NTA UGC NET/JRF Exam, June 2020 Commerce (Morning-Shift)

Total Questions: 100

81. Arrange the following steps of creating a market competitive pay in a sequence from the first to the last

Correct Answer: (c) A,B,E,D,C
Solution:

Therefore following are the steps of creating a market competitive pay plan-
(i) Choose benchmark jobs and select compensable factors.
(ii) Define each compensable factor and determine its degree in each job.
(iii) Compare and adjust current and market wage rates for job.
(iv) Develop pay grades.
(v) Establish rate changes.

82. Arrange the following initiatives taken by the Government of India to tackle the Non performing assets in their ascending order of chronology:

A. Corporate Debt Restructuring
B. Compromise Settlement
C. The Debt Recovery Tribunals (DRTs)
D. Credit Information Bureau E. SARFAESI Act
Choose the correct answer from the options given below: 

Correct Answer: (a) C,D,A,B,E
Solution:

A non-performing Asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.

The following initiatives are taken by the government of India to tackle the non-performing assets in their ascending order of chronology:-

(C) Debt Recovery Tribunal (DRT) — 1993-
to decrease the time required for settling cases

They are governed by the provisions of the recovery of debt due to banks and financial institution act 1993.

(D) Credit information Bureau — 2000-

A good information system is required to prevent loans from falling into bad hands and therefore prevention of NPAs.

(A) Corporate Debt Restructuring Act — 2001-
It is for reducing the burden of the debts on the company by decreasing the rates paid and increasing the time the company has to pay the obligation back.

(B) Compromise & settlement — 2001
It provides a simple mechanism for recovery of NPA for the advance below Rs. 10 crores.
(E) SARFAESI Act 2002-
The securitization and reconstruction of financial Assets and enforcement of security assets (SARFAESI) act, the permits bank/financial institution to recover their NPAs without the involvement of the court, through acquiring and disposing of the secured assets in NPA accounts with an outstanding amount of Rs. 1 Lakh and above.

83. Arrange the following steps of marketing process in proper sequence

A. Construct an integrated marketing programme that delivers superior value
B. Capture value from customers to create profits and customer equity
C. Understand the market place and customer needs and wants .
D. Engage customers, build profitable relationships, and create customer delight
E. Design a customer value-driven marketing strategy
Choose the correct answer from the options given below: 

Correct Answer: (d) C,E,A,D,B
Solution:

The correct sequence of marketing process:
(1) Understand the market place and customer needs and wants.
(2) Design a customer value-driven marketing strategy.
(3) Construct an integrated marketing program that delivers superior value
(4) Engage customer, build profitable relationship and create customer delight.
(5) Capture value from customer to create profit and customer equity.

84. Which one is the correct sequence implied in the India Contract Act 1872?

A. Offer of proposal
B. Contract
C. Promise
D. Agreement
E. Acceptance
Choose the correct answer from the options given below: 

Correct Answer: (d) AE.C,D,B
Solution:

The act contains total 238 section out of which 49 section are repealed (for sales of goods Act 1930).
The following are the correct sequence:-
(1) Offer- (U/S (2A))-
(2) Agreement- U/S (2(e))
(3) Promise- U/S 2
(4) Acceptance- U/S 2(b)

85. Arrange the following procedure of Income Tax return e-Filling in India

A. Login
B. Register
C. Verification
D. Downloading utility and preparing return
E. e-filing Income Tax Return
Choose the correct answer from the options given below: 

Correct Answer: (d) B,A,D,E,C
Solution:

According to section 139 (1) of the Income tax Act 1961 of India,
While every year the due date for filling tax return in 'July 31' the government may offer a grace period of 15-30 days to file the return online or physically.
The basic procedure of Income tax return e-filling in India is

(1) Register: visit the 'e-filing' portal www. income tax India e filing.gov.in. and register yourself by providing basic details.

(2) Login: Once the registration process is complete login into your Account by providing thel credentials.

(3) The next step is to download the utility and preparing returns.
(4) Next step enter your bank account details and proceed towards e-filing.
(5) Once your return is filed e-verify your Income tax return.

86. Given below are two statements.

Statement (I) : Monetary policy causes a deliberate change in government revenue and expenditure with a view to influencing the price level and the quantum of national output.

Statement (II) : Fiscal Policy regulates the money supply and the cost and availability of credit.

In the light of the above statements, choose the most appropriate answer from the options given below:  

Correct Answer: (b) Both Statement (I) and Statement (II) are incorrect
Solution:

Monetary policy and fiscal policy are two different tools that have an impact on the economic activity of a country.

Monetary policies are formed and managed by the central banks of a country and such a policy is concerned with the management of money supply and interest rates in an economy.

Fiscal policy is related to the way a government is managing the respects of spending and taxation. It is the government's way of establishing the economy and helping the economy and helping in the growth of the economy.

87. Given below are two statements: One is labelled as Assertion (A) and the other is labelled as Reason (R).

Assertion (A): Firms opt for buying an asset if the equivalent annual cost of ownership and operation is less than the best lease rate it can get.

Reason (R): Operating leases are attractive to equipment users if the lease payment is less than the user's equivalent annual cost of buying the equipment.

In the light of the above statements, choose the most appropriate answer from the options given below  

Correct Answer: (b) Both (A) and (R) are correct but (R) is NOT the correct explanation of (A)
Solution:

A make-or-buy decision is an act of choosing between manufacturing a product in-house or purchasing it from an external supplier make-or-buy decisions, like outsourcing decisions, speak to a comparison of the costs and advantages of producing in-house verus buying it else where.

There are many factors at play that may tilt a company from making an| item-in-house or outsourcing it, such as labour costs. lack of expertise, storage-costs, supplier contracts, and lack of sufficient volume.

88. Given below are two statements: One is labelled as Assertion (A) and the other is labelled as Reason (R).

Assertion (A) : According to Herzberg, preventing or reducing dissatisfaction at work is not the same as providing satisfaction.

Reason (R) : Under the 'two factor theory', job satisfaction and dissatisfaction are the two different aspects of work motivation.

In the light of the above statements, choose the correct answer from the options given below:  

Correct Answer: (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
Solution:

The two-factor theory (also known as Herzberg's motivation hygiene theory or dual-factor| theory) notes that some factors in the workplace trigger job satisfaction while another set of factors job satisfaction while another set of factor causes job dissatisfaction. Both sets of factors function independently of one another. Frederick Herzberg a psychologist.

89. Given below are two statements: One is labelled as Assertion (A) and the other is labelled as Reason (R).

Assertion (A): Trade mark registration gives exclusive proprietary rights to the trademark owner.

Reason (R): A trademark is a recognizable sign, design or expression which identifies products or services of a particular source from those of others, and are used to claim exclusive proprietary rights of products or services.

In the light of the above statements, choose the correct answer from the options given below: 

Correct Answer: (a) Both (A) and (R) are true and (R) is the correct explanation of (A)
Solution:

Trademark is a unique symbol or word used to represent a business or its products. Once registered, that same symbol or series of words cannot be used by any other organization, forever as, long as it remains in use and proper paperwork and frees are paid. unlike patents, which are granted for a period of 20 year. trademarks never end.

90. Given below are two statements.

Statement (I) : Gratuity received by Government employee is exempted from tax under Section 10(10)(i) of the Indian Income Tax Act, 1961.
Statement (II) : Gratuity received by local authority employee is exempted from tax.
In the light of the above statements, choose the correct answer from the options given below: 

Correct Answer: (a) Both Statement (I) and Statement (II) are true
Solution:

Gratuity received by Government employees is exempted from tax under section 10(10)(i) of the Indian Income tax act 1961 and gratuity received by local authority employees is exempted from tax both the statements are correct.

Any Gratuity received by an employee of the central government, state government or local authority on death or retirement is fully exempt from tax.

In case of Gratuity received by an employee where the employer is covered by the payment of gratuity Act.

The least of the following is exempt from tax-
1. Last drawn salary X number of year in employment X 15/26.
2. The Actual amount received.
3. Rs. 20,00,000.