Loss assets are those where: MCQ with Answer and Explanation

Question

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Loss assets are those where:

A. assets are standard

B. no loss has been identified

C. loss has been identified but the amount has not been written off

D. loss has been written off fully

Answer: Option C

Solution (By JKSSB Mock Tests)

Loss assets are assets where a loss has been identified but not yet fully written off.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on airline services is:

A. 5% for all classes

B. 18% for all classes

C. 12% for all classes

D. 5% economy and 12% business class

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Correct Answer: Option D

Explanation:
Economy class air travel is 5%, business class is 12%.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'hyperinflation' is:

A. falling prices

B. extremely rapid and uncontrolled price rise

C. slow price rise

D. stable prices

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Correct Answer: Option B

Explanation:
Hyperinflation is extremely rapid and uncontrolled inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on art and culture events is:

A. 5%

B. 0%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Art and culture events generally attract 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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