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Commerce Exam  >  Commerce Tests  >  Test: Business Finance and Arithmetic - 1 - Commerce MCQ

Test: Business Finance and Arithmetic - 1 - Commerce MCQ


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10 Questions MCQ Test - Test: Business Finance and Arithmetic - 1

Test: Business Finance and Arithmetic - 1 for Commerce 2024 is part of Commerce preparation. The Test: Business Finance and Arithmetic - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Business Finance and Arithmetic - 1 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 - 1 below.
Solutions of Test: Business Finance and Arithmetic - 1 questions in English are available as part of our course for Commerce & Test: Business Finance and Arithmetic - 1 solutions in Hindi for Commerce 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 - 1 | 10 questions in 10 minutes | Mock test for Commerce preparation | Free important questions MCQ to study for Commerce Exam | Download free PDF with solutions
Test: Business Finance and Arithmetic - 1 - Question 1
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What is the formula for calculating Gross Profit or Gross Margin?

Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 1
The formula for calculating Gross Profit or Gross Margin is Gross Profit = Unit Price - Unit Cost. It represents the profit a business makes by selling a product or service before deducting fixed expenses.
Test: Business Finance and Arithmetic - 1 - Question 2
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Where do businesses usually record all monetary transactions on a daily basis?

Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 2
Businesses typically record all monetary transactions on a daily basis in a cash register or cash book. These transactions are initially recorded in the cash register or cash book, which serves as the book of original entry.
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Test: Business Finance and Arithmetic - 1 - Question 3
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Which type of tax can be shifted from the taxpayer to someone else?

Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 3
Indirect tax can be shifted from the taxpayer to someone else. It is typically imposed on goods or services and can be passed on to the end user or entity.
Test: Business Finance and Arithmetic - 1 - Question 4
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In which cases are monetary transactions between businesses referred to as loans or credit?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 4
Monetary transactions between businesses are referred to as loans or credit when they are based on mutual trust. This means one business extends credit to another, allowing the recipient to pay at a later date.
Test: Business Finance and Arithmetic - 1 - Question 5
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What is the primary objective of a business from an economic standpoint?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 5
The primary objective of a business from an economic standpoint is to earn significant profit. Profitability is a fundamental goal for most businesses as it ensures their sustainability and growth.
Test: Business Finance and Arithmetic - 1 - Question 6
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Which of the following is equivalent to blood for an enterprise's survival?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 6
Monetary resources or cash are equivalent to blood for an enterprise's survival. Just as blood is vital for the survival of living beings, cash is essential for businesses to operate, meet expenses, and sustain their operations.
Test: Business Finance and Arithmetic - 1 - Question 7
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What is the term used for selling a product or service and collecting payment at a later date?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 7
Selling on credit is the term used for selling a product or service and allowing the buyer to make payment at a later date, extending credit to the buyer.
Test: Business Finance and Arithmetic - 1 - Question 8
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What is the break-even point in a business?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 8
The break-even point in a business is the point where a business covers all its expenses, resulting in neither profit nor loss.
Test: Business Finance and Arithmetic - 1 - Question 9
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Which statement represents the revenue and expenses of a business over a specified period of time?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 9
The income statement represents the revenue and expenses of a business over a specified period of time, providing insights into the profitability of the business.
Test: Business Finance and Arithmetic - 1 - Question 10
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What does the government typically do with the revenue generated from collecting taxes?
Detailed Solution for Test: Business Finance and Arithmetic - 1 - Question 10
The government typically uses the revenue generated from collecting taxes to implement social welfare programs, which can include infrastructure development, social services, salaries for government employees, and more. These programs aim to benefit the society and citizens.
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