15. Cost incurred for the maintenance of shop is considered as

A) Deffered expense
B) Capital expenditure
C) Revenue expenditure
D) Preliminary expense
✅ ANSWER: C
Cost incurred for the maintenance of shop is considered as Revenue expenditure. A revenue expenditure is a cost that will be an expense in the accounting period when the expenditure takes place.

103. Miller- Orr Model is suitable in those circumstances when the ________.

A) Demand for cash is steady
B) Demand for cash is not steady
C) Carry cost and transaction cost are to be kept at minimum
D) Demand for cash is variable
✅ ANSWER: D
The Miller-Orr model of cash management is developed for businesses with uncertain cash inflows and outflows. This approach allows lower and upper limits of cash balance to be set and determine the return point (target cash balance).

97. In order for the policy to acquire a guaranteed surrender value, for how long must the premium be paid as per law?

A) Premiums must be paid for least 2consecuitve years
B) Premiums must be paid for least 3consecuitve years
C) Premiums must be paid for least 4consecuitve years
D) Premiums must be paid for least 5consecuitve years
✅ ANSWER: B
In order for the policy to acquire a guaranteed surrender value, Premiums must be paid for at least 3 consecuitve years the premium be paid as per law.

95. Product differentiation is the most important feature of

A) Monopolistic competition
B) Monopoly
C) Oligopoly
D) Perfect competition
✅ ANSWER: A
Product differentiation is the most important feature of Monopolistic competition. Monopolistic Competition refers to a market situation in which there are large numbers of firms which sell closely related but differentiated products.

92. If two goods were perfect substitutes of each other, it necessarily follows that

A) An indifference curve relating the two goods will be curvilinear
B) An indifference curve relating the two goods will be linear
C) An indifference curve relating the two goods will be divided into two segments which meet at a right angle
D) An indifference curve relating the two goods will be convex to the origin
✅ ANSWER: B
If two goods were perfect substitutes of each other, it necessarily follows that an indifference curve relating the two goods will be linear. As price rises for a fixed money income, the consumer seeks the less expensive substitute at a lower indifference curve.

89. Who is an inpatient seeking medical attention for his medical problem?

A) He is a patient who receives medical attention without admission in a hospital
B) He is after admission in a hospital receiving medical attention and treatment while being there
C) He is a day care patient for treatment
D) He is a patient in a house receiving care of doctors
✅ ANSWER: B
An inpatient seeking medical attention for his medical problem after admission in a hospital receiving medical attention and treatment while being there.