a decline of moral values in the:
(a) Socialist system of economy.
(b) Capitalist economy.
(c) Mixed economy.
(d) All of the above.
Answer:
(d).
Question 5.
‘Economy is a system of peoples’ livelihood’ It is:
(a) One of the definitions of economy.
(b) One of the merits of economy.
(c) One of the outcomes of economy.
(d) One of the demerits of economy.
Answer:
(b).
Question 6.
This is not one of the factors of\ production:
(a) Land.
(b) Capital
(c) Nature.
(d) Labour.
Answer:
(c).
Question 7.
Economics is the science of study related with the:
(a) Political activities.
(b) Economic activities.
(c) Recreational activities.
(d) Diplomatic activities.
Answer:
(b).
Question 1.
The main source of employment in India is:
(a) Agriculture
(b) Industries
(c) Service
(d) Animal rearing
Answer:
(a).
Question 2.
What is the term of short term credit?
(a) Less than 15 months
(b) Less than 2 years
(c) Less than 5 years
(d) Less than 10 years
Answer:
(a).
Question 3.
Which state received the highest benefit of Green revolution?
(a) Gujarat
(b) Punjab
(c) Kerala
(d) Jammu and Kashmir
Answer:
(b).
Question 4.
White revolution is related to:
(a) Fishery
(b) Animal rearing
(c) Horticulture
(d) None of these
Answer:
(b).
Question 1.
One of the following is not one of the allied activities related to agriculture:
(a) Animal husbandry
(b) Poultry Farming
(c) Extraction of oil
(d) Craftsmanship
Answer:
(d).
Question 2.
Which one of the following is a summer crop:
(a) Watermelon
(b) Mango
(c) Groundnut
(d) Potato
Answer:
(a).
Question 3.
The state of India where there is a minimum use of fertilisers is:
(a) Bihar.
(b) Orissa.
(c) Chhatisgarh.
(d) Karnataka.
Answer:
(b).
Question 4.
National Bank for Agriculture and Rural Development helps in the development of agriculture by providing to the farmers the facility of:
(a) Seeds.
(b) Chemical fertilizers
(c) Loan (Credit)
(d) Tools and implements
Answer:
(c).
Question 5.
Types of agricultural crops on the basis of season are:
(a) Rabi crops
(b) Kharif crops
(c) Zaid crops
(d) All the above
Answer:
(d).
Question 1.
What should be the objective of business?
(a) Maximum profit earning
(b) Only service
(c) Welfare of people workers working in the institution.
(d) Earning profit by consumer satisfaction through social service
Answer:
(d).
Question 1.
Which of the following natural disaster is not related to India?
(a) Earthquake
(b) Flood
(c) Landslide
(d) Volcano
Answer:
(d).
Question 2.
The major earthquake region of India is:
(a) Southern Plateau
(b) Himalaya
(c) Central India
(d) Coastal India
Answer:
(b).
Question 3.
The major landslide occurs in the mountainous region of India is:
(a) Aravalli
(b) Himalaya
(c) Satpura
(d) Vindhyachal
Answer:
(b).
Question 4.
The ‘river of sorrow’ of West Bengal is
(a) Kosi
(b) Damodar
(c) Ganga
(d) Swarnarekha
Answer:
(b).
Question 5.
The major drought region of India is
(a) Northern plain
(b) Eastern region
(c) Western region
(d) Coastal region
Answer:
(c).uestion 1.
The first profounder of the Double Entry system was
(a) Huge Old Castle
(b) Lucas Pacioli
(c) Batali Boi
(d) William Picalls
Answer:
(b).
Question 2.
Business transactions mean
(a) Credit transactions of goods
(b) Cash transactions of goods
(c) Exchange of services for fixed charges
(d) All the above
Answer:
(d).
Question 3.
The rule ‘Debit the receiver and credit the giver’ relates to
(a) Real Account
(b) Nominal Account
(c) Personal Account
(d) None of the above
Answer:
(c).
Question 4.
In Double entry system every transaction involves
(a) Single party
(b) Two parties
(c) More than two parties
(d) More than one party
Answer:
(b).
Question 5.
Incomplete Entry is another name for
(a) Double Entry System
(b) Single Entry System
(c) Cash System
(d) Mahajani System
Answer:
(b).
Question 6.
Account records can be produced in a court of law as
(a) Statement of accounts
(b) Record of financial institutions
(c) A method of Book keeping
(d) Evidence (Proof)
Answer:
(d).
Question 7.
Which is not one of the Nakal Bahis?
(a) Petty Nakal Bahi
(b) Pakki Cash Bahi
(c) Debit Nakal Bahi
(d) Credit Nakal Bahi
Answer:
(b).uestion 1.
The most scientific method of book-keeping and accounting is
(a) Single Entry System
(b) Cash Book System
(c) Mahajani System of Accounting
(d) Double Entry System
Answer:
(d).
Question 2.
Double entry means transaction of
(a) doing entry on both sides of an account
(b) doing entry in personal account of both
(c) doing entry in depositing of two accounts
(d) doing entry in one’s personal account and doing entry in favour of deposit of other side
Answer:
(d).
Question 3.
At which stage in double entry system from the financial position of business is known?
(a) Classification
(b) Summary
(c) Original record
(d) Ledger posting
Answer:
(d).
Question 4.
At the starting of starting business, the owner invests amount which is called:
(a) Property
(b) Withdrawn
(c) Capital
(d) Responsibility
Answer:
(c).
Question 5.
The Mahajani system of accountancy (Indian entry method) is based on:
(a) Single Entry System
(b) Cash System
(c) Double Entry System
(d) None of these
Answer:
(c).Question 1.
Economic activities are related with:
(a) Earning money
(b) Going to temple
(c) Cooking food
(d) Stealing money
Answer:
(a).
Question 2.
Business includes:
(a) Industry
(b) Trade
(c) Commerce
(d) Industry, Trade and Commerce.
Answer:
(d).
Question 3.
Which of the following is not the profit objective of business:
(a) To earn profit
(b) To provide after sales service
(c) To develop and expand business
(d) To look for new markets
Answer:
(b).
Question 4.
Shooting animals in the forests falls in the category of:
(a) Genetic Industries
(b) Extractive Industries
(c) Assembling Industries
(d) Manufacturing Industries
Answer:
(b).
Question 5.
Which of the following is not one of the auxiliary activities of trade:
(a) Banking
(b) Insurance
(c) Assembling
(d) Warehousing
Answer:
(c).
Question 6.
Transportation helps commerce by removing the obstacle of:
(a) Place
(b) Time
(c) Form
(d) Ownership
Answer:
(a).
Question 7.
Authority utility is created in:
(a) Industry
(b) Trade
(c) Commerce
(d) Business
Answer:
(b).
Question 8.
The name of the central bank of India is:
(a) State Bank of India
(b) Central Bank
(c) Reserve Bank of India
(d) Bank of India
Answer:
(c).
Question 9.
Which of the following sends the printed and the illustrated message in the same form?
(a) Telephone
(b) Fax
(c) Telex
(d) Telegram
Answer:
(b).
Question 10.
Insurance contract is based on:
(a) Friendship
(b) Goodwill
(c) Utmost good faith
(d) Amount of premium
Answer:
(c).
Question 11.
Which of the following is not one of the functions of the bank.
(a) Issuing of pay orders
(b) Accepting deposits
(c) Advancing Loans
(d) Discounting of trade-bills
Answer:
(c).
Question 12.
Money is deposited with the bank for a fixed period under the:
(a) Saving bank account
(b) Current account
(c) Recurring deposit account
(d) Fixed Deposit account
Answer:
(a).
Question 13.
Which is the oldest and the cheapest mode of transport?
(a) Roadways
(b) Airways
(c) Waterways
(d) Railways
Answer:
(d).
Question 14.
Which of the following is not one of the bank documents:
(a) Cheque
(b) Bank draft
(c) Inland letter
(d) Pay order
Answer:
(c).
Question 2.
Meaning of Business:
(a) Manufacturing of goods
(b) Sale and purchase of goods
(c) Advertisement of goods
(d) Any economic activity
Answer:
(b).
Question 3.
Following is included in business:
(a) Production of goods
(b) Distribution of service
(c) Distribution of goods
(d) Production and Distribution of both goods and services
Answer:
(d).
Question 4.
Which of the following is not correct?
(a) Business is related with sales and purchase of goods
(b) Commerce is a part of business
(c) Business is a part of Industry.
(d) Activities which make the business easy to run are called auxiliary activities.
Answer:
(c).
Question 5.
In ancient times temples in India were gold plated because:
(a) In those days such tradition was in practice
(b) Indian traders brought with them gold and gold coins after selling their goods in foreign lands.
(c) Devotees loved golden temples.
(d) Golden temple looked beautiful
Answer:
(b).
Question 6.
The main function of Banks are:
(a) Give loan
(b) Receive deposits
(c) Receive deposits & giving loan
(d) Doing business
Answer:
(c).
Question 7.
Law of compensation is not bound:
(a) in sea insurance
(b) in vehicle insurance
(c) in life insurance
(d) in fire insurance
Answer:
(c).
Question 8.
Investment element is present in:
(a) in sea insurance
(b) in life insurance
(c) in fire insurance
(d) in crop insurance
Answer:
(b).
Question 9.
In Insurance contract the most reliable means:
(a) Believe in Insurance document
(b) Believe of insurer in Insurance company
(c) Believe in insurer and insured
(d) Presentation of important facts of insured object by the insurer
Answer:
(c).
Question 10.
Which of the following means can send printed or pictorial message in the same form?
(a) Telephone
(b) Telegram
(c) Telex
(d) Fax
Answer:
(d).
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