Commerce Questions: Trivia Quiz!

Nirmala Sitaraman is the correct answer because she is currently serving as the Finance Minister of India. She was appointed to this position in May 2019, succeeding Arun Jaitley. Nirmala Sitaraman is responsible for managing the financial affairs of the country, including budgeting, taxation, and economic policies.

The correct answer is RBI Governor. The signature on the 500 note belongs to the Governor of the Reserve Bank of India (RBI). As the head of the central banking institution in India, the RBI Governor is responsible for overseeing the country's monetary policy and currency issuance. Their signature on the note signifies the authenticity and authority of the currency.

Making a profit is essential in business because it has several benefits. Firstly, it increases the reputation of a company as a profitable business is seen as successful and trustworthy. Secondly, it provides a return to investors, which is important for attracting and retaining investment in the company. Lastly, it provides funds for future extension, allowing the company to grow and expand its operations. Therefore, all of the above reasons make it essential for a business to make a profit.

Copyrights, patents, and trademarks are considered intangible assets because they do not have a physical form and cannot be touched or seen. They are legal rights that provide exclusive ownership and control over certain intellectual property, such as artistic works, inventions, and brand names. These intangible assets have value and can be bought, sold, licensed, or used as collateral for loans.

NABARD is the apex bank for agriculture credit because it is specifically established to promote and develop agriculture and rural sectors in India. It provides financial support and credit facilities to farmers, rural artisans, and other agricultural activities. NABARD plays a crucial role in channelizing institutional credit to agriculture and rural development, ensuring the availability of adequate credit to meet the diverse needs of the agricultural sector. It also acts as a regulator for cooperative banks and regional rural banks, further solidifying its position as the apex bank for agriculture credit.

A partnership written agreement is commonly known as a Partnership Deed. This document outlines the terms and conditions of the partnership, including the rights, responsibilities, and obligations of each partner. It also includes details such as profit-sharing ratios, capital contributions, and the duration of the partnership. The Partnership Deed serves as a legally binding contract between the partners and helps in resolving any disputes or conflicts that may arise during the course of the partnership.

Net profit is computed in the Profit and loss account. The Profit and loss account is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time. It calculates the net profit by deducting all the expenses and losses from the total revenues and gains. The result of this calculation represents the company's profitability after all the expenses have been accounted for. Therefore, the Profit and loss account is the correct place to compute the net profit.

Cooperating is not considered a management function because it is a behavior or action that supports the other management functions rather than being a distinct function itself. Planning involves setting goals and determining the best course of action to achieve them. Staffing involves recruiting, selecting, and training employees. Controlling involves monitoring performance and taking corrective action. Cooperating, on the other hand, refers to working together and collaborating with others to achieve common goals, which is an important aspect of all management functions but not a standalone function.

If a trial balance totals do not agree, the difference must be entered in the Suspense Account. A suspense account is used to temporarily hold any discrepancies or errors in the trial balance. It allows the accountant to continue with the accounting process while investigating and correcting the errors. Once the errors are identified and rectified, the suspense account balance is transferred to the correct accounts.

The statement "Foreign trade is purchase and sale by the traders of the same country" is false because foreign trade refers to the purchase and sale of goods and services between different countries, involving traders from different countries.

The correct answer is Railways. Railways in many countries are considered a public utility and are operated by the government. They are not typically opened for private sector participation due to concerns about safety, security, and the need for a coordinated national transportation system. Private sector participation in railways can also lead to issues such as monopoly control, unequal access, and high ticket prices. Therefore, the railways sector is usually kept under government control to ensure efficient and affordable transportation for the public.

Break-even indicates that the revenues generated by a business are equal to the costs incurred. In other words, it is the point at which a business neither makes a profit nor incurs a loss. At this point, the total revenue generated from sales is just enough to cover all the expenses and costs associated with producing and selling the product or service. It is an important concept for businesses to understand as it helps determine the minimum level of sales needed to cover costs and start generating a profit.

When a company takes over another company and clearly becomes the new owner, this action is referred to as an "acquisition." In an acquisition, one company purchases another company's assets, stocks, or other ownership interests, resulting in the acquiring company gaining control over the acquired company. This can happen through a variety of means, such as a direct purchase of shares, a merger, or a hostile takeover. In any case, the acquiring company becomes the new owner and takes control of the acquired company's operations and assets.

Vikas & Co. accounts is classified as a personal account. Personal accounts are used to record transactions related to individuals, firms, or organizations. Since Vikas & Co. is a specific entity, its account falls under the category of personal accounts. Real accounts are used to record assets, liabilities, and capital, while nominal accounts are used for recording expenses, incomes, and gains. None of these categories accurately describe Vikas & Co. accounts.

Carriage inwards refers to the transportation costs incurred by a company to bring goods or materials into its premises. These costs are directly related to the purchase of goods and are therefore considered as a part of the cost of goods sold. As a result, carriage inwards is debited to the Trading account. This helps in accurately calculating the cost of goods sold and determining the gross profit of the company.

Mining does not directly support trade because it involves extracting natural resources from the earth, rather than engaging in the buying and selling of goods and services. While mining may indirectly contribute to trade by providing raw materials for various industries, it is not a trade activity in itself. Insurance, banking, and warehousing, on the other hand, are all directly involved in facilitating trade by providing financial services, managing risks, and storing goods respectively.

A trial balance is used to check the accuracy of ledger account balances. It ensures that the total debits equal the total credits in the ledger accounts, which helps in detecting any errors or discrepancies in the recording of financial transactions. By comparing the balances in the trial balance with the balances in the ledger accounts, one can ensure that the accounts are accurately recorded and that the financial statements will be prepared correctly.

GST was implemented in India from 1st July 2017. This date marks the official rollout of the Goods and Services Tax (GST) in India, which aimed to simplify the indirect taxation system by replacing multiple taxes with a single tax. The implementation of GST had a significant impact on businesses and consumers, as it brought about changes in tax rates, compliance procedures, and the overall tax structure in the country.

The 7Ps of the marketing mix are Product, Price, Place, Promotion, People, Process, and Physical evidence. Purpose is not included in the 7Ps as it does not directly relate to the elements of the marketing mix. The purpose of a company or brand may influence its marketing strategy, but it is not considered one of the core components of the marketing mix.

Debenture holders are considered creditors of the company because they have provided funds to the company by purchasing its debentures, which are a form of long-term debt. As creditors, debenture holders have a legal claim on the assets of the company and are entitled to receive interest payments and the repayment of principal amount as specified in the debenture agreement. However, they are not owners of the company as they do not have any ownership rights or voting power.

Arun Suresh Chandavarkar is the CEO of Biocon Ltd Company.

Marketing is a process that focuses on identifying and satisfying customer needs. It involves understanding the target market, developing products or services that meet those needs, and effectively promoting and distributing them. By prioritizing customer satisfaction, marketing aims to build strong relationships with customers, increase brand loyalty, and ultimately drive profits. This answer accurately reflects the customer-centric approach of marketing.

World Consumer Rights Day is observed on March 15th. This day is dedicated to raising awareness about consumer rights and promoting fair practices in the marketplace. It serves as a reminder for consumers to be informed about their rights and to stand up against any unfair or deceptive practices by businesses. The date of March 15th was chosen to commemorate the speech given by President John F. Kennedy in 1962, where he outlined four basic consumer rights: the right to safety, the right to be informed, the right to choose, and the right to be heard.

The correct answer is Geneva because the headquarters of the World Trade Organization (WTO) is located in Geneva, Switzerland. Geneva is known for its international organizations and is a major center for diplomacy and trade. The WTO is responsible for regulating and facilitating international trade, and its headquarters in Geneva serves as a hub for negotiations, dispute settlements, and other important functions of the organization.

A minimum of ten members are required for the registration of a co-operative society. This is because a co-operative society is a voluntary association of individuals who come together to fulfill their common economic, social, and cultural needs. Having a minimum of ten members ensures that there is a sufficient number of individuals to contribute to the society's functioning and decision-making processes. It also helps in ensuring a diverse representation of interests and perspectives within the society.

South Africa is known for being the leading exporter of gold. The country has vast gold reserves and a well-established mining industry, making it a major player in the global gold market. South Africa's gold mining sector has a long history and has contributed significantly to the country's economy. Therefore, it is logical to conclude that South Africa is the leading exporter of gold.

The central government does not include defence expenditure in its development expenditure. Development expenditure typically refers to the funds allocated for promoting economic growth and improving social and community services. Defence expenditure, on the other hand, is the money spent on national security and military activities. While defence is an essential aspect of governance, it is not considered a direct investment in development projects or services that directly benefit the citizens.

Recently, the State Bank of India (SBI) and State Bank of Mysore (SBM) have merged. This means that SBM has become a part of SBI, and their operations and services will now be consolidated under the SBI brand. This merger allows for greater efficiency and synergy between the two banks, and it also helps SBI to strengthen its presence in the market.

The Financial Manager is accountable for the arrangement of financial resources, which includes acquiring funds from various sources such as loans, investments, and equity. This responsibility involves identifying the most suitable and cost-effective sources of finance for the company's needs. By ensuring the availability of adequate financial resources, the Financial Manager enables the organization to meet its financial obligations, fund its operations, and pursue growth opportunities.

The Indian Toy Industry has been hit by globalization. This is because globalization has led to the import of cheaper toys from countries like China, which has affected the domestic toy manufacturers in India. The competition from these cheaper imports has resulted in a decline in the demand for Indian-made toys and has negatively impacted the growth and profitability of the Indian Toy Industry.