National Income Accounting Test

Result

National Income Accounting Test - 17

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Weekly Quiz Competition

Question 1
1 / -0

Income method focusses on measurement of National Income at ______________________.

A
phase of Production of Goods and Services

B
phase of Income Distribution

C
phase of Income Disposition

D
all of the above
Question 2
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The production method of calculating national income is also known as _______________.

A
value added method

B
income method

C
expenditure method

D
none of the above
Question 3
1 / -0

Which of the following is not, by definition, equal to National Income?

A
National Product

B
National Expenditure

C
National Output

D
National Wealth

Solution

National Wealth is not, by definition, equal to National Income. National wealth can be defined as the difference between national assets and liabilities. National wealth is also known as national net worth. Whereas, national income can be defined as the total amount earned by an economy.
Question 4
1 / -0

Product Method focuses on measurement of National Income at _______________.

A
phase of Production of Goods and Services

B
phase of Income Distribution

C
phase of Income Disposition

D
all of the above
Question 5
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_____________ method is suitable for measuring National Income in the case of construction sector.

A
Product

B
Income

C
Expenditure

D
All of the above
Question 6
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___________ method is suitable for measuring National Income in the case Small Scale Sector.

A
Product

B
Income

C
Expenditure

D
All of the above
Question 7
1 / -0

Expenditure Method focusses on measurement of National Income at _____________________.

A
phase of Production of Goods and Services

B
phase of Income Distribution

C
phase of Income Disposition

D
all of the above
Question 8
1 / -0

The three methods of computing national income are ___________.

A
production, outlay and income methods

B
balance of payments, income and consumption methods

C
savings, investment and income methods

D
outlay, depreciation and product methods
Question 9
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Value Added Method is used to measure _______________.

A
national income

B
domestic income

C
gross income

D
personal income
Question 10
1 / -0

Which of the following items are included in computing National Income under Income Method?

A
Transfer Incomes

B
Illegal Incomes

C
Incomes earned by Owners of Primary Factors of Production

D
All of the above

Solution

The income earned by owners of capital resources is interest.
These factors of production to firms and in return earn wages, interest, rent and profit.
Hence incomes earned by owners of primary factors of production are included in computing national income under the income method.

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Re-Attempt Weekly Quiz Competition

National Income Accounting Test - 17

Result

National Income Accounting Test - 17

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SHARING IS CARING

Question 1

phase of Production of Goods and Services

phase of Income Distribution

phase of Income Disposition

all of the above

Question 2

value added method

income method

expenditure method

none of the above

Question 3

National Product

National Expenditure

National Output

National Wealth

Solution

Question 4

phase of Production of Goods and Services

phase of Income Distribution

phase of Income Disposition

all of the above

Question 5

Product

Income

Expenditure

All of the above

Question 6

Product

Income

Expenditure

All of the above

Question 7

phase of Production of Goods and Services

phase of Income Distribution

phase of Income Disposition

all of the above

Question 8

production, outlay and income methods

balance of payments, income and consumption methods

savings, investment and income methods

outlay, depreciation and product methods

Question 9

national income

domestic income

gross income

personal income

Question 10

Transfer Incomes

Illegal Incomes

Incomes earned by Owners of Primary Factors of Production

All of the above

Solution

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