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Commerce Exam  >  Commerce Tests  >  Entrepreneurship Class 11  >  Test: Business Finance and Arithmetic - 2 - Commerce MCQ

Test: Business Finance and Arithmetic - 2 - Commerce MCQ


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10 Questions MCQ Test Entrepreneurship Class 11 - Test: Business Finance and Arithmetic - 2

Test: Business Finance and Arithmetic - 2 for Commerce 2024 is part of Entrepreneurship Class 11 preparation. The Test: Business Finance and Arithmetic - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Business Finance and Arithmetic - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Finance and Arithmetic - 2 below.
Solutions of Test: Business Finance and Arithmetic - 2 questions in English are available as part of our Entrepreneurship Class 11 for Commerce & Test: Business Finance and Arithmetic - 2 solutions in Hindi for Entrepreneurship Class 11 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Business Finance and Arithmetic - 2 | 10 questions in 10 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Entrepreneurship Class 11 for Commerce Exam | Download free PDF with solutions
Test: Business Finance and Arithmetic - 2 - Question 1
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What is the primary purpose of collecting taxes by the government?

Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 1
The primary purpose of collecting taxes by the government is to fund various welfare activities and government functions, such as building infrastructure, national security, healthcare, and education. Taxes are a source of revenue for the government to carry out these essential functions and provide public services.
Test: Business Finance and Arithmetic - 2 - Question 2
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Which financial term represents the stage where a business neither makes a profit nor incurs losses?

Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 2
The stage where a business neither makes a profit nor incurs losses is known as the Break-Even Point. At this point, the business generates enough revenue to cover its expenses but does not generate any profit.
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Test: Business Finance and Arithmetic - 2 - Question 3
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What category does the purchase of packing material fall into in a cash register?

Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 3
The purchase of packing material falls into the category of an outflow of cash in a cash register because it involves a payment made by the business to acquire the packing materials.
Test: Business Finance and Arithmetic - 2 - Question 4
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What is the maximum cap on the profit a business can make according to government regulations?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 4
There is no maximum cap on the profit a business can make according to government regulations. Profit levels in a business are determined by factors such as sales volume, pricing, and expenses, and the government typically does not set limits on overall profits.
Test: Business Finance and Arithmetic - 2 - Question 5
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In a multi-product firm, how does the concept of break-even analysis differ from a single-product firm?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 5
In a multi-product firm, the concept of break-even analysis differs from a single-product firm because multi-product firms often reach the break-even point faster. This is because costs are spread across multiple products, and the overall cost per product is lower, allowing the business to cover its expenses more quickly.
Test: Business Finance and Arithmetic - 2 - Question 6
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What is the purpose of a cash register in a business?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 6
The purpose of a cash register in a business is to record all monetary transactions, including both income (inflow) and expenses (outflow). It serves as a financial record-keeping tool to track all financial activities of the business.
Test: Business Finance and Arithmetic - 2 - Question 7
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When does a business reach the break-even point?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 7
A business reaches the break-even point when its revenues cover its expenses, resulting in neither profits nor losses. At this stage, the business is able to cover all its costs with its generated revenue.
Test: Business Finance and Arithmetic - 2 - Question 8
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What is the purpose of collecting taxes from citizens by the government?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 8
The purpose of collecting taxes from citizens by the government is to fund the government's operational expenses, including public services, infrastructure development, and various welfare activities. Taxes are a vital source of revenue for the government to carry out its functions and provide for the needs of the nation.
Test: Business Finance and Arithmetic - 2 - Question 9
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What financial term represents the monetary value incurred to produce a good or provide a service?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 9
The financial term that represents the monetary value incurred to produce a good or provide a service is "Cost." Cost reflects the expenses associated with manufacturing or providing a product or service.
Test: Business Finance and Arithmetic - 2 - Question 10
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When a company issues owner's equity shares, what does it result in?
Detailed Solution for Test: Business Finance and Arithmetic - 2 - Question 10
When a company issues owner's equity shares, it results in an inflow of cash. This is because the owners or shareholders invest their money into the business in exchange for equity shares, which increases the cash position of the business.
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