National Income Accounting Test

Result

National Income Accounting Test - 20

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Weekly Quiz Competition

Question 1
1 / -0

Disposable Income = gross additional of saving and:

A
Investment

B
Consumption

C
Taxes

D
Miscellaneous receipts
Question 2
1 / -0

Inter linked phases of product method is also known as:

A
Net output method

B
Net outflow method

C
Gross outflow method

D
None of the above
Question 3
1 / -0

Cost of Physical Stock Rs.2,30,000
Goods purchases for Rs.10,000 received but omitted to be recorded
Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
The cost of stock as per books is ____________.

A
Rs.2,40,000

B
Rs.2,38,000

C
Rs.2,36,000

D
None of these

Solution

Cost of physical stock 2,30,000
Less:- purchases recorded but omitted to be recorded (10,000)
Add;- Goods sold, not recorded 20,000
Less:- Goods returned by customers (5,000)
Add:- Goods returned to suppliers 3,000
---------------
Cost of stock as per books 2,38,000
Question 4
1 / -0

Which of the following is not an example of flow variable?

A
Number of births during a year

B
National wealth

C
National income

D
Wheat produced during a year

Solution

National wealth is not an example of flow variable. It is a stock since it is measured at a point of time. National wealth is not time dimensional. It is not measured over a specified period of time like flow. Therefore, national wealth is a stock concept.
Question 5
1 / -0

Net domestic product at factor cost is less than national income when ______________.

A
Net factor income from abroad is positive

B
Net factor income from abroad is negative

C
Net factor income from abroad is zero

D
Net exports are positive

Solution

Net domestic product at factor cost is less than national income when Net factor income from abroad is positive.
NNP(at FC) >NDP(at FC): This situation will be seen when net factor income from abroad is Positive.
Question 6
1 / -0

Stock variable is defined as a variable which is __________________.

A
Measured over a period of time

B
Measured at a particular point of time

C
Cannot be measured

D
None of these

Solution

Stock variable is defined as a variable which is measured at a particular point of time. Stock is not time dimensional. It influences the flow. Example: wealth, capital, etc.
Question 7
1 / -0

Which of the following is an example of an intermediate goods?

A
Car sold by a dealer of second hand cars

B
Steel and cement used to construct a flyover

C
Fertilizers purchased by a farmer

D
All the these

Solution

All of the following are examples of an intermediate good:
a) Car sold by a dealer of second hand cars: It is an intermediate good since cars are purchased by a dealer as goods for resale.
b) Steel and cement used to construct a flyover: It is an intermediate good since steel and cement are used as a raw material.
c) Fertilizers purchased by a farmer: It is an intermediate good since fertilizers is used as a raw material in agriculture.
Question 8
1 / -0

Depreciation means ___________________.

A
Destruction of a plant in a fire accident

B
Loss of fixed assets overtime due to wear and tear

C
Loss of fixed assets in an earthquake

D
Closure of the plant due to lockout

Solution

Depreciation means loss of fixed assets overtime due to wear and tear. Depreciation is also called consumption of fixed capital. Loss of fixed assets happen on account of normal wear and tear, normal rate of accidental damages and expected obsolescence.
Question 9
1 / -0

Which one of the following is an intermediate product?

A
Purchase of pulses by consumers

B
Machine purchased by a firm

C
Wheat used by a flour mill

D
Wheat used by households

Solution

Wheat used by a flour mill is an intermediate product since wheat is used as raw material by flour mill. Value is yet to be added to wheat by converting it into flour.
Question 10
1 / -0

Which of the following is not a flow?

A
Capital

B
Income

C
Investment

D
Depreciation

Solution

Capital is not a flow. Capital falls under the stock concept since it relates to a point of time. Capital is not time dimensional. Capital is not related to a period of time like flow.

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Re-Attempt Weekly Quiz Competition

National Income Accounting Test - 20

Result

National Income Accounting Test - 20

Score

-

Rank

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SHARING IS CARING

Question 1

Investment

Consumption

Taxes

Miscellaneous receipts

Question 2

Net output method

Net outflow method

Gross outflow method

None of the above

Question 3

Rs.2,40,000

Rs.2,38,000

Rs.2,36,000

None of these

Solution

Question 4

Number of births during a year

National wealth

National income

Wheat produced during a year

Solution

Question 5

Net factor income from abroad is positive

Net factor income from abroad is negative

Net factor income from abroad is zero

Net exports are positive

Solution

Question 6

Measured over a period of time

Measured at a particular point of time

Cannot be measured

None of these

Solution

Question 7

Car sold by a dealer of second hand cars

Steel and cement used to construct a flyover

Fertilizers purchased by a farmer

All the these

Solution

Question 8

Destruction of a plant in a fire accident

Loss of fixed assets overtime due to wear and tear

Loss of fixed assets in an earthquake

Closure of the plant due to lockout

Solution

Question 9

Purchase of pulses by consumers

Machine purchased by a firm

Wheat used by a flour mill

Wheat used by households

Solution

Question 10

Capital

Income

Investment

Depreciation

Solution

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