{"id":2666,"date":"2026-03-12T09:14:47","date_gmt":"2026-03-12T09:14:47","guid":{"rendered":"https:\/\/gmsisuccess.in\/?p=2666"},"modified":"2026-03-12T09:14:47","modified_gmt":"2026-03-12T09:14:47","slug":"comprehensive-mocktest-100-question-business-technology-account-finance-economics-aptitude-test-answers","status":"publish","type":"post","link":"https:\/\/gmsisuccess.in\/?p=2666","title":{"rendered":"Comprehensive mocktest 100 question Business Technology Account Finance Economics Aptitude Test & Answers"},"content":{"rendered":"

\"OverheadBelow is a mixed-format assessment of 100 questions covering business concepts, accounting basics, governance, finance, stakeholders, operations, and economics.<\/strong><\/p>\n

Question types include MCQ, Fill in the blanks, Match the following, Odd man out, True\/False, and Identify the wrong statement.<\/strong><\/p>\n

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BUSINESS & ACCOUNTING CONCEPT TEST<\/strong><\/p>\n

Total Questions: 100<\/strong><\/p>\n

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SECTION A \u2013 MCQs (1\u201340)<\/strong><\/p>\n

1. Which of the following is NOT a type of business organization?<\/strong><\/p>\n

A. Sole Proprietorship<\/strong><\/p>\n

B. Partnership<\/strong><\/p>\n

C. Corporation<\/strong><\/p>\n

D. Municipality<\/strong><\/p>\n

Answer: D<\/strong><\/p>\n

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2. Manufacturing business primarily converts<\/strong><\/p>\n

A. Services into products<\/strong><\/p>\n

B. Raw materials into finished goods<\/strong><\/p>\n

C. Loans into capital<\/strong><\/p>\n

D. Customers into stakeholders<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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3. The main objective of a profit-making business is<\/strong><\/p>\n

A. Charity<\/strong><\/p>\n

B. Wealth maximization of owners<\/strong><\/p>\n

C. Public welfare<\/strong><\/p>\n

D. Social reform<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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4. Which stakeholder is interested mainly in job security?<\/strong><\/p>\n

A. Suppliers<\/strong><\/p>\n

B. Employees<\/strong><\/p>\n

C. Shareholders<\/strong><\/p>\n

D. Customers<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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5. A loan secured by property is called<\/strong><\/p>\n

A. Hypothecation loan<\/strong><\/p>\n

B. Mortgage loan<\/strong><\/p>\n

C. Pledge loan<\/strong><\/p>\n

D. Personal loan<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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6. When movable assets remain with borrower but are charged to lender, it is<\/strong><\/p>\n

A. Mortgage<\/strong><\/p>\n

B. Hypothecation<\/strong><\/p>\n

C. Pledge<\/strong><\/p>\n

D. Lease<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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7. When goods are physically delivered to lender as security, it is<\/strong><\/p>\n

A. Hypothecation<\/strong><\/p>\n

B. Mortgage<\/strong><\/p>\n

C. Pledge<\/strong><\/p>\n

D. Debenture<\/strong><\/p>\n

Answer: C<\/strong><\/p>\n

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8. Which of the following is a service provider?<\/strong><\/p>\n

A. Automobile factory<\/strong><\/p>\n

B. Restaurant<\/strong><\/p>\n

C. Steel plant<\/strong><\/p>\n

D. Textile mill<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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9. Who is the residual claimant of profits?<\/strong><\/p>\n

A. Bondholder<\/strong><\/p>\n

B. Equity shareholder<\/strong><\/p>\n

C. Bank<\/strong><\/p>\n

D. Employee<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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10. Bondholders receive<\/strong><\/p>\n

A. Dividend<\/strong><\/p>\n

B. Interest<\/strong><\/p>\n

C. Bonus shares<\/strong><\/p>\n

D. Royalty<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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11. Dividend is paid to<\/strong><\/p>\n

A. Creditors<\/strong><\/p>\n

B. Employees<\/strong><\/p>\n

C. Equity shareholders<\/strong><\/p>\n

D. Government<\/strong><\/p>\n

Answer: C<\/strong><\/p>\n

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12. Treasury stock represents<\/strong><\/p>\n

A. Shares issued to employees<\/strong><\/p>\n

B. Shares repurchased by the company<\/strong><\/p>\n

C. Shares issued to public<\/strong><\/p>\n

D. Debentures converted into shares<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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13. EBITDA stands for<\/strong><\/p>\n

A. Earnings before interest tax depreciation and amortization<\/strong><\/p>\n

B. Earnings before investment tax deduction and allocation<\/strong><\/p>\n

C. Earnings before income tax distribution and adjustment<\/strong><\/p>\n

D. Earnings before interest tax dividends and allocation<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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14. Trade receivable arises from<\/strong><\/p>\n

A. Borrowing<\/strong><\/p>\n

B. Sale of goods on credit<\/strong><\/p>\n

C. Purchase of assets<\/strong><\/p>\n

D. Investment<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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15. Note receivable is<\/strong><\/p>\n

A. Written promise to pay money<\/strong><\/p>\n

B. Inventory item<\/strong><\/p>\n

C. Cash equivalent<\/strong><\/p>\n

D. Share certificate<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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16. Which is NOT a current asset?<\/strong><\/p>\n

A. Cash<\/strong><\/p>\n

B. Inventory<\/strong><\/p>\n

C. Land<\/strong><\/p>\n

D. Trade receivable<\/strong><\/p>\n

Answer: C<\/strong><\/p>\n

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17. Financial leverage arises from<\/strong><\/p>\n

A. Equity financing<\/strong><\/p>\n

B. Debt financing<\/strong><\/p>\n

C. Retained earnings<\/strong><\/p>\n

D. Inventory turnover<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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18. Indenture is associated with<\/strong><\/p>\n

A. Bond agreement<\/strong><\/p>\n

B. Lease agreement<\/strong><\/p>\n

C. Share subscription<\/strong><\/p>\n

D. Partnership deed<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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19. Collateral security means<\/strong><\/p>\n

A. Secondary security offered against loan<\/strong><\/p>\n

B. Primary asset purchased<\/strong><\/p>\n

C. Cash deposit<\/strong><\/p>\n

D. Share capital<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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20. Smart contracts operate using<\/strong><\/p>\n

A. Blockchain technology<\/strong><\/p>\n

B. Paper agreements<\/strong><\/p>\n

C. Email confirmations<\/strong><\/p>\n

D. Bank notes<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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21. Which department handles employee recruitment?<\/strong><\/p>\n

A. Production<\/strong><\/p>\n

B. Human Resource<\/strong><\/p>\n

C. Purchase<\/strong><\/p>\n

D. Logistics<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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22. The department responsible for raw material procurement<\/strong><\/p>\n

A. Sales<\/strong><\/p>\n

B. Purchase<\/strong><\/p>\n

C. Marketing<\/strong><\/p>\n

D. Finance<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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23. Raw Material + Direct Labour + Manufacturing Overhead =<\/strong><\/p>\n

A. Gross profit<\/strong><\/p>\n

B. Cost of goods manufactured<\/strong><\/p>\n

C. Net profit<\/strong><\/p>\n

D. Sales<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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24. Gross Profit =<\/strong><\/p>\n

A. Sales \u2013 Cost of goods sold<\/strong><\/p>\n

B. Sales \u2013 Operating expenses<\/strong><\/p>\n

C. Sales \u2013 Taxes<\/strong><\/p>\n

D. Sales \u2013 Interest<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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25. Inflation means<\/strong><\/p>\n

A. Fall in price level<\/strong><\/p>\n

B. Rise in general price level<\/strong><\/p>\n

C. Stability of prices<\/strong><\/p>\n

D. Currency appreciation<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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26. Deflation means<\/strong><\/p>\n

A. Increase in price level<\/strong><\/p>\n

B. Decrease in price level<\/strong><\/p>\n

C. High interest rate<\/strong><\/p>\n

D. High production<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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27. Skilled labour refers to<\/strong><\/p>\n

A. Workers requiring training or expertise<\/strong><\/p>\n

B. Workers without training<\/strong><\/p>\n

C. Volunteers<\/strong><\/p>\n

D. Managers<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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28. A fiduciary duty requires directors to<\/strong><\/p>\n

A. Maximize salary<\/strong><\/p>\n

B. Act in best interest of company<\/strong><\/p>\n

C. Work fewer hours<\/strong><\/p>\n

D. Serve government<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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29. Issued share capital means<\/strong><\/p>\n

A. Authorized shares<\/strong><\/p>\n

B. Shares offered to investors<\/strong><\/p>\n

C. Shares repurchased<\/strong><\/p>\n

D. Bonus shares<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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30. EPS measures<\/strong><\/p>\n

A. Earnings per shareholder<\/strong><\/p>\n

B. Earnings per share<\/strong><\/p>\n

C. Earnings per employee<\/strong><\/p>\n

D. Earnings per loan<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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31. Diluted EPS considers<\/strong><\/p>\n

A. Convertible securities<\/strong><\/p>\n

B. Taxes<\/strong><\/p>\n

C. Inventory<\/strong><\/p>\n

D. Fixed assets<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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32. Operating cycle refers to<\/strong><\/p>\n

A. Time between purchase of inventory and collection of cash<\/strong><\/p>\n

B. Production cycle only<\/strong><\/p>\n

C. Loan repayment cycle<\/strong><\/p>\n

D. Government fiscal year<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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33. A multilateral contract involves<\/strong><\/p>\n

A. Two parties<\/strong><\/p>\n

B. More than two parties<\/strong><\/p>\n

C. One party<\/strong><\/p>\n

D. Government only<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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34. Economies of scale arise when<\/strong><\/p>\n

A. Cost per unit increases<\/strong><\/p>\n

B. Cost per unit decreases with higher production<\/strong><\/p>\n

C. Production stops<\/strong><\/p>\n

D. Demand falls<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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35. Monopoly means<\/strong><\/p>\n

A. One seller<\/strong><\/p>\n

B. Many sellers<\/strong><\/p>\n

C. Few sellers<\/strong><\/p>\n

D. Government ownership<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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36. Monopolistic competition involves<\/strong><\/p>\n

A. One firm<\/strong><\/p>\n

B. Many firms with differentiated products<\/strong><\/p>\n

C. No competition<\/strong><\/p>\n

D. Government control<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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37. Product life cycle stage after growth<\/strong><\/p>\n

A. Introduction<\/strong><\/p>\n

B. Decline<\/strong><\/p>\n

C. Maturity<\/strong><\/p>\n

D. Development<\/strong><\/p>\n

Answer: C<\/strong><\/p>\n

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38. Which financial statement shows financial position?<\/strong><\/p>\n

A. Income statement<\/strong><\/p>\n

B. Balance sheet<\/strong><\/p>\n

C. Cash flow statement<\/strong><\/p>\n

D. Statement of equity<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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39. Auditor primarily provides<\/strong><\/p>\n

A. Business strategy<\/strong><\/p>\n

B. Independent assurance<\/strong><\/p>\n

C. Sales management<\/strong><\/p>\n

D. Production planning<\/strong><\/p>\n

Answer: B<\/strong><\/p>\n

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40. Accountant mainly performs<\/strong><\/p>\n

A. Recording and reporting financial data<\/strong><\/p>\n

B. Legal judgments<\/strong><\/p>\n

C. Policy making<\/strong><\/p>\n

D. Political regulation<\/strong><\/p>\n

Answer: A<\/strong><\/p>\n

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SECTION B \u2013 Fill in the Blanks (41\u201355)<\/strong><\/p>\n

41. ________ is the owner of a sole proprietorship.<\/strong><\/p>\n

Answer: Proprietor<\/strong><\/p>\n

42. Dividend is distribution of ________ to shareholders.<\/strong><\/p>\n

Answer: Profit<\/strong><\/p>\n

43. Mortgage loan is secured against ________.<\/strong><\/p>\n

Answer: Immovable property<\/strong><\/p>\n

44. Raw material + WIP + Finished goods are called ________.<\/strong><\/p>\n

Answer: Inventory<\/strong><\/p>\n

45. ________ is a short-term highly liquid investment.<\/strong><\/p>\n

Answer: Cash equivalent<\/strong><\/p>\n

46. The person responsible for managing risk is called ________.<\/strong><\/p>\n

Answer: Risk owner<\/strong><\/p>\n

47. ________ represents company\u2019s mission translated into measurable targets.<\/strong><\/p>\n

Answer: Objectives<\/strong><\/p>\n

48. Shares repurchased by company are called ________.<\/strong><\/p>\n

Answer: Treasury stock<\/strong><\/p>\n

49. ________ accounting standards are used in the United States.<\/strong><\/p>\n

Answer: US GAAP<\/strong><\/p>\n

50. ________ is an international accounting standard system.<\/strong><\/p>\n

Answer: IFRS<\/strong><\/p>\n

51. Difference between revenue and COGS is ________.<\/strong><\/p>\n

Answer: Gross profit<\/strong><\/p>\n

52. Cash dividend is paid in ________.<\/strong><\/p>\n

Answer: Cash<\/strong><\/p>\n

53. Stock dividend is paid in ________.<\/strong><\/p>\n

Answer: Shares<\/strong><\/p>\n

54. Anti-social activity in business includes ________.<\/strong><\/p>\n

Answer: Fraud \/ corruption<\/strong><\/p>\n

55. Written promise to repay money is ________.<\/strong><\/p>\n

Answer: Promissory note<\/strong><\/p>\n

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SECTION C \u2013 Match the Following (56\u201365)<\/strong><\/p>\n

Column A Column B<\/strong><\/p>\n

56. Purchase Department A. Recruitment<\/strong><\/p>\n

57. HR Department B. Raw material procurement<\/strong><\/p>\n

58. Finance Department C. Capital management<\/strong><\/p>\n

59. Production Department D. Manufacturing<\/strong><\/p>\n

60. Sales Department E. Customer sales<\/strong><\/p>\n

Answer:<\/strong><\/p>\n

56\u2013B<\/strong><\/p>\n

57\u2013A<\/strong><\/p>\n

58\u2013C<\/strong><\/p>\n

59\u2013D<\/strong><\/p>\n

60\u2013E<\/strong><\/p>\n

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Column A Column B<\/strong><\/p>\n

61. Mortgage A. Immovable property<\/strong><\/p>\n

62. Hypothecation B. Movable asset security<\/strong><\/p>\n

63. Pledge C. Goods delivered to lender<\/strong><\/p>\n

64. Equity shareholder D. Residual owner<\/strong><\/p>\n

65. Bondholder E. Interest income<\/strong><\/p>\n

Answer<\/strong><\/p>\n

61\u2013A<\/strong><\/p>\n

62\u2013B<\/strong><\/p>\n

63\u2013C<\/strong><\/p>\n

64\u2013D<\/strong><\/p>\n

65\u2013E<\/strong><\/p>\n

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SECTION D \u2013 True \/ False (66\u201380)<\/strong><\/p>\n

66. Service companies produce physical goods.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

67. Equity shareholders bear highest risk.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

68. Bondholders are owners of company.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

69. Director has fiduciary duty toward shareholders.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

70. Collateral security reduces lender risk.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

71. Current assets are used within one year.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

72. Gross profit equals sales minus operating expenses.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

73. Inflation increases purchasing power.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

74. Skilled labour requires training.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

75. Financial leverage arises from debt.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

76. Hypothecation requires possession of asset by lender.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

77. Treasury stock increases number of outstanding shares.<\/strong><\/p>\n

Answer: False<\/strong><\/p>\n

78. Monopolistic competition has many sellers.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

79. External economies of scale arise outside firm.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

80. Nominee director represents interests of appointing party.<\/strong><\/p>\n

Answer: True<\/strong><\/p>\n

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SECTION E \u2013 Odd Man Out (81\u201390)<\/strong><\/p>\n

81. Raw Material \u2013 WIP \u2013 Finished Goods \u2013 Building<\/strong><\/p>\n

Answer: Building<\/strong><\/p>\n

82. Mortgage \u2013 Hypothecation \u2013 Pledge \u2013 Dividend<\/strong><\/p>\n

Answer: Dividend<\/strong><\/p>\n

83. Cash \u2013 Inventory \u2013 Machinery \u2013 Receivable<\/strong><\/p>\n

Answer: Machinery<\/strong><\/p>\n

84. Sales \u2013 COGS \u2013 Gross Profit \u2013 Interest Income<\/strong><\/p>\n

Answer: Interest Income<\/strong><\/p>\n

85. HR \u2013 Purchase \u2013 Production \u2013 Shareholder<\/strong><\/p>\n

Answer: Shareholder<\/strong><\/p>\n

86. Inflation \u2013 Deflation \u2013 Recession \u2013 Inventory<\/strong><\/p>\n

Answer: Inventory<\/strong><\/p>\n

87. Auditor \u2013 Accountant \u2013 Director \u2013 Warehouse<\/strong><\/p>\n

Answer: Warehouse<\/strong><\/p>\n

88. Proprietor \u2013 Partner \u2013 Shareholder \u2013 Customer<\/strong><\/p>\n

Answer: Customer<\/strong><\/p>\n

89. Salary \u2013 Wages \u2013 Interest \u2013 Bonus<\/strong><\/p>\n

Answer: Interest<\/strong><\/p>\n

90. Mortgage \u2013 Loan \u2013 Indenture \u2013 Payroll<\/strong><\/p>\n

Answer: Payroll<\/strong><\/p>\n

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SECTION F \u2013 Identify the Wrong Statement (91\u2013100)<\/strong><\/p>\n

91. Equity shareholders receive fixed interest.<\/strong><\/p>\n

Answer: Wrong<\/strong><\/p>\n

92. Bondholders receive interest.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

93. EBITDA includes depreciation.<\/strong><\/p>\n

Answer: Wrong<\/strong><\/p>\n

94. Current assets include inventory.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

95. Treasury stock increases equity ownership.<\/strong><\/p>\n

Answer: Wrong<\/strong><\/p>\n

96. Smart contracts use blockchain technology.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

97. Director must act in best interest of company.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

98. Mortgage applies to movable property only.<\/strong><\/p>\n

Answer: Wrong<\/strong><\/p>\n

99. Gross profit equals sales minus cost of goods sold.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

100. Operating cycle measures inventory purchase to cash collection period.<\/strong><\/p>\n

Answer: Correct<\/strong><\/p>\n

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\u2705 www.gmsisuccess.in<\/strong><\/p>\n

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Next mocktest…Case Study Scenarios:\u00a0<\/strong><\/p>\n