NTA UGC NET/JRF Exam, December 2022 (Commerce) Shift-II

Total Questions: 100

31. Manufacturers of razors and cameras often price these products low and set high mark ups on razor blades and films. As per the above statement, manufacturers of razors and cameras are using which one of the following?

Correct Answer: (a) Captive-product pricing
Solution:

As per the statement in the Question, manufacturers of razors and cameras are using captive product pricing.
The captive product pricing is the pricing strategy adopted by the marketers wherein, the price of the core product is generally kept low, when as the captive products are highly priced. The captive products are the products that are specifically designed to be used with the core products, or these products are necessary for the functioning of the core product.

32. A vertical marketing system (VMS) combining successive stages of production and distribution under single ownership, is known as:

Correct Answer: (a) Corporate VMS
Solution:

A vertical marketing system (VMS) combining successive stages of production and distribution under single ownership, is known as Corporate VMS.
Corporate VMS : In this one channel, members of the marketing intermediaries. It combines the successive levels of production and distribution under one ownership. Popularly, we know it as vertical integration. It is possible through forward and backward integration. In this, the achievement of coordination and channel conflict management is possible by way of regular organisational channels.
Example : Amul and Asian Paints only produce the product but also own a number of retail outlets for distribution and sales.

33. The act of throwing on board cargo and other things from the ship to safeguard it from total loss in times of peril is called:

Correct Answer: (a) Jettisoning
Solution:

The act of throwing on board cargo and other things from the ship to safeguard it from total loss in times of peril is called Jettisoning.
In other words Jettison is an intentional act of throwing overboard a ship parts or shipment or dropping some body part of a vessel in order to save rest of the shipment or the whole vessel from complete damage.

34. The right to ‘stoppage in transit’ exercised by an unpaid seller is to

Correct Answer: (c) regain possession
Solution:

The right to ‘stoppage in transit’ exercised by an unpaid seller is to regain possession. It is a right of stopping the goods while in transit after the unpaid seller has lost possession of goods. This right enables the seller to regain possession. Such a right is available to the unpaid seller when the buyer becomes insolvent and when the goods are in transit.

35. Which one among the following is the duty of Central Assistant Public Information Officer or State Assistant Public Information Officer?

Correct Answer: (a) To receive the applications for information or appeals under the RTI Act for forwarding the same forthwith to the CPIO/SPIO/
Solution:

To receive the applications for information or appeals under the RTI Act for forwarding the same forthwith to the CPIO/SPIO is the duty of the Central Assistant Public Information Officer or a State Assistant Public Information Officer.

36. The relationship between a bank and its customers is basically that of:

Correct Answer: (b) Trustee and Beneficiary
Solution:

The relationship between a bank and its customers is basically that of Trustee and Beneficiary. When a bank receives money or other valuable securities, then the bank's position is of a trustee. On the other hand, when a customer receives interest and other benefits along with security of his money the customer becomes beneficiary.

37. Provisions of the Vivad se Vishwas Act, 2020 does not apply in respect of tax arrears of which

Correct Answer: (a) an assessment year in respect of which prosecution has been instituted on or before the date of filing of declaration
Solution:

Provisions of the Vivad se Vishwas Act, 2020 does not apply in respect of tax arrears relating to (i) any income from agricultural land in India.
(ii) Section 10(3) dealing with tax deductions.

38. Under Section 80TTB of the Income Tax Act, what amount of benefits is available to senior citizens on account of interest income from deposits with banks or post-office or co-operative banks?

Correct Answer: (a) Rs. 50,000
Solution:

As per section 80TTB, a resident Tax paying senior citizen, who is 60 years of age and above during the financial year, can make tax deduction claims of upto ₹ 50,000. The 80TTB deduction for senior citizens gives senior citizens an avenue to save up on taxes and become financially secure.

39. Provisional Input Tax Credit can be utilised as:

Correct Answer: (b) Self-assessed tax liability
Solution:

Provisional Input Tax Credit (ITC) means ITC that is claimed by buyers in their GST returns for which the invoice is not reported or yet to be reported by the suppliers or suppliers with the government. The ITC claims on a provisional basis have been removed from the revised Rule 36(4) from 1st January, 2022. Provisional Input tax credit can be utilised against Self-assessed tax liability.

40. Penalty for late filing of the Income Tax Return for individuals under the Income Tax Act, 1961 is up to a maximum of amount of:

Correct Answer: (a) Rs. 10,000
Solution:

As per the changed rules notified under section 234F of the Income Tax Act, Filing your ITR post the deadline, can make you liable to pay a maximum penalty of ₹ 5,000. From the financial year 2021 onwards, the Income Tax department has reduced the maximum amount of penalty for late filing of returns to ₹ 5,000 from ₹ 10,000.