878. In economics, what a consumer is ready to pay minus what he actually pays, is termed as

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Consumer’s equilibrium
Consumer’s surplus
Consumer’s expenditure
None of the above
✅ The correct answer is B.
In economics, what a consumer is ready to pay minus what he actually pays, is termed as Consumer’s surplus. Consumer surplus is defined as the difference between the consumers’ willingness to pay for a commodity and the actual price paid by them, or the equilibrium price.

877. In accounting, cost incurred in past or in historical financial statements is classified as

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actual cost
budgeted cost
past cost
incurred cost
✅ The correct answer is A.
In accounting, cost incurred in past or in historical financial statements is classified as actual cost. Actual cost is the actual expenditure made to acquire an asset, which includes the supplier-invoiced expense, plus the costs to deliver, set up, and test the asset.

896. The value of the units of a Unit Linked policy is termed as :

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Gross Asset Value
Net Asset Value
Bonus
Guaranteed addition
✅ The correct answer is B.
The value of the units of a Unit Linked policy is termed as Net Asset Value. Net asset value (NAV) is the value of an entity’s assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value.

78. Which of the following is a long term liability?

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Outstanding expenses
Share capital
Debentures
All of the above
✅ The correct answer is C.
Debentures is a long term liability. Long-term liabilities are financial obligations of a company that become due more than one year. In accounting, they form a section of the balance sheet that lists liabilities not due within the next 12 months including debentures, loans, deferred tax liabilities and pension obligations.

893. Normal idle time __________.

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can be avoided
can be minimized
cannot be avoided
can be controlled
✅ The correct answer is C.
Normal idle time cannot be avoided. The main reasons for the occurrence of normal idle time are as follows:

i. Time taken by workers to travel the distance between the main gate of factory and the place of their work.

ii.Time lost between the finish of one job and starting of next job.

iii. Time spent to overcome fatigue.

iv. Time spent to meet their personal needs like taking lunch, tea etc.

892. Who among the following is most to buy variable life insurance?

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People seeking fixed return
People who are risk averse and do not dabble in equity
Knowledgeable people comfortable with equity
Young people in General
✅ The correct answer is C.
Knowledgeable people comfortable with equity is most to buy variable life insurance. Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy.