WB SET 2020 Question Paper 2 Commerce

Roll No.
(Write Roll Number from left side
exactly as in the Admit Card) Signature of Invigilator
Question Booklet Series X
PAPER–II Question Booklet No.
Subject Code : 06 (Identical with OMR
Answer Sheet Number)

COMMERCE
Time : 2 Hours Maximum Marks: 200

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3. This paper consists of One hundred (100) multiple-choice type questions. All the questions are compulsory. Each
question carries two marks.
4. Each Question has four alternative responses marked: A B C D . You have to darken the circle as
indicated below on the correct response against each question.
Example: A B C D , where C is the correct response.
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15782 [ Please Turn Over ]

X–3 06–II

COMMERCE
PAPER II
1. Internal environment of a business includes all of 5. Possible impact of WTO on various aspects of the
the following except Indian economy:
(A) Company culture (i) Quantitative restriction will be allowed
(B) Customers (ii) Second hand cars will be imported
(C) Patents and trade secrets (iii) There will be dumping of Chinese goods
(D) Company image (iv) Increase in population
(v) Child labour exploitation
(vi) Unemployment will increase
Which combination is appropriate?
2. Balance of payment includes components: (A) (i), (ii) and (iii)
(A) Current Account, Capital Account, Unilateral (B) (iii), (iv) and (v)
Payments Account, Official Settlement (C) (ii), (iii) and (vi)
Accounts (D) (iv), (v) and (vi)
(B) Revenue Account, P&L A/c, Capital
Account, Official Account
(C) Trade Account, Activity Account, Revenue
Account and Currency Account
(D) Forex Account, Trade Account, Funds 6. Which of the following factors is an obstacle to
Accounts globalisation?
(A) Government policy and regulation
(B) Niche markets
(C) Human Resources
3. Which one is the main objective of fiscal policy in (D) Competition
India?
(A) To increase liquidity in the economy
(B) To promote price stability
(C) To minimise the inequalities of income and
wealth 7. Balance of payment can be made favourable if
(D) To promote employment opportunities (A) Exports are increased.
(B) Imports are increased.
(C) Devaluation of money.
(D) Both (A) and (C)
4. Statement (A) : In the context of globalisation, the
most important challange facing
India is to boost exports.
Reason (R) : It may increase the country’s
growth rate.
(A) Both (A) and (R) are true and (R) is the 8. Which Indian city has been chosen by the World
correct explanation of (A) Bank for setting up its back office operations?
(B) Both (A) and (R) are true and (R) is the (A) Bangalore
incorrect explanation of (A) (B) Kolkata
(C) (A) is true but (R) is false (C) Chennai
(D) (A) is false but (R) is true (D) New Delhi

06–II X–4
9. The Trade Facilitation Agreement (TFA) of the 13. Amalgamate Adjustment Account is opened in
WTO says that farm subsidies cannot be more than 10 the books of transferee company to incorporate _______
per cent of the in case of merger.
(A) Gross Domestic Product of a country. (A) The assets of the transferor company
(B) Value of agricultural production. (B) The statutory reserves of the transferor
(C) National Income of a country. company
(D) Value of agricultural exports. (C) The liabilities of the transferor company
(D) The non-statutory reserves of the transferor
company

10. South-South Cooperation means
(A) Increasing diplomatic relation among
emerging economies.
(B) The flow of resources from one developing
country to another. 14. In case of other enterprises (other than financial
(C) Increasing investment between developing enterprises) cash flow arising from interest paid should
countries. be classified as cash flow from _______ while dividends
(D) Rising trade between the countries. and interest received should be stated as cash flow from
_______.
(A) Operating activities, Financing activities
(B) Financing activities, Investing activities
(C) Financing activities, Financing activities
11. In reference to the accounting standards, choose (D) Investing activities, Operating activities
the correct statement:
(A) Accounting standards codify the generally
accepted accounting principles.
(B) They lay down the norms of accounting
policies and practices by way of codes or
guidelines.
(C) The main purpose of accounting standards is
to provide information to the user as to the 15. Which of the following are the assumptions of
basis on which the accounts have been marginal costing?
prepared. (a) All the elements of cost can be divided into
(D) All of the above fixed and variable components.
(b) Total fixed cost remains constant at all levels
of output.
(c) Total variable cost varies in proportion to the
volume of output.
(d) Per unit selling price remains unchanged at
12. Triple bottom line accounting is also called all levels of operating activity.
(A) Incremental Costing. (A) (a) and (b)
(B) Management Accounting. (B) (b) and (c)
(C) Full Cost Accounting. (C) (a) and (d)
(D) Historical Cost Accounting. (D) All of (a), (b), (c) and (d)

X–5 06–II
16. XYZ Ltd. has a Debt-Equity ratio of 1·6 compared 20. Which sampling method is used when the
to the industry average of 1·4. This means that the likelihood of finding evidence by an auditor is low?
company (A) Random
(A) Will be viewed as having creditworthiness. (B) Systematic
(B) Has greater than average financial risk when (C) Cluster
compared to other firms in the industry.
(D) Discovery
(C) Has less liquidity than other firms in the
industry.
(D) Will not experience any difficulty with its
creditors.

21. The concept of cardinal utility in economics was
17. In September, 2019, actual materials used introduced by
amounted to 5650 kg., budgeted output was 1000 units and (A) A. Marshall
standard materials usage was 5 kg. per unit. Actual (B) J. Hicks
output was 1075 units. If the standard material cost of (C) P. A. Samuelson
each product is ` 25, the material usage variance will be
(D) J. M. Keynes
(A) ` 1,375 Favourable
(B) ` 3,250 Favourable
(C) ` 6,875 Adverse
(D) ` 1,375 Adverse

22. A consumer will attain equilibrium in terms of the
indifference curve analysis when
18. The auditor has noticed existence of recurring
losses on sale of fixed assets. This indicates that (A) The budget line is tangent to the indifference
curve.
(A) depreciation charges are insufficient.
(B) The indifference curve has a positive slope.
(B) policy of sale or disposal of fixed assets
needs to be reviewed. (C) The indifference curve has a negative slope.
(C) the sale of assets have not been properly (D) The budget line is tangent to the indifference
authorised. curve and the indifference curve is convex to
the origin.
(D) there are accounting errors.

19. While verifying intangible assets, an auditor would
recompute amortisation charges and determine whether
amortisation period is reasonable. The auditor actually 23. Price _______ when there is excess market demand
tries to establish _______ by doing it. over market supply.
(A) Disclosure (A) tends to increase
(B) Existence (B) tends to decrease
(C) Valuation (C) remains constant
(D) Possession (D) can not be determined

06–II X–6
24. If price elasticity of supply is zero, the supply 29. The kinked demand curve model of oligopoly was
curve will be introduced by
(A) A horizontal straight line. (A) Samuelson
(B) A vertical straight line. (B) Chamberlin
(C) A downward falling straight line. (C) Joan Robinson
(D) An upward rising straight line. (D) Sweezy

30. Marginal revenue will be zero when
(A) ep 1
25. The relation between average cost and marginal (B) ep  1
cost is that
(C) ep  0
(A) they are parallel to each other.
(B) they are perpendicular to each other. (D) ep  1
(C) they have a common point.
(D) they are tangent to each other. 31. Match the items of List-I with those of List-II and
indicate the correct code:
List-I List-II
(a) Acid Test Ratio (i) Profitability analysis
(b) Return on Investment (ii) Activity analysis
26. A firm enjoys abnormal profit when
(c) Debt Equity Ratio (iii) Liquidity analysis
(A) average cost equals price.
(d) Inventory Turnover (iv) Long-term solvency
(B) average cost is greater than price.
Ratio analysis
(C) average cost is less than price.
(D) average cost is equal to marginal cost. Codes:
(a) (b) (c) (d)
(A) (ii) (i) (iii) (iv)
(B) (ii) (iii) (iv) (i)
(C) (iii) (iv) (i) (ii)
27. The concept of “dead-weight loss” is relevant
only under (D) (iii) (i) (iv) (ii)
(A) Monopolistically competitive market.
(B) Perfectly competitive market. 32. Assertion (A) : The primary motive of a company
in using financial leverage is to
(C) Oligopoly market.
magnify shareholders’ return
(D) Monopoly market. under favourable economic
conditions.
Reason (R) : To magnify shareholders’ return
fixed charged funds can be
obtained at a cost higher than the
28. Suppose the total cost function of a firm is given
firm’s rate of return on net assets.
by C  15q  6q 2  q 3 . The level of output at which the Codes:
average cost is minimum is (A) (R) is correct but (A) is wrong
(A) 2 (B) (A) is correct but (R) is wrong
(B) 3 (C) (A) is correct and (R) is the correct explanation
(C) 4 of (A)
(D) 5 (D) Both (A) and (R) are wrong

X–7 06–II
33. Debt financing is a cheaper source of finance 37. Match the items of List-I with those of List-II and
because of indicate the correct code:
(A) Time value of money. List-I List-II
(B) Rate of interest. (a) Net Income Approach (i) Working Capital
(C) Tax deductibility of interest. Management
(D) Dividends are not payable to lenders. (b) Profitability Index (ii) Over-Capitalization
(c) Concentration (iii) Capital Structure
Banking Planning
(d) Lower Rate of Return (iv) Capital Budgeting
Decision
Codes:
(a) (b) (c) (d)
34. Lease which includes a third party (a lender) is (A) (iii) (iv) (i) (ii)
known as (B) (iii) (iv) (ii) (i)
(A) Operating Lease (C) (iv) (ii) (iii) (i)
(B) Sale and Lease-back (D) (ii) (iii) (i) (iv)
(C) Leveraged Lease
(D) Cross-border Lease
38. To maintain international liquidity the Smithsonian
Agreement was inked on December 18, 1971 by a group
of countries known as
(A) Group of Eight.
(B) Group of Twenty.
(C) Group of Ten.
35. Which one of the following equals the present
value of cash outflows and the present value of expected (D) Group of Forty-four.
cash inflow from a project?
(A) Net Present Value
(B) Internal Rate of Return
(C) Pay Back Period 39. Which one of the following is not a method of
(D) Accounting Rate of Return calculating cost of equity capital?
(A) Dividend-Growth Model
(B) Capital Asset Pricing Model
(C) Yield to Maturity Method
(D) Earning Price Approach

36. Operating leverage and Financial leverage of a
firm are 3 and 2 respectively. If sales increase by 5%, 40. In Covered interest arbitrage
then earnings before tax will rise by (A) Foreign exchange risk is covered.
(A) 15% (B) Interest fluctuation is covered.
(B) 10% (C) Cross country fluctuation in capital
(C) 30% movement is covered.
(D) 25% (D) Interest differential is eleminated.

06–II X–8
41. The arithmetic mean is called the best measure of 46. Report of the World Bank is a source of
central tendency because (A) Primary data
(A) its value depends on all observations. (B) Secondary data
(B) it has some algebraic properties. (C) Observation data
(C) sampling fluctuation for such a measure is (D) Schedule data
the least.
(D) it is unambiguously defined.

47. If we throw a dice once the probability of getting
an odd number is
42. For comparing the variability of two or more
distributions we generally use 1
(A)
(A) Range 6
(B) Mean absolute deviation 1
(B)
(C) Coefficient of variation 4
(D) Standard Deviation 5
(C)
6
1
(D)
2
43. In the equation y = a + bx, the variable x is called
a (an) ________ variable
(A) Dependent
(B) Independent
(C) Dummy 48. Total area under the standard normal curve is
(D) Exogenous (A) 0
(B) –1
(C) +1
(D) +0·5
44. If the correlation coefficient between two variables
is –1, we have
(A) one regression line with positive slope.
(B) one regression line with negative slope.
49. Non-sampling error is present
(C) two regression lines each with positive slope.
(A) only in sampling.
(D) two regression lines each with negative slope. (B) only in population.
(C) in both sampling and population.
(D) neither in sampling nor in population.

45. The regression coefficient of x on y is 3·1 and that
of y on x is 0·9.
(A) This is a correct statement.
50. _______ is an example of probabilistic sampling.
(B) This is an incorrect statement. (A) Convenience sampling
(C) Nothing can be inferred from such a (B) Purposive sampling
statement. (C) Simple random sampling
(D) More information is necessary. (D) Quota sampling

X–9 06–II
51. Communication barriers arising from the 56. The control technique ‘PERT’ is an acronym for
inappropriate choice of ‘words’ or ‘phrases’ are known (A) Project Evaluation and Review Technique.
as (B) Performance Evaluation and Review
(A) Personal barriers Technique.
(C) Personnel Evaluation and Review Technique.
(B) Organisational barriers
(D) Programme Evaluation and Review
(C) Semantic barriers
Technique.
(D) Psychological barriers

57. The total number of relationships that a manager
52. Which of the following is not among Henri Fayols’
can have with ‘n’ number of subordinates can be obtained
Fourteen Principles of Management?
from the formula given by V. A. Graicunas, which is:
(A) Order
 2 
n
(B) Balance (A) n   n  1
(C) Discipline  2 
(D) Equity
 2 
n
(B) n   n  1
 2 

 2 
n
53. Which of the following terms refers to a summary (C) n   n 
of the required qualifications, experience and other human  2 
qualities to be possessed by a candidate for being eligible
 2n 
to apply for a job? (D) n   1
(A) Job Description  2 
(B) Job Evaluation
(C) Job Specification
(D) Job Design
58. The ongoing process of systematically
indentifying, assessing and developing organisational
leadership is known as
54. Which of the following is not a perspective of the (A) Mentoring
Balance Scorecard developed by Kaplan and Norton? (B) Organisational Development
(A) Human Resources (C) Succession Planning
(B) Financial Resources (D) Career Management
(C) Customers
(D) Materials

59. In which of the following performance appraisal
technique does the superior keep a log of the positive and
55. According to the BCG Matrix, if an SBU of a firm negative examples of a subordinate’s work related
has a low market-share in a high growth market it would behaviour?
be classified as a
(A) Forced Distribution Method
(A) Question Mark
(B) Star (B) Critical Incident Method
(C) Cash Cow (C) Confidential Reports
(D) Dog (D) Paired Comparison Method

06–II X–10
60. Which of the following is not an ‘on-the-job’ 64. Match the items of List-I with the items of
training method? List-II and select the correct answer using the codes
(A) Apprenticeship given below the lists:
(B) Job Rotation List-I List-II
(C) Programmed Instruction (a) Debit Card (i) Several Storage
(b) Credit Card (ii) Online recovery of
(D) Job Instruction
amount
(c) Electronic Purse (iii) Image Processing
use
(d) Cheque function (iv) Revolving Credit
61. During the depression, it is advisable to Codes:
(A) increase ‘Bank Rate’ and Purchase Securities (a) (b) (c) (d)
in the open market. (A) (iii) (i) (iv) (ii)
(B) lower ‘Bank Rate’ and Purchase Securities (B) (i) (ii) (iii) (iv)
in the market. (C) (iv) (iii) (i) (ii)
(C) decrease ‘Bank Rate’ and sell Securities in (D) (iv) (iii) (ii) (i)
the open market.
(D) increase ‘Bank Rate’ and sell Securities in
the open market.
65. Match between types of mutual funds in List-I and
their respective features in List-II and select the correct
answer using the codes given below the lists:
List-I List-II
62. Read the following statements and give the correct
(a) Open-ended Fund (i) Maximises short-term
answer using the codes given below:
return to investment.
(a) The Banker’s lien is an implied pledge.
(b) Income Fund (ii) Can sell unlimited
(b) Right of lien and right of set-off can be
exercised simultaneously at the same time. number of units
(c) One of the essential requirements of a pledge (c) Close-ended Fund (iii) The units are not
is the actual or constructive delivery of goods redeemable at their
pledged by the pawner to the pawnee. NAV
(d) Limitation period for filing a suit for sale of (d) Growth Fund (iv) Maximises long-term
mortgaged property is thirty years from the return to investors
date of mortgaged debt becoming due.
Codes:
Codes:
(a) (b) (c) (d)
(a) (b) (c) (d)
(A) True False False True (A) (iii) (iv) (ii) (i)
(B) True False True False (B) (iii) (iv) (i) (ii)
(C) True True False False (C) (ii) (i) (iv) (iii)
(D) False False True True
(D) (ii) (i) (iii) (iv)

66. The rate at which Bank parks its short-term
63. Contango charge is paid by a: excess liquidity with RBI is called
(A) Bull Speculator to Bear Speculator (A) Bank Rate
(B) Bear Speculator to Bull Speculator (B) Reverse Bank Rate
(C) Stag Speculator to Bull Speculator (C) Repo Rate
(D) Lame Duck to Bear (D) Reverse Repo Rate

X–11 06–II
67. Which bank is called the ‘Bank of Issue’? 70. Which of the following are the instruments of
(A) IFCI Money Market?
(B) RBI (a) Call Money Market
(C) IDBI (b) Commercial Bill Market
(D) ICICI (c) Industrial Securities Market
(d) Short-term Loan Market
(e) Treasury Bill Market
Codes:
(A) (a), (b), (c) and (d)
(B) (a), (b), (d) and (e)
68. Match between List-I (Names of Bank)
and List-II (year of establishment) in order to find the (C) (a), (b), (c) and (e)
correct match using the codes given below the lists: (D) (a), (c), (d) and (e)
List-I List-II
(a) SBI (i) 1990
(b) SIDBI (ii) 1955 71. Which of the following examples is not a
(c) NABARD (iii) 1981 demographic variable?
(d) Exim-Bank (iv) 1982 (A) Age
Codes: (B) Gender
(a) (b) (c) (d) (C) Income
(A) (ii) (i) (iii) (iv) (D) Lifestyle
(B) (i) (ii) (iv) (iii)
(C) (ii) (iii) (iv) (i)
(D) (ii) (i) (iv) (iii)
72. Skimming price relates to
(A) charging competitive price
(B) charging initially high price
(C) charging initially low price
(D) marginal cost pricing
69. For the following statements of Assertion (A) and
Reason (R) select the correct code:
Assertion (A) : Banks globally are facing more
challenges now, and macro
73. Which of the following is not a tool of sales
sustainability is a necessity but
promotion?
not sufficient for sustainable
economic growth. (A) Sales contests
(B) Free gifts
Reason (R) : Putting regulation in place is only
one part and their implementation (C) Point of purchase display
is equally important for achieving (D) Public relations
growth and sustainability.
Codes:
(A) Both (A) and (R) are true and (R) is the
correct explanation of (A) 74. Producers of convenience goods typically prefer:
(B) Both (A) and (R) are true but (R) is not the (A) Exclusive distribution
correct explanation of (A) (B) Intensive distribution
(C) (A) is true and (R) is false (C) Selective distribution
(D) (A) is false and (R) is true (D) Intermittent distribution

06–II X–12
75. The attempt to build and / or maintain a good 80. The additional P’s of ‘Service Maketing Mix’ are:
“corporate image” is referred to as (A) People, Physical evidence, Packaging.
(A) Advertising (B) People, Process, Packaging.
(B) Publicity (C) People, Physical evidence, Process.
(C) Public Relations (D) Physical evidence, Process, Packaging.
(D) Sales Promotion

76. The promotional tool which is useful during the 81. X entered into contract with Y to deliver certain
decline stage of product life cycle is goods to Y. X offered the goods to Y at proper time and
(A) Sales promotion place, but Y refused to accept the goods. In this case
(B) Personal selling (A) X does not have any right against Y.
(C) Publicity (B) X can sue Y for breach of contract, but not
discharged from his liability.
(D) Advertising
(C) X is discharged from his liability and can also
sue Y for breach of contract.
(D) Y is not liable for breach of contract.

77. Which one of the following elements is not in the
Marketing Mix of tangible product?
(A) Price
(B) Product
82. Problem: M agrees to sell 50 refrigerators to N, at
(C) Promotion
a price to be determined by Z. 30 of 50 refrigerators are
(D) Package delivered to N.
N agreed to the above agreement, without asking the
dealer whether the refrigerators are fit to make ice and
paid the determined consideration. The refrigerators
failed to make ice.
78. Which one of the following is NOT an element of (A) M must refund the price, because refrigerators
micro-environment of marketing management? are meant to make ice.
(A) Public (B) M will refund the price, only if the buyer
(B) Suppliers would have disclosed the particular purpose.
(C) Technological (C) M will refund the price at this option.
(D) Competitors (D) M need not refund the price.

79. Which of the following is not a characteristic of
“Service”? 83. Sec. 135 of the Companies Act, 2013 deals with
(A) Intangible (A) Depreciation
(B) Homogeneous (B) Impairment of assets
(C) Perishable (C) Liability
(D) Inseparable (D) CSR

X–13 06–II
84. The Negotiable Instruments (Amendment) Bill 89. Goods displayed in a shop with a price label is
2017 inserted a provision allowing a court trying an (A) an offer
offence related to cheque bouncing, to direct the drawer
(B) a counter offer
(the person who writes the cheque) to pay interim
compensation to the complainant. The interim (C) an invitation to offer
compensation will not exceed ________ per cent of the (D) a contra offer
cheque amount.
(A) 15
(B) 25
(C) 33
(D) 20

90. The term ‘Goods’ in the Sale of Goods Act means
(A) specific goods only
85. Which of the following will not come under the (B) ascertained goods only
definition of ‘information’ under RTI Act? (C) ownership
(A) Log books (D) subject matter
(B) File notings
(C) Data material held in eletronic form
(D) Circulars

86. Which of the following is not a cyber crime? 91. Amitava is an Indian citizen left India for the
(A) Data theft purpose of employment to USA on 01.08.2018. For the
previous year 2018-19 his residential status is:
(B) Forgery
(A) Resident and ordinarily resident
(C) Damage to data and system
(B) Resident but not ordinarily resident
(D) Installing antivirus for protection
(C) Non-resident
(D) Foreigner

87. In India, the literary work is protected until
(A) life time of author.
(B) 25 years after the death of author.
(C) 40 years after the death of author.
(D) 60 years after the death of author. 92. Mr. Samanta joined ITC Ltd. as Finance Manager
on 01.04.2018. During the year he purchased two
residential flats in the same building taking loan from
SBI. His annual interest accrued for each flat is ` 2,50,000.
88. Competition Commission of India shall not initiate One of the flats is used for self-occupation and the other
an inquiry into a combination after the expiry of ________ one has been let out to a tenant who uses the flat for
year(s) from the date on which the combination has taken residential purpose. Mr. Samanta’s total deduction for
effect. interest on housing loan is
(A) one (A) ` 2,00,000
(B) two (B) ` 5,00,000
(C) three (C) ` 2,80,000
(D) five (D) ` 4,50,000

06–II X–14
93. Mr. Dalmia has one let out property in Kolkata 97. Deduction for eligible start-up is available under
whose Gross Municipal Value is ` 4,00,000, Fair Rent is section
` 4,80,000 and Standard Rent is ` 4,50,000. Rent received (A) 80IAB
for 9 month is ` 4,14,000 and vacancy period is 3
(B) 80IAC
months. The Gross Annual Value for the Assessment
Year 2019-20 is (C) 80IB
(A) ` 4,14,000 (D) 80IBA
(B) ` 4,80,000
(C) ` 5,52,000
(D) ` 3,42,000

98. Maximum time period to carry forward losses for
the activity of owning and maintaining race horses is
(A) 4 years
94. Business loss of current year cannot be set off
against (B) 8 years
(A) House Property Income (C) no time limit
(B) Salary Income (D) cannot carry forward
(C) Capital Gains
(D) Interest Income

99. Share of Agricultural Income and Business Income
95. Which of the following income is not an exempted from growing and manufacturing Tea in India is
income U/S 10? (A) 100% Business Income.
(A) Agricultural income in India (B) 100% Agricultural Income.
(B) Profit from partnership business (C) 40% Business Income and 60% Agricultural
(C) Interest from National Savings Certificate Income.
(NSC) (D) 60% Business Income and 40% Agricultural
(D) Interest from Public Provident Fund (PPF) Income.

96. Dividend income received during the Previous
Year 2018-19 by Mrs. M. Chatterjee is ` 12,00,000. Tax 100. Which of the following is not a Capital Asset?
liability on dividend is (A) Self-occupied property in the city of
(A) Nil Durgapur
(B) ` 1,00,000 (B) Shares of Indian Company
(C) ` 20,000 (C) Jewellery
(D) ` 1,20,000 (D) Personal Car

X–15 06–II
ROUGH WORK

06–II X–16
ROUGH WORK