T.Y. B.COM
SEMESTER- VI
PERSONAL FINANCE & INVESTMENT
(PFI)
MCQS
1. 80C to 80 U deductions are allowed from.
(A) Gross profit
(B) Gross total Expense
(C) Gross total Income
(D) All of above
2. Aggregate deduction not to exceed,
(A) Gross Total Income
(B) Total Profit
(C) Gross Profit
(D) All of above
3. Deduction under 80C is available to
(A) Individual
(B) Company
(C) Individual / Hindu Undivided family
(D) None
4. Maximum amount deduction under sec.80C, 80CCC & 80 CCD cannot exceed
(A) 10,000
(B) 1,00,000
(C) 1,50,000
(D) 50,000
5. The payment of subscription towards notified units of mutual fund of UTI is deductible under section,
(A) 80U
(B) 80C
(C) 80G
(D) 80CCC
6. Deposited in Sukanya Samridhi account is deductible under section,
(A) 80U
(B) 80L
(C) 80G
(D) 80C
7. 80D payment should be made out of
(A) Income chargeable to tax
(B) Gross Income
(C) Gross total Income
(D) All of above
8. A fixed deduction is available under section 80DD is
(A) 10,000
(B) 75,000
(C) 1,00,000
(D) 80,000
9. Actual expenditure paid or 40,000 whichever is lower is limit of
(A) 80DDB
(B) 80CCC
(C) 80G
(D) 80C
10. Under section 80E who can claim?
(A) Individual
(B) Individual / HUF
(C) HUF
(D) None
11. Prime Minister National Relief fund this donation is liable for 100% deduction under
(A) 80G
(B) 80C
(C) 80CCC
(D) 80U
12. Swachh Bharat Kosh this donation is liable for 100% deduction under
(A) 80U
(B) 80CCC
(C) 80G
(D) 80C
13. National Childers Fund this donation is liable for 50% deduction under
(A) 80G
(B) 80C
(C) 80U
(D) 80CCC
14. 80GG deduction in respect of
(A) Interest paid
(B) Rent received
(C) Rent paid
(D) None
15. A person with disability available under which section deduction
(A) 80CCC
(B) 80D
(C) 80U
(D) 80C
16. Fixed deduction under 80 U is
(A) 10,000
(B) 75,000
(C) 1,25,000
(D) 1,00,000
17. Throughout our life we will be bombarded with
(A) opportunities & alternative
(B) up & down
(C) sad & happy
(D) None
18. What does Financial plans provides for achieving your financial goals?
(A) road river
(B) road map
(C) road bridge
(D) None
19. Balance sheet & Income & exp. statement show your
(A) Mental position
(B) Financial position
(C) Physical position
(D) None
20. What does Budget allow you to spending ?
(A) Income & Exp
(B) Monitor & Control
(C) Control
(D) None
21. From plans to budget to actual statement you can compare
(A) estimated result
(B) actual result
(C) past result
(D) None
22. What are the items you own?
(A) Assets
(B) Liabilities
(C) property
(D) None
23. What is acquired to earn a return rather than provide a service ?
(A) Assets
(B) Liabilities
(C) property
(D) None
24. The effect on personal property after using it
(A) Appreciate
(B) Depreciate
(C) same
(D) None
25. Regardless of its source is something that you owe and must repay in future is
(A) Assets
(B) Liabilities
(C) property
(D) None
26. Match the following
|
(A) Solvancy Ratio |
(a)Total Net Worth / Total Assets x 100 |
|
(B) Debt Service Ratio |
(b) Cash surplus/income after Tax x 100 |
|
(C)Liquidity Ratio |
(c)Total Monthly loan payment/Monthly Gross income x100 |
|
(D)Saving Ratio |
(d)Total Liquid Assets/Total Current Debts x100 |
(A) a-d, -b, c-a, d-c
(B) a-c, b-d, c-a, d-b
(C) a-a, b-c, c-d, d-b
(D) None
27. Contribution towards an approved superannuation fund -this payment under which section?
(A) 80CCC
(B) 80D
(C) 80C
(D) 80U
28. Jawaharlal Nehru Memorial Fund this donation is liable for 50% deduction under
(A) 80CCC
(B) 80G
(C) 80U
(D) 80C
29. Donation to the sponsorship of sports and games in India are eligible for 100% deduction under
(A) 80CCC
(B) 80D
(C) 80C
(D) 80G
30. Double deduction is possible in respect of the same business income under any section.
True or false?
(A) False
(B) True
(C) a & b both
(D) all of the above
31. How much basic exemption limit is there for senior citizen?
(A) 3,50,000
(B) 3,00,000
(C) 5,00,000
(D) 2,50,000
32. How much basic exemption limit is there for super senior citizen?
(A) 3,50,000
(B) 3,00,000
(C) 2,50,000
(D) 5,00,000
33. The Rebate u/s 87A is available to which assessed?
(A) Resident individual
(B) Non resident individual
(C) Resident Hindu undivided family
(D) All of the above
34. How much rebate is available to resident individual u/s 87A?
(A) 2000
(B) 2500
(C) 1500
(D) 1000
35. If individuals income exceeds 1 crore How much surcharge is payable
(A) 18%
(B) 12%
(C) 15%
(D) 11%
36. The Net income of resident individual is 2,70,000 what is tax liability?
(A) 2500
(B) 2000
(C) 1000
(D) NIL
37. The Payment for tuition fees to any university/college/educational institution in India for full time education is available in which section?
(A) 80G
(B) 80D
(C) 80U
(D) 80C
38. What is the Maximum contribution the employer can make U/S 80CCD(2) for deduction ?
(A) 10% of Employee's salary
(B) 20% of Employee's salary
(C) 15% of Employee's salary
(D) None of the above
39. How much deduction is available for insurance premium U/S 80DDB it the policy is taken after 1/4/13?
(A) 10% of sum insured
(B) 20% of sum insured
(C) 15% of sum insured
(D) none of the above
40. How much deduction is available u/s 80CCD(1B)?
(A) 50,000
(B) 1,50,000
(C) 10,000
(D) 1,00,000
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