28 + Interview Questions in FINANCIAL-PLANNING IN GENERAL AWARENESS Page 1 InterviewSolution

1.	When trader collects GST at the time of sale , it is called ….A. CGSTB. Output taxC. Input taxD. SGST
Answer» Correct Answer - A

Discussion

2.	If the rate of SGST on an articleis14%, what is the rate of CGST on it ?
Answer» The rate of CGST is equal to the rate of SGST, which is 14%.

Discussion

3.	On which of the following is the rate of GST 0% ? (i) Butter (ii) Bread (iii) Cold drink
Answer» The rate of GST is 0% on bread.

Discussion

4.	The FV of a share is Rupees 10. What is the MV of the share if it is at 10% premium ?
Answer» The MV of the share is Rupees 11. (10% premium = Rupees 1 premium )

Discussion

5.	FV of a share is Rupees 100 and MV is Rupees 150. What brokerage of 0.5% is to be given per share ?
Answer» 0.5% of Rupees 150 is Rupees 0.75. Hence brokerage paidper share is Rupees 0.75.

Discussion

6.	Satish purchased 100 shares of MV Rupees 160. He paid brokerage at the rate of 0.3%. Find the amount he paidfor the purchase of shares.
Answer» Correct Answer - Satish paid Rupees 16.048 for the purchase of shares. The brokerage =MV `xx` rate of brokerage `=Rupees 160 xx(0.3)/( 100) = Rupees 160 xx ( 3)/(1000) = Rupees 0.48` `:.` purchase price per share `=` MV +brokerage `= Rupees 160 + Rupees 0.48 = Rupees 160.48 ` `:. ` purchase price for100 shares `= Rupees 160.48 xx 100` `= Rupees 16048`

Discussion

7.	Choose correct alternative for each of the following questions: In the format of GSTIN there are ………….. AlphanumeralsA. 15B. 10C. 16D. 9
Answer» Correct Answer - A

Discussion

8.	How many alpha numerals are there in the GSTIN of a registered dealer?A. 15B. 10C. 16D. 9
Answer» Correct Answer - A

Discussion

9.	Trading between GSTIN holder and consumer is termed as, ……..A. BBB. B2BC. BCD. B2C
Answer» Correct Answer - B::C

Discussion

10.	A manufacturer sold a bicycle for Rupees 4000 to the wholesaler. Wholesaler sold it to the retailer for Rupees 4800. Retailer sold it to a customer for Rupees 5200. Complete the following activity to find the payable GST at each stable of trading.
Answer» Output tax for manufacturer `= 12% ` fo Rupees 4000 `= square =square ` GST payable by the manufacturer = Rupees 480 Output tax of wholesaler `= 12 %` of Rupees 4800 `= ( 12) / ( 100) xx 4800 = square ` GST payable by wholesaler =Output tax - Input tax `= Rupees ( 576 - 480 ) = Rupees 96` Output tax of retailer `= 12 % ` of 5200 `= square ` GST payable by retailer = Output tax - Input tax = Rupees `square` - Rupees `square `= Rupees 48 Activity `:` Output tax of manufacturer `= 12%` of Rupees 4000 `= (12)/( 100) xx 4000` `= Rupees 480` GST payable by the manufacturer = Rupees 480 Output tax of wholesaler `= 12 %` of Rupees 480 `= ( 12)/( 100) xx 4800 = Rupees 576` GST payable by wholesaler = Output tax - Input tax `= Rupees ( 576 - 480) = Rupees 96` Output tax of retailer `= 12 ` of 5200 `= ( 12)/( 100) xx 5200 = Rupees 624` GST payable by retailer = Output tax - Input tax = Rupees 624- Rupees 576 = Rupees 48

Discussion

11.	Choose correct alternative for each of the following questions: (2) The tax levied by the central government for trading within state is ………..A. IGSTB. CGSTC. SGSTD. UTGST
Answer» Correct Answer - C

Discussion

12.	The tax levied by the Central government for trading within state isA. IGSTB. CGSTC. SGSTD. UTGST
Answer» Correct Answer - B

Discussion

13.	What is the last link in the trading chain from the production of goods till it reaches the consumer known as ?A. BBB. B2BC. BCD. B2C
Answer» Correct Answer - D [ B2C means Business to Consumer.]

Discussion

14.	What is the rate of dividend, if a dividend of Rupees 24 is received on 3 shares of face value Rupees 100 ?A. 0.06B. 0.08C. 0.12D. 0.24
Answer» Correct Answer - B

Discussion

15.	Smt Malhotra purchased solar panels for the taxable value Rupees 85000. She soldthem for Rupees 90000. The rate of GST is 5%. Find the ITC of Smt Malhotra . What is the amountof GST payable by her ?
Answer» Correct Answer - Smt Malhotra will get Rupees 4250 as ITC. She will have to pay Rupees 250 as GST. The tax paid at the time of purchase `= Rupees 85000xx ( 5)/( 100) = Rupees 4250` `:. `input tax `= Rupees 4250 ` `:. ITC = Rupees 4250` Output tax `= Rupees 90000 xx ( 5)/( 100) = Rupees 4500` PayableGST = Output tax - ITC `= Rupees ( 4500- 4250 ) = Rupees 250`

Discussion

16.	Market value of shares and dividend declared by the two companies is given. Face value is same and it is Rupees 100. Investment in which compnay is more profitable ? (i) Company A - Rupees 136, 14% (ii) Company B - Rupees 144, 15%
Answer» Correct Answer - From (1) and (2) , the investment in company B is more profitable. Let the investment in both the companies be `Rupees 136 xx 144` Company A `:` MV Rupees 136, Dividend 14% `:.` dividend is Rupees 14 on one share of FV Rupees 100 `:.` dividend from company A `= ( "total investment" xx "dividend per share")/("MV of 1 share")` `= (136 xx 144 xx 14)/( 136) = Rupees 2016` ....(1) Company B `:` MV Rupees 144 , Dividend 15 % `:.` dividend is Rupees 15 on one share of FV Rupees 100 `:.` dividend from company B `=("total investment" xx "dividend per share")/("MV of 1 share")` `( 136 xx 144 xx 15)/( 144) = Rupees" "2040` ...(2)

Discussion

17.	Smt Gupta purchased the following shares. Find her total investment. Company A `:` 210 shares , FV Rupees 100, at discount Rupees 3. Company B `:` 3500 shares , FV Rupees 10, MV Rupees 18.50 What amount did she receive on total investment, if the rate of return is 9% ?
Answer» Total investment is Rupees 85,120, Amount received is Rupees 7660.80.

Discussion

18.	If NAV of one unit is `Rs 35`, then the number of units allotted for investment of `Rs 4270` isA. 12B. 200C. 45D. 122
Answer» Correct Answer - A::B

Discussion

19.	If the Face of a share is `Rs 100` and Market value is `Rs 75`, then which is the following statements is correct?A. The share is at premium of `Rs 175`B. The share is at premium of `Rs 25`C. The share at premium of `Rs 25`D. The share is at discount of `Rs75`
Answer» Correct Answer - A::B::C::D

Discussion

20.	Rate of GST on brokerage is ……..A. `5%`B. `12%`C. `18%`D. `28%`
Answer» Correct Answer - A

Discussion

21.	If the NAV of a unit in mutual fund scheme is Rupees 9.65, then how manu units can be purchased for Rupees 2895 ?A. 290B. 300C. 305D. 310
Answer» Correct Answer - B The number of units = `("Inverstment")/( "NAV")`.]

Discussion

22.	The NAV of a unit in multual fund scheme is `Rs 10.65`, then find the amount required to buy 500 such units.A. 5325B. 5235C. 532500D. 53250
Answer» Correct Answer - B::C

Discussion

23.	The total value, with GST, of a toy car is Rupees 944. The rate of GST is 18% on toys. Find the taxable value of the toy car.
Answer» Correct Answer - The taxable value of the toy car is Rupees 800 Let the taxable value of the toy car be Rupees x. GST at 18% `= ( 18)/(100) xx x = `Rupees `( 18x)/( 100)`. The value of the toy car with GST is Rupees 944. Taxable value `+` tax = total value lt`:. x + ( 18x)/( 100) = 944 ` `:. ( 100x + 18x)/( 100) = 944` ` :. ( 118x )/( 100) = 944` `:. x = 944 xx ( 100)/( 118)= 8 xx 100` `:. x = 800`

Discussion

24.	A businessman sold a dress for a taxable value of Rupees1200 and charged GST at the rate of 5% . How much SGST will he have to pay ?A. Rupees 60B. Rupees 30C. Rupees 15D. Rupees 120
Answer» Correct Answer - B [SGST `= (1)/(20 xx GST. 2.5 % ` of 1200 = 30.]

Discussion

25.	What is the taxable value of a computer of Rupees 40,000, if 5% discount is given ?A. Rupees 2000B. Rupees 42,000C. Rupees 38,000D. Rupees 39,000
Answer» Correct Answer - C

Discussion

26.	A shopkeeper sold r2 ready-made shirts each for Rupees550. What amount of GST is 5% is collected by shopkeeper ?A. Rupees 27.50B. Rupees 55C. Rupees 13.75D. Rupees 41.25
Answer» Correct Answer - B

Discussion

27.	A ready -made garment shopkeeper gives5% discount on the dress of Rupees 1000 and charges 5% GST on the remaining amount. Then what is the purchase price of the dress for the customer ?
Answer» Correct Answer - The purchase price of the dress for the customer is Rupees 997.50 Discount 5% of Rupees 1000 `= ( 5)/( 100) xx 1000 = Rupees 50` `:.` taxable value `= Rupees ( 1000 - 50 ) = Rupees 950` Rate of GST `= 5%` `:. GST = ( 5)/( 100) xx 950 = Rupees 47.50` Purchase price for the customer `=` Taxable value `=` GST `= Rupees ( 950 + 47.50)` `= Rupees 997.50`

Discussion

28.	For the given trading chain, the rate of GST is 12% for the article . Observe the information given and answer the questions (i) Input tax for the distribution (ii) Output tax for the retailer (iii) Purchase price for the consumer.
Answer» Correct Answer - (i) Input tax of for the distributor Rupees 960 (ii) Output tax by the retailer Rupees 1296. (iii) The purchase price for the customer Rupees 12096. The rate of GST is 12% (i) The distributor purchased the article from the manufacturer for Rupees 8000. The tax to be paid by the distributor =the taxable value `xx` the rate of GST ` = Rupees 8000 xx ( 12)/( 100) = Rupees 960` `:.` the input tax for the distributor is Rupees 960 . (ii) The retailer sold the article of taxable value of Rupees 10800 `:.` output tax by the retailor = taxable value `xx` the rate of GST `= Rupees 10800 xx (12)/( 100) = Rupees 1296` (iii) The purchase price for the customer = taxable value `+` GST `= Rupees ( 10800 + 1296)` `= Rupees 12096`

Discussion

Explore topic-wise InterviewSolutions in .

When trader collects GST at the time of sale , it is called ….A. CGSTB. Output taxC. Input taxD. SGST

If the rate of SGST on an articleis14%, what is the rate of CGST on it ?

On which of the following is the rate of GST 0% ? (i) Butter (ii) Bread (iii) Cold drink

The FV of a share is Rupees 10. What is the MV of the share if it is at 10% premium ?

FV of a share is Rupees 100 and MV is Rupees 150. What brokerage of 0.5% is to be given per share ?

Satish purchased 100 shares of MV Rupees 160. He paid brokerage at the rate of 0.3%. Find the amount he paidfor the purchase of shares.

Choose correct alternative for each of the following questions: In the format of GSTIN there are ………….. AlphanumeralsA. 15B. 10C. 16D. 9

How many alpha numerals are there in the GSTIN of a registered dealer?A. 15B. 10C. 16D. 9

Trading between GSTIN holder and consumer is termed as, ……..A. BBB. B2BC. BCD. B2C

A manufacturer sold a bicycle for Rupees 4000 to the wholesaler. Wholesaler sold it to the retailer for Rupees 4800. Retailer sold it to a customer for Rupees 5200. Complete the following activity to find the payable GST at each stable of trading.

Choose correct alternative for each of the following questions: (2) The tax levied by the central government for trading within state is ………..A. IGSTB. CGSTC. SGSTD. UTGST

The tax levied by the Central government for trading within state isA. IGSTB. CGSTC. SGSTD. UTGST

What is the last link in the trading chain from the production of goods till it reaches the consumer known as ?A. BBB. B2BC. BCD. B2C

What is the rate of dividend, if a dividend of Rupees 24 is received on 3 shares of face value Rupees 100 ?A. 0.06B. 0.08C. 0.12D. 0.24

Smt Malhotra purchased solar panels for the taxable value Rupees 85000. She soldthem for Rupees 90000. The rate of GST is 5%. Find the ITC of Smt Malhotra . What is the amountof GST payable by her ?

Market value of shares and dividend declared by the two companies is given. Face value is same and it is Rupees 100. Investment in which compnay is more profitable ? (i) Company A - Rupees 136, 14% (ii) Company B - Rupees 144, 15%

Smt Gupta purchased the following shares. Find her total investment. Company A `:` 210 shares , FV Rupees 100, at discount Rupees 3. Company B `:` 3500 shares , FV Rupees 10, MV Rupees 18.50 What amount did she receive on total investment, if the rate of return is 9% ?

If NAV of one unit is `Rs 35`, then the number of units allotted for investment of `Rs 4270` isA. 12B. 200C. 45D. 122

If the Face of a share is `Rs 100` and Market value is `Rs 75`, then which is the following statements is correct?A. The share is at premium of `Rs 175`B. The share is at premium of `Rs 25`C. The share at premium of `Rs 25`D. The share is at discount of `Rs75`

Rate of GST on brokerage is ……..A. `5%`B. `12%`C. `18%`D. `28%`

If the NAV of a unit in mutual fund scheme is Rupees 9.65, then how manu units can be purchased for Rupees 2895 ?A. 290B. 300C. 305D. 310

The NAV of a unit in multual fund scheme is `Rs 10.65`, then find the amount required to buy 500 such units.A. 5325B. 5235C. 532500D. 53250

The total value, with GST, of a toy car is Rupees 944. The rate of GST is 18% on toys. Find the taxable value of the toy car.

A businessman sold a dress for a taxable value of Rupees1200 and charged GST at the rate of 5% . How much SGST will he have to pay ?A. Rupees 60B. Rupees 30C. Rupees 15D. Rupees 120

What is the taxable value of a computer of Rupees 40,000, if 5% discount is given ?A. Rupees 2000B. Rupees 42,000C. Rupees 38,000D. Rupees 39,000

A shopkeeper sold r2 ready-made shirts each for Rupees550. What amount of GST is 5% is collected by shopkeeper ?A. Rupees 27.50B. Rupees 55C. Rupees 13.75D. Rupees 41.25

A ready -made garment shopkeeper gives5% discount on the dress of Rupees 1000 and charges 5% GST on the remaining amount. Then what is the purchase price of the dress for the customer ?

For the given trading chain, the rate of GST is 12% for the article . Observe the information given and answer the questions (i) Input tax for the distribution (ii) Output tax for the retailer (iii) Purchase price for the consumer.