MAT. HR. SEC.

SCHOOL
Revision II – part iI

Class: XI Time: 2 ½ hRS

SUBJECT: Commerce Marks: 90

ANSWER ALL THE QUESTIONS

I. Choose the correct answer. 20 x 1 = 20

1. Movement of goods and services

a) International Trade b) International Business
c) Entrepot Trade d) Internal Trade

2. STC stands for

a) State Training Centre b) State Training Council
c) State Trading Corporation d) None of the above

3. The exporters appoint the ______ agent to fulfil the customs formalities.
a) Clearing Agent b) Forwarding Agent
c) Commission Agent d) Factor

4. The day to day administration of WTO is entrusted with

a) Executive Council b) General Council
c) Administrative Council d) General Body

5. The balance of payments council consists of

a) Current Account b) Capital Account
c) Receipts & Payments A/c d) Both Current and Capital Account

6. The term official capital includes

a) RBI holdings of foreign currency b) Special drawing rights held by govt
c) Both A & B d) Foreign investment

7. Void agreement signifies

a) Agreement illegal in nature b) Agreement not enforceable by law
c) Agreement violating legal procedure d) Agreement against public policy

8. A contract with or by a minor is a

a) Valid Contract b) Void Contract
c) Voidable Contract d) Voidable at the option of either party

9. A person is said to be a third person if he is not a

a) Promisor b) Promise
c) Agent d) Legal representative

10. The compensation given for breach of contract is

a) Damage b) Remuneration
c) Money d) Cheque

11. The year in which income is earned is known as

a) Assessment Year b) Previous Year
c) Light Year d) Calendar Year
12. Agricultural income earned in India is
a) Fully Taxable b) Fully Exempted
c) Not considered for income d) None of the above

13. The headquarters of WTO is located at

a) New York b) London
c) Geneva d) Brazil

14. GST stands for

a) Goods and Supply Tax b) Government Sales Tax
c) Goods and Services Tax d) General Sales Tax

15. Who is the chairman of the GST council?

a) RBI Governor b) Finance Minister
c) Prime Minister d) President of India

16. In India, GST became effective from?

a) 01st April 2017 b) 01st January 2017
c) 01st July 2017 d) 01st March 2017

17. Income Tax is a

a) A Business Tax b) A Direct Tax
c) An Indirect Tax d) None of these

18. Discharge by mutual agreement may involve

a) Novation b) Rescission
c) Alteration d) All of the above

19. World bank is located at

a) Washington D.C b) New York
c) Tokyo d) Hongkong

20. Balance of payments surplus indicate

a) Exports are more than imports b) Imports are more than exports
c) Exports and Imports are at equilibrium d) Exports & imports are above equlibrium

II. Write very short answers ( Any 7 ) 7 x 2 = 14

1. What is meant by indent?

2. What is Letter of credit?
3. What is WTO?
4. What is GATT?
5. What do you mean by balance of payment?
6. Mention the components of banking capital.
7. Define the term assesse.
8. Define the term Person.
9. Define Indirect tax.
10. What do you mean by goods and service taxes?
III. Write short answers ( Any 7 ) 7 x 3 = 21

1. What are the objectives of GST?

2. List out the five heads of income.
3. What do you mean by total income?
4. What are the components of capital account?
5. What does balance of payment disclose?
6. Point out the objectives of WTO (Any 3).
7. Write down the functions of IMF (Any 3).
8. Write a short note of consuler invoice.
9. What are the contents of indent?
10. What is meant by charter party?

IV. Write long answers 7 x 5 = 35

1. Explain the various functions of export trading houses.

(OR)
Give any five benefits of WTO

2. Distinguish between balance of payment and balance of trade.

(OR)
Write down the structure of capital account.

3. Explain any five features of income tax.

(OR)
Define Tax. Explain the direct and indirect tax with and example.

4. Distinguish between direct taxes and indirect taxes.

(OR)
Distinguish CGST, SGST, and IGST.

5. Write down the functions of IBRD.

(OR)
Write down the functions of WTO.

6. What are the procedures relating to export trade?

(OR)
List out the advantages of international trade.

7. Explain the essentials of a valid contract.

(OR)
Difference between contract and agreement