Finance And Commerce Exams Practice Quiz

Levi Strauss is credited with inventing jeans. He was a German-American businessman who founded the first company to manufacture denim jeans. In the 1870s, Strauss partnered with Jacob Davis, a tailor, to create sturdy work pants with copper rivets for added strength. These pants, known as "waist overalls," became popular among miners and laborers due to their durability. Over time, they evolved into the iconic denim jeans we know today. Levi Strauss' contribution to the development of jeans has made him synonymous with the invention of this popular clothing item.

The correct answer is "开拓新市场 to find new markets." International expansion allows businesses to tap into new markets and reach a larger customer base. By entering new markets, businesses can increase their sales and revenue potential. Expanding internationally also provides opportunities for growth and diversification, as businesses can explore untapped markets and cater to different consumer preferences. Additionally, entering new markets can help businesses mitigate risks associated with relying too heavily on a single market or economy.

Embargo refers to the act of prohibiting trade between countries that have a disagreement. It is a measure taken by a nation to restrict or ban imports and exports with a specific country as a form of economic punishment or political pressure. This can be done to express disapproval of the other country's actions, to protect national security, or to enforce international sanctions. Embargoes can have significant economic and political impacts, affecting industries, businesses, and diplomatic relations between nations.

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The Malaysian government started imposing the Goods and Services Tax (GST) in April 2015.

Wholemeal bread is not a controlled item because it is a common food item that does not have any restrictions or regulations on its production, sale, or consumption. Controlled items are typically those that are subject to government regulations due to health, safety, or security concerns. Palm oil cooking oil, rice, and sugar, on the other hand, may be controlled items in certain countries or regions due to their potential impact on health, environment, or trade.

To encourage economic growth, the government should reduce taxes to stimulate consumer spending and business investment. Additionally, increasing public expenditure can boost economic activity by creating jobs, improving infrastructure, and providing essential services. This combination of reducing taxes and increasing public expenditure can create a favorable environment for economic development and stimulate overall economic growth.

In 2015, the rate of GST imposed in Malaysia was 6%.

The correct answer is 2020 because it is the year mentioned in the question as the target for Prime Minister Najib's plan to transform Malaysia into a high-income economy.

Bill Gates is the richest man in the world according to Forbes World's Top billionaires 2014.

When you buy a coke, both you and the seller benefit.

According to the Monetary Policy Statement released on 7 May 2015, the Monetary Policy Committee of Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.25 percent.

The statement "Profit is another word for Capital" is incorrect. Profit refers to the excess of revenue over expenses and is a measure of the profitability of a business. Capital, on the other hand, refers to the financial resources or assets that a business has available. While profit can contribute to an increase in capital, they are not the same thing.

The correct answer is King公司 (King Company). "Candy Crush Saga" is a popular game developed and published by King, a British video game developer. The company is known for creating addictive and successful mobile games.

When a shop sells goods on credit at a price above the cost price, it increases its assets because it now has accounts receivable, which are considered assets. Additionally, this transaction also increases revenue for the shop since it has made a sale. Therefore, the balance sheet effect of selling goods on credit at a price above the cost price is an increase in assets and an increase in revenue.

A cash discount is a reduction in the total amount that needs to be paid if either cash or cheque payment is made within a specified period. This means that if the customer pays using either cash or cheque within the agreed timeframe, they will receive a discount on the total amount due. This encourages prompt payment and helps the seller improve their cash flow.

The fixed assets shown in the balance sheet are typically recorded at their book value. This value represents the original cost of the assets minus any accumulated depreciation. The book value provides a more conservative estimate of the assets' worth compared to market or selling price, as it does not take into account any potential appreciation in value over time. Therefore, the correct answer is book value.

When the supply curve shifts to the left, it means that there has been a decrease in supply. This can happen due to various factors such as an increase in production costs, a decrease in the number of suppliers, or a decrease in the availability of resources. As a result, at any given price level, the quantity supplied by producers will be lower than before the shift. This leads to a decrease in supply in the market.

The correct answer is "A credit certificate issued by commercial banks on the credit status of customers." This answer is supported by the statement that non-steady income persons find it difficult to apply for bank-issued credit cards. This suggests that the credit card is issued based on the credit status of the customers, rather than their income. Therefore, the answer that best aligns with this information is the one that mentions the credit status of customers.

The purchase of commercial insurance is a risk-averse investment because it provides protection against potential financial losses or damages that may occur in various aspects of life, such as health, property, or business. By purchasing commercial insurance, individuals or businesses transfer the risk to the insurance company, which will compensate for the losses or damages covered by the policy. This helps to mitigate the potential negative impact of unexpected events and provides a sense of security and stability in facing various risks.

If Ah Beng chooses to become an insurance agent, his opportunity cost would be the income he could have earned if he had chosen to become a hawker instead. Since the average income as a hawker is RM1500, that would be the opportunity cost of choosing to become an insurance agent.

In a Trading and Profit and Loss Account, the revenues and expenses of a business are shown. Revenue represents the income generated from the sale of goods or services, while expenses represent the costs incurred in the process of generating that revenue. This account helps to determine the net profit or loss of the business by comparing the total revenue with the total expenses. Therefore, the correct answer is "Revenue and Expenses."

When two companies are linked together by computers and they send business transactions through these computers, they are probably using electronic data interchange. This technology allows for the exchange of business documents and information between companies in a standardized electronic format. It eliminates the need for manual data entry and reduces errors and processing time.

Nominal accounts are related to revenue and expense accounts. Revenue accounts record the income generated by a business, such as sales revenue or interest earned. Expense accounts record the costs incurred by a business, such as salaries, rent, or utilities. These accounts are temporary in nature and are closed at the end of each accounting period. In contrast, capital accounts represent the owner's equity in a business, and debit accounts are a broad category that includes all types of accounts.

When a customer returns defective goods, a credit note should be issued to the customer. A credit note is a document that acknowledges the return of goods and provides a credit or refund to the customer for the amount paid. It serves as a record of the transaction and helps in maintaining accurate accounting records. By issuing a credit note, the company can properly account for the returned goods and adjust the customer's account accordingly.

生产者剩余是指生产者从销售产品中获得的超过其生产成本的利润。这是通过将销售价格与生产成本之间的差异来计算的。生产者剩余可以被看作是生产者在市场上取得的额外收益，它表示了生产者在销售产品时所获得的利润。

When the government of Malaysia implements GST, it will abolish the current sales tax and service tax system.

The correct answer is http://www.gst.customs.gov.my. This is the official website for Malaysia Goods and Services Tax (GST) as it is hosted under the customs.gov.my domain, indicating its authenticity and authority. The other options, http://www.gst.com.my and http://www.gst.gov.my, are not the official websites for Malaysia GST.

马来西亚是亚洲中已经实施商品及服务税（GST）的国家之一，而且马来西亚的GST税率是亚洲中最低的。这意味着在亚洲其他实施GST的国家中，也门、日本和伊朗的GST税率都高于马来西亚。因此，马来西亚是亚洲中已经实施GST的国家中具有最低税率的国家。

The correct answer is "计划 Plan". In the context of commercial banking, the 4Ps refer to the marketing mix elements: Product, Price, Place, and Promotion. These elements are used by businesses to effectively market their products or services. While product, price, and place are relevant to commercial banks as they offer various financial products and services at different prices and locations, "计划 Plan" is not specifically mentioned as one of the marketing mix elements for commercial banks.

Massimo is the correct answer because the question states that the local bread market is mainly controlled by a few companies, including Gardenia, High 5, and a newcomer. The blank space in the question indicates that the missing company is the newest addition to the market, making Massimo the correct answer.

According to the article from Malaysia Sun on 18th May 2014, Malaysia was reported to be China's third largest trade partner in Asia for the year 2013.

A trade discount is a discount given for bulk purchases. This means that when a customer buys a large quantity of a product, they are eligible for a discount on the total price. This type of discount is commonly used in business-to-business transactions, where companies buy goods in large quantities to resell or use in their own operations. By offering trade discounts, sellers can incentivize customers to buy in bulk, which can help increase sales volume and build customer loyalty.

The common name for Canada's 1 dollar coin is "Loonie." This name originated from the image of a common loon, a bird species, that is featured on the coin's reverse side. The term "Loonie" became popular and widely used by Canadians to refer to the 1 dollar coin, and it is now recognized as the official nickname for the coin.

The correct answer is "缺乏弹性 inelastic". This means that food is categorized as inelastic, which implies that changes in price do not significantly affect the demand for food. Inelastic goods are considered necessities, and people are willing to pay for them regardless of price fluctuations.

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The Purchases Journal consists of credit purchases. This journal is used to record all purchases made on credit, meaning purchases that are not paid for immediately but instead have a payment term agreed upon between the buyer and the seller. By recording credit purchases in the Purchases Journal, businesses can keep track of their accounts payable and ensure timely payment to their suppliers.

妮维雅(Nivea)这个品牌的雪花膏名称提取于拉丁文的意思是“雪白”。

Apple iPhones are assembled in China. This is because China has a large and skilled workforce, as well as a well-developed manufacturing infrastructure. Additionally, China offers lower production costs compared to other countries, making it an attractive location for companies like Apple to assemble their products.

"Monopoly" refers to a situation where there is only one seller or provider of a particular product or service in the market. In this scenario, the seller has complete control over the market and can set prices and dictate terms without facing competition. This lack of competition allows the seller to have a significant advantage and potentially exploit consumers. Therefore, the correct answer is "seller" as they are the ones who hold the monopoly power in this situation.

Revenue is the amount of money a company earns from selling its products or services. It is the total cash received from customers in exchange for the products or services provided. It is calculated by subtracting the cost of producing the product or delivering the service from the selling price.

A bank statement is an example of a source document because it provides detailed information about the transactions that have occurred between the bank and the account holder. It includes the date, description, and amount of each transaction, as well as the account balance. This document serves as evidence and can be used to verify the accuracy of the financial records.

By choosing to stay in school, you are forgoing the wages you could potentially earn if you were employed instead. This means that the opportunity cost of remaining in school includes the potential income you would receive from a job.

Cash payments for wages and credit purchases of goods should not be entered in the journal. The journal is used to record transactions that involve the transfer of assets, liabilities, or equity. Cash payments for wages are recorded in the payroll journal, while credit purchases of goods are recorded in the purchases journal. Therefore, entering these transactions in the general journal would be incorrect. On the other hand, bad debts written-off and sale of fixed assets are transactions that should be recorded in the journal, as they involve the transfer of assets or the recognition of expenses.

The question asks for the main export partners of Malaysia, excluding one country. The given options are China, India, Japan, and Singapore. The correct answer is India. This means that India is not one of the main export partners of Malaysia, while China, Japan, and Singapore are.

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The Sales Day Book does not contain cash sales. Cash sales are not recorded in the Sales Day Book because they do not involve credit transactions. The Sales Day Book is used to record credit sales made to customers, where payment is expected to be received at a later date. Cash sales, on the other hand, involve immediate payment and are typically recorded in the Cash Receipts Journal or a similar cash book.

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Carriage Inwards is charged to the Trading Account because it is considered as part of the cost of buying goods. This means that it is an expense incurred in bringing the goods into the business, such as transportation costs. Since the Trading Account records the costs and revenues directly related to the buying and selling of goods, it is appropriate to include Carriage Inwards as an expense in this account. Additionally, the fact that it is not a Balance Sheet item further supports the idea that it should be recorded in the Trading Account.

The Sales Journal does not contain cash sales because these transactions are recorded in the Cash Receipts Journal. The Sales Journal is used to record credit sales made without deduction of trade discount and credit sales that eventually turn out to be bad debts.

Walmart is the world's largest retailer because of its extensive global presence and high revenue. With thousands of stores in various countries, Walmart offers a wide range of products at affordable prices, attracting a large customer base. The company's efficient supply chain management and strong marketing strategies have contributed to its success and dominance in the retail industry.

The stock exchange is responsible for providing information about stock transactions and managing the marketplace for buying and selling shares. However, it is not involved in issuing new shares for listed companies or managing the Securities Commission. Therefore, options I and III are the correct answer as they represent the functions that are not performed by the stock exchange.

In 2010, Facebook reportedly bought the domain name of the American Farm Bureau Federation for $8.5 million. This suggests that Facebook made a significant investment in acquiring the domain name, indicating its interest in expanding its presence and influence in the agricultural industry or possibly using the domain for a related project or initiative.

A journal is a form of day book where all the financial transactions of a business are recorded in chronological order. It serves as the initial record of the transactions before they are transferred to the ledger accounts. The journal is an important part of the double-entry system of accounting as it helps in maintaining accurate and complete records of all the financial activities of the business. It is not a supplement to the balance sheet, as the balance sheet is a separate financial statement that summarizes the assets, liabilities, and equity of a business at a specific point in time.

An enterprise would give "discount allowed" to its debtors upon settlement of their debts within a specified period. This means that the enterprise is providing a reduction in the amount owed by the debtor as an incentive for them to pay their debts early. This discount is allowed by the enterprise and is a common practice to encourage prompt payment from debtors.

The correct answer is "Banks to issue loans charge interest." This means that the source of Lee's interest income is the interest charged by the bank on the loans they issue. This suggests that Lee may have invested his money in a loan or savings account with the bank, and earned interest on that investment.

The correct answer is Hitachi. "Inspire the Next" is the punch line or slogan for the company Hitachi.

When the economy is growing too fast and inflation is high, the government needs to control total social demand to maintain stable economic growth. One way to do this is by raising deposit and lending rates, which makes borrowing more expensive and reduces overall spending. Additionally, reducing financial expenditure helps to decrease the money supply and prevent further inflationary pressures. Therefore, raising deposit and lending rates and reducing financial expenditure are effective means for the government to curb inflation and maintain economic stability.

In accounting, the terms "debit" and "credit" refer to the recording of financial transactions. The answer states that debit is on the left-hand side, while credit is on the right-hand side. This is known as the double-entry bookkeeping system, where every transaction affects at least two accounts. Debits are used to record increases in assets and expenses or decreases in liabilities and equity, while credits are used to record decreases in assets and expenses or increases in liabilities and equity. Therefore, the answer accurately describes the placement of debit and credit entries in accounting.

A bank statement is an example of a source document because it provides detailed information about the transactions that have occurred in a bank account. It includes the date, description, and amount of each transaction, as well as the beginning and ending balances. This document serves as evidence of the financial activities of an individual or a business and can be used for record-keeping, auditing, and reconciliation purposes.

The term "purchases" typically refers to items bought for the purpose of resale or for acquiring goods for business use. Stationery purchased for office use is not intended for resale, but rather for internal use within the office. Therefore, it should not be called as "purchases" in this context.

Fire insurance is not considered a capital expenditure because it is a recurring expense that is necessary for the ongoing operation of the grocery store. Capital expenditures typically refer to investments in long-term assets that provide future benefits, such as shop premises, fixtures and fittings, and shop equipment. These assets are expected to generate revenue and contribute to the overall value of the business over an extended period of time. In contrast, fire insurance is a regular expense that is incurred to protect the business from potential risks and does not provide long-term benefits or contribute to the value of the business.

An increase in interest rates can lead to revaluation in the Malaysia Ringgit because it will attract foreign investors, resulting in an increase in demand for the currency. This increased demand will cause the value of the Ringgit to rise. Additionally, an increase in foreign exchange reserves can also lead to revaluation as it reflects a stronger position in the country's currency. Higher reserves indicate that the country has more foreign currency assets, which can increase the value of the Ringgit. Therefore, options I and III are correct.

During the Tang and Song dynasties in Chinese history, the prototype of bills had already appeared.

Job evaluation is used for determining wage rate differentials. Job evaluation is a systematic process that helps organizations determine the relative worth of different jobs within the company. It involves assessing the tasks, responsibilities, and skills required for each job and assigning a value or grade to them. By determining wage rate differentials through job evaluation, organizations can ensure that employees are paid fairly based on the value and complexity of their roles. This helps in maintaining internal equity and providing incentives for employees to perform well.

Currency devaluation is a factor that mainly contributes to inflation. When a country's currency loses value, it becomes more expensive to import goods and services. This leads to an increase in the prices of imported products, which in turn raises the overall price level in the economy. As a result, the cost of living increases, causing inflation.

In 2013, Samsung was ranked as the top manufacturer for smartphones globally.

According to the Chinese traffic laws, all car owners are required to purchase third party insurance.

Air Asia refuses to move to KLIA 2 punctually.

The balance sheet is a key component of the double entry system as it shows the financial position of a company at a specific point in time by listing its assets, liabilities, and equity. The trial balance is also an essential part of the double entry system as it ensures that debits and credits are equal and helps in detecting errors in recording transactions. Therefore, the correct answer is ii and iii as both the balance sheet and trial balance are part of the double entry system.

MSM Holdings Bhd is the correct answer because it is stated that they are the largest sugar producer in Malaysia. The other options, MSN Holdings Bhd, MNM Holdings Bhd, and MSD Holdings Bhd, are not mentioned as being the largest sugar producer in Malaysia, so they are not the correct answer.

Bill Gates is the correct answer because he is the author of the book "The Road Ahead".

London is considered the world's oldest and largest international financial center due to its long history and global influence in the financial industry. It is home to major financial institutions, including the Bank of England and the London Stock Exchange. London's financial district, known as the City of London, has been a hub for international trade and finance for centuries, making it a key player in the global economy.

When the Malaysian government announced in the 2014 Malaysian Budget that they would not provide a subsidy for sugar, it would lead to an increase in the price of sugar. This increase in price would result in higher production costs for businesses that use sugar as a raw material, which could lead to an increase in the prices of goods and services. This overall increase in prices across the economy is known as inflation. Therefore, the correct answer is inflation.

The correct answer is Starbucks. The name "Pequod" was initially proposed for the company but was retracted due to concerns about its pronunciation sounding like "Pee-quod." This decision led to the eventual adoption of the name Starbucks instead.

Expansionary monetary policy can cause currency devaluation because it involves increasing the money supply in the economy. This can lead to an excess supply of the currency, which reduces its value relative to other currencies. As more money is available, the demand for goods and services may increase, leading to higher imports and a trade deficit. This can put pressure on the currency's value, causing it to depreciate.

The correct answer is 14.89%. This means that from 1st January 2014, the average increase in the price of electricity in Peninsular Malaysia was 14.89%.

The clerk should prepare a payable voucher in order to document the electricity bill received and payable now. A payable voucher is a document that records the amount owed and provides details such as the vendor's name, invoice number, and payment terms. This document is used to initiate the payment process and ensures that the payment is properly authorized and recorded.

After buying 80 items at RM60 each, the total cost for Andy would be 80 * RM60 = RM4800. However, he received a trade discount of 25%, which means he only has to pay 75% of the total cost. So, the amount Andy paid is 75% of RM4800, which is (75/100) * RM4800 = RM3600. After returning 5 items, the total cost for those items would be 5 * RM60 = RM300. Therefore, the credit note issued by Tony to Andy would be RM3600 - RM300 = RM3300. However, the question asks for the amount stated in the credit note, which is the amount after deducting the trade discount of 25% from RM3300. So, the final amount stated in the credit note would be (75/100) * RM3300 = RM2475. Therefore, the correct answer is RM225.

Japan has the highest debt to GDP ratio in the world. This means that Japan's total debt is the highest compared to its GDP. The high debt to GDP ratio indicates that Japan's debt burden is significant and could potentially have negative effects on its economy.

The insurance paid on goods bought should be considered as part of the cost of goods available for sales. This is because the cost of goods available for sales includes all costs incurred to bring the goods to their present location and condition, which includes insurance expenses. By including insurance costs in the calculation of the cost of goods available for sales, it accurately reflects the total cost of the goods that are available to be sold.

This year, there has been a significant influx of Asian people going to Japan to purchase real estate.

In 1961, Citibank created the world's first large negotiable certificates of deposit (CD).

Television advertising is known for having a wide reach and the ability to target a large audience. However, one of the disadvantages of advertising on television is that it has a limited audience. This means that the message may not reach everyone, as not everyone has access to television or may not be watching at the time the advertisement is aired. Therefore, limited audience is not a disadvantage of advertising using television.

The correct answer is "Differentiate its products". This means that product design is most likely to help Apple stand out from its competitors by creating unique and distinctive products. By differentiating its products through design, Apple can attract more customers and maintain a competitive edge in the market.

The sales invoice shows that there are 12 items, each priced at RM250. The trade discount of 20% is applied to this amount, resulting in a discounted price of RM200 per item. The cash discount of 5% is then applied to this discounted price, resulting in a further reduction of RM10 per item. Therefore, the final amount to be paid for each item is RM190. Multiplying this by the total number of items (12), we get a total payment of RM2,280.

The question states that domestic consumers will not have to pay GST on piped water and the first _______ units of electricity per month. The correct answer is 200, which means that domestic consumers will not have to pay GST on the first 200 units of electricity per month.

Volvo is the correct answer because the name of the automaker derives from the Latin word "volvere," which means "to roll" or "I roll." This is a reference to the company's history of manufacturing high-quality vehicles known for their safety and reliability.

The value of closing stock is determined by conducting a stock-taking, which involves physically counting and valuing the remaining inventory at the end of a specific period. This process allows a business to accurately assess the quantity and value of the goods that are still available for sale. By subtracting the value of the closing stock from the sum of the opening stock and purchases, the business can calculate the cost of goods sold and determine the value of the remaining stock on hand.

A debit note is used for recording Returns Outwards Journal. A debit note is a document issued by a buyer to a seller to inform them about the return of goods or services. It serves as a record of the return and helps in adjusting the accounts payable. Therefore, a debit note is the appropriate document for recording Returns Outwards Journal.

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The given correct answer is "金价 price of gold". This is because the question is asking about the possible drop in price for a specific item within a certain time frame. Among the options provided, "金价" specifically refers to the price of gold. Therefore, it is the most appropriate answer for the given question.

Walmart is the correct answer because it operates under different names such as Asda in the United Kingdom, Seiyu in Japan, and Best Price in India. Additionally, Walmart is known for being the biggest private employer in the world, which further supports its status as the correct answer to the question.

The correct answer is I, II, III.
The given scenario involves the circulation of commodities (I) as the soda bottles are being bought, exchanged, and returned. It also involves barter transactions (II) as the empty soda bottles are being exchanged for a bottle of soda. Additionally, monetary payment (III) is involved as the initial purchase of the soda is made with cash. Non-cash settlement (V) and currency borrowings (IV) are not mentioned in the given scenario.

The correct answer is 2 September, 1969.

The question asks for the main import partners of Malaysia, excluding one country. The given answer, Vietnam, is the correct choice as it is not one of Malaysia's main import partners. The other three options, Indonesia, Singapore, and the United States, are all significant import partners for Malaysia.

The correct answer is I, II. This means that the penalty for failure to register GST includes a fine of RM50,000 and imprisonment for 3 years.

In the 2014 budget, if a property is sold within 3 years, the Real Property Gains Tax Rate is 30%.

Google has been ranked as Malaysian consumers' most favourite brand according to the latest brand survey from Superbrands in 2011. This indicates that Google is highly regarded and preferred by Malaysian consumers over other brands such as 100 Plus, Air Asia, and Sony.

The correct answer is I, II, III, IV. This means that all options (I, II, III, IV) are exempt supplies. Rail transportation (I), bus (II), taxi (III), and toll highway (IV) are all exempt from certain taxes or regulations.

The correct answer is "The issuer keeps the original copy for future references." This is not a feature of source documents because source documents are usually prepared in duplicate or triplicate, with one copy being kept by the issuer for future references. The other features mentioned, such as numbering the documents for control and easy reference, and for income tax reference, are common features of source documents.

The correct answer is "Disciplinary penalty". When units or individuals force commercial banks to grant loans or provide guarantees, regardless of whether it causes losses, the directly responsible person in charge and other directly responsible personnel or individuals should be given disciplinary penalties. This means that they will face disciplinary actions or punishments for their actions.

岗位轮换是指员工在不同岗位之间进行轮换，这通常是为了提高员工的技能和经验。然而，岗位轮换通常不直接影响工资和薪水结构。工资和薪水结构通常受到需求和供应、生活成本以及岗位要求等因素的影响。

Coca-Cola announced plans to commence operations in Burma/Myanmar, leaving Cuba and North Korea as the only two countries where it does not do business.