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Test Series: November, 2022 
MOCK TEST PAPER 2 
FOUNDATION COURSE 
PAPER 4: BUSINESS ECONOMICS AND BUSINESS AND COMMERCIAL KNOWLEDGE 
PART- I: BUSINESS ECONOMICS 
Answer Key 
1 (a) 16 (b) 31 (a) 46 (c) 
2 (c) 17 (d) 32 (b) 47 (d) 
3 (b) 18 (b) 33 (b) 48 (a) 
4 (a) 19 (c) 34 (b) 49 (d) 
5 (a) 20 (b) 35 (c) 50 (d) 
6 (a) 21 (d) 36 (d) 51 (a) 
7 (d) 22 (c) 37 (a) 52 (b) 
8 (a) 23 (c) 38 (b) 53 (c) 
9 (a) 24 (d) 39 (b) 54 (c) 
10 (d) 25 (c) 40 (d) 55 (a) 
11 (d) 26 (b) 41 (a) 56 (d) 
12 (d) 27 (c) 42 (a) 57 (b) 
13 (c) 28 (b) 43 (c) 58 (a) 
14 (d) 29 (c) 44 (a) 59 (c) 
15 (a) 30 (c) 45 (d) 60 (c) 
 
 
 
 
 
 
 
 
 
 
© The Institute of Chartered Accountants of India
Page 2


1 
Test Series: November, 2022 
MOCK TEST PAPER 2 
FOUNDATION COURSE 
PAPER 4: BUSINESS ECONOMICS AND BUSINESS AND COMMERCIAL KNOWLEDGE 
PART- I: BUSINESS ECONOMICS 
Answer Key 
1 (a) 16 (b) 31 (a) 46 (c) 
2 (c) 17 (d) 32 (b) 47 (d) 
3 (b) 18 (b) 33 (b) 48 (a) 
4 (a) 19 (c) 34 (b) 49 (d) 
5 (a) 20 (b) 35 (c) 50 (d) 
6 (a) 21 (d) 36 (d) 51 (a) 
7 (d) 22 (c) 37 (a) 52 (b) 
8 (a) 23 (c) 38 (b) 53 (c) 
9 (a) 24 (d) 39 (b) 54 (c) 
10 (d) 25 (c) 40 (d) 55 (a) 
11 (d) 26 (b) 41 (a) 56 (d) 
12 (d) 27 (c) 42 (a) 57 (b) 
13 (c) 28 (b) 43 (c) 58 (a) 
14 (d) 29 (c) 44 (a) 59 (c) 
15 (a) 30 (c) 45 (d) 60 (c) 
 
 
 
 
 
 
 
 
 
 
© The Institute of Chartered Accountants of India
2 
PAPER – 4 PART II: BUSINESS AND COMMERCIAL KNOWLEDGE 
ANSWERS 
61 62 63 64 65 66 67 68 69 70 
(d) (d) (b) (b) (c) (b) (c) (b) (d) (c) 
71 72 73 74 75 76 77 78 79 80 
(b) (a) (b) (a) (d) (b) (c) (c) (b) (c) 
81 82 83 84 85 86 87 88 89 90 
(a) (c) (b) (a) (c) (b) (c) (c) (a) (d) 
91 92 93 94 95 96 97 98 99 100 
(c) (b) (b) (b) (b) (a) (c) (c) (c) (b) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
© The Institute of Chartered Accountants of India
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