Account and Finance Questions Practice Question and Answer

Q:

Personal Income produced in a country is not included in–

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  • 1
    Production income from NDP
    Correct
    Wrong
  • 2
    Net Production Income from foreign.
    Correct
    Wrong
  • 3
    Transfer Income from government
    Correct
    Wrong
  • 4
    Current Payment on Foreign loans.
    Correct
    Wrong
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Answer : 4. "Current Payment on Foreign loans."
Explanation :

The Current payment on foreign loans are not included in personal Income. In economics, personal income refers to an individual’s total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period.

Q:

A ‘Transfer Income’ is as –

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  • 1
    Income which is not produced by as production process.
    Correct
    Wrong
  • 2
    Income taken away from one person given over to another.
    Correct
    Wrong
  • 3
    Unearned Income
    Correct
    Wrong
  • 4
    Earned Income
    Correct
    Wrong
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Answer : 1. "Income which is not produced by as production process."
Explanation :

Transfer paymentOne-way payment of money for which no money, good, or  service is received in exchange. Governments use such payments as means of income  redistribution by giving out money under social welfare  programs such as social security, old age or disability pensions,  student grants, unemployment compensation, etc. Subsidies  paid to exporters, farmers, manufacturers, however, are not  considered transfer payments. Transfer payments are excluded  in computing gross national product.

Q:

One of the main factors that led to rapid expansion of Indian exports is–

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  • 1
    Imposition of export duty
    Correct
    Wrong
  • 2
    Liberalization of the economy
    Correct
    Wrong
  • 3
    Recession in other countries
    Correct
    Wrong
  • 4
    Diversification of exports
    Correct
    Wrong
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Answer : 2. "Liberalization of the economy"
Explanation :

The Liberalization of economy is to the main factor that led to rapid expansion of Indian exports. Imposition, Recession and Diversification does not contribute to export

Q:

Compared to rich the poors saving is–

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  • 1
    A larger part of their income
    Correct
    Wrong
  • 2
    An equal part of their income
    Correct
    Wrong
  • 3
    A small part of their income
    Correct
    Wrong
  • 4
    All of their incomes
    Correct
    Wrong
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Answer : 3. "A small part of their income"
Explanation :

 A necessary level of consumption produces differences in income and saving. This implies that the poor household have lower saving rates because they cannot “afford to save” after buying the necessities.

Q:

Other name of Net National Product at market price?

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  • 1
    National Income
    Correct
    Wrong
  • 2
    Gross Domestic Production
    Correct
    Wrong
  • 3
    Personal Income
    Correct
    Wrong
  • 4
    Per Capital Income
    Correct
    Wrong
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Answer : 1. "National Income "
Explanation :

NNPMP = GNPMP – depreciation

Q:

National Income include–

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  • 1
    Financial help to earthquake victims
    Correct
    Wrong
  • 2
    Poket money of a child
    Correct
    Wrong
  • 3
    Winning of a lottery Prize
    Correct
    Wrong
  • 4
    Construction of a new House
    Correct
    Wrong
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Answer : 4. "Construction of a new House"
Explanation :

When new house is given on rent the factor income will increase. Hence, it will be part of National Income. Rests are part of Transfer Payment.

Q:

The Central Statistical Organisation (CSO) provides data under a new revised series in which the base year is taken as–

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  • 1
    1960-61
    Correct
    Wrong
  • 2
    1970-71
    Correct
    Wrong
  • 3
    2011-12
    Correct
    Wrong
  • 4
    1990-91
    Correct
    Wrong
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Answer : 3. "2011-12 "
Explanation :

The CSO provides data under a new revised series in which the base year is taken as 2011–12.

Q:

The Census of Indian agriculture is done by–

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  • 1
    Production Method
    Correct
    Wrong
  • 2
    Income Method
    Correct
    Wrong
  • 3
    Expenditure Method
    Correct
    Wrong
  • 4
    Consumption Method
    Correct
    Wrong
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Answer : 1. "Production Method "
Explanation :

Under the consideration of India economy, census of agriculture, is done by production method.

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