National Income Accounting Test

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National Income Accounting Test - 12

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Weekly Quiz Competition

Question 1
1 / -0

Income method considers _________.

A
only primary factors of production

B
only secondary factors of production

C
both (a) and (b)

D
none of above
Question 2
1 / -0

Which of the following affects national income?

A
Goods and Services tax

B
Corporation tax

C
Subsidies

D
None of the above

Solution

Factors affecting national income are as follows:
1) Natural and human resources
2) Technical knowledge
3) Political stability
4) Terms of trade
5) Foreign investment
Question 3
1 / -0

Under the expenditure method _________.

A
expenditure on financial assets which are produced and owned within the country is excluded

B
expenditure on financial assets of foreign countries is included

C
both above are true

D
none is true
Question 4
1 / -0

In which case, net income from abroad need to be added separately under the income method?

A
If national income is calculated from incomes received by people

B
If national income is calculated from data regarding incomes paid out by producers

C
In both above methods, added separately

D
In neither of the above methods, added separately
Question 5
1 / -0

Which of the following is not classified as inventory in the financial statements?

A
Finished goods

B
Work-in-progress

C
Stored and spares

D
Advance payments made to suppliers for raw materials

Solution

Raw materials, work in progress, and finished goods are the three main categories of inventory that are accounted for in a company's financial statements. Advance payments to suppliers are a part of other current assets. Hence, option (d) is correct.
Question 6
1 / -0

Transfer incomes are ___________ national income.

A
included in

B
excluded from

C
sometimes included, sometimes excluded

D
none of above

Solution

Transfer income is not included in national income because it does not lead to any productive activity nor any value addition takes places. Transfer income or transfer payment include scholarship, gift, donation, charity, old age pension, unemployment allowance, etc. which are ignored while calculating national income.
Hence, option B is correct.
Question 7
1 / -0

Which of the following is true?

A
Personal disposable income $$=$$ consumption $$+$$ savings

B
Personal disposable income $$=$$ personal income $$-$$ personal taxes

C
Both above are true

D
None of the above is true
Question 8
1 / -0

Aggregate of factor incomes of all the factors of production of all the producing units form the subject matter of _______.

A
Value Added Method

B
Income method

C
Expenditure Method

D
None of the above
Question 9
1 / -0

Expenditure on foreign financial assets is included in national income under the expenditure method on ________.

A
gross basis

B
net basis

C
real time basis

D
none of the above
Question 10
1 / -0

Which of the following is true?

A
Gross national expenditure $$=$$ consumption expenditure $$+$$ net domestic investment $$+$$ net foreign investment $$+$$ Replacement expenditure

B
Net National Expenditure $$=$$ Gross National Expenditure $$-$$ Replacement investment

C
Net domestic expenditure $$=$$ consumption expenditure $$+$$$ net domestic investment

D
All of the above are true

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Re-Attempt Weekly Quiz Competition

National Income Accounting Test - 12

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National Income Accounting Test - 12

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Rank

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SHARING IS CARING

Question 1

only primary factors of production

only secondary factors of production

both (a) and (b)

none of above

Question 2

Goods and Services tax

Corporation tax

Subsidies

None of the above

Solution

Question 3

expenditure on financial assets which are produced and owned within the country is excluded

expenditure on financial assets of foreign countries is included

both above are true

none is true

Question 4

If national income is calculated from incomes received by people

If national income is calculated from data regarding incomes paid out by producers

In both above methods, added separately

In neither of the above methods, added separately

Question 5

Finished goods

Work-in-progress

Stored and spares

Advance payments made to suppliers for raw materials

Solution

Question 6

included in

excluded from

sometimes included, sometimes excluded

none of above

Solution

Question 7

Personal disposable income $$=$$ consumption $$+$$ savings

Personal disposable income $$=$$ personal income $$-$$ personal taxes

Both above are true

None of the above is true

Question 8

Value Added Method

Income method

Expenditure Method

None of the above

Question 9

gross basis

net basis

real time basis

none of the above

Question 10

Gross national expenditure $$=$$ consumption expenditure $$+$$ net domestic investment $$+$$ net foreign investment $$+$$ Replacement expenditure

Net National Expenditure $$=$$ Gross National Expenditure $$-$$ Replacement investment

Net domestic expenditure $$=$$ consumption expenditure $$+$$$ net domestic investment

All of the above are true

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