📘 FULL MOCK TEST for APPENDIX-II/IIA– FMT-1 (100 MCQs)

 

📘 FULL MOCK TEST – SET 1 (100 MCQs)

(Mixed: RFC, Costing, Budget, Tender, Internal Check, etc.)

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1. Contribution =
   A. Sales – Fixed cost
   B. Sales – Variable cost
   C. Fixed – Variable
   D. None
   Answer: B
2. Major Head represents:
   A. Object
   B. Function
   C. Scheme
   D. Nature
   Answer: B
3. BEP occurs when:
   A. Profit
   B. Loss
   C. No profit no loss
   D. Maximum profit
   Answer: C
4. Delegation beyond limit is:
   A. Valid
   B. Irregular
   C. Profit
   D. None
   Answer: B
5. Tender ensures:
   A. Monopoly
   B. Competition
   C. Loss
   D. Delay
   Answer: B
6. Internal check is part of:
   A. Audit
   B. Internal control
   C. Budget
   D. Ledger
   Answer: B
7. Fixed cost is:
   A. Variable
   B. Constant
   C. Increasing
   D. Decreasing
   Answer: B
8. Appropriation means:
   A. Payment
   B. Allocation
   C. Audit
   D. None
   Answer: B
9. Contract breach leads to:
   A. Profit
   B. Penalty
   C. Loss
   D. None
   Answer: B
10. Object Head shows:
    A. Function
    B. Nature
    C. Scheme
    D. None
    Answer: B

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26. P/V ratio =
    A. Profit/Sales
    B. Contribution/Sales
    C. Cost/Sales
    D. None
    Answer: B
27. Budget is:
    A. Actual
    B. Estimate
    C. Ledger
    D. Audit
    Answer: B
28. L1 means:
    A. Highest
    B. Lowest
    C. Average
    D. None
    Answer: B
29. Accrued income is:
    A. Received
    B. Earned not received
    C. Paid
    D. None
    Answer: B
30. Prepaid expense is:
    A. Asset
    B. Liability
    C. Income
    D. None
    Answer: A
31. Outstanding expense is:
    A. Asset
    B. Liability
    C. Income
    D. None
    Answer: B
32. Contribution first covers:
    A. Profit
    B. Fixed cost
    C. Variable cost
    D. None
    Answer: B
33. Internal check reduces:
    A. Profit
    B. Fraud
    C. Cost
    D. None
    Answer: B
34. Tender validity means:
    A. Time
    B. Price
    C. Audit
    D. None
    Answer: A
35. Re-appropriation means:
    A. Transfer of funds
    B. Payment
    C. Audit
    D. None
    Answer: A

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51. SP ₹100, VC ₹60 → contribution =
    A. 40
    B. 60
    C. 100
    D. None
    Answer: A
52. FC ₹40,000, contribution ₹20 → BE units =
    A. 2,000
    B. 1,000
    C. 4,000
    D. None
    Answer: A
53. Budget ₹10L, actual ₹12L →
    A. Saving
    B. Excess ₹2L
    C. Profit
    D. None
    Answer: B
54. Contract ₹10L, completed ₹8L → payment =
    A. 10L
    B. 8L
    C. 2L
    D. None
    Answer: B
55. Cash ₹50,000, found ₹45,000 → shortage =
    A. 5,000
    B. 45,000
    C. 50,000
    D. None
    Answer: A
56. 3 bids: ₹8L, ₹9L, ₹7L → L1 =
    A. ₹9L
    B. ₹8L
    C. ₹7L
    D. None
    Answer: C
57. Limit ₹10L, sanction ₹12L →
    A. Valid
    B. Excess ₹2L
    C. Saving
    D. None
    Answer: B
58. Margin of safety =
    A. Sales – BE
    B. BE – Sales
    C. Profit
    D. None
    Answer: A
59. VC increases → BEP
    A. Decreases
    B. Increases
    C. Same
    D. None
    Answer: B
60. SP increases → BEP
    A. Decreases
    B. Increases
    C. Same
    D. None
    Answer: A

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76–100

76. Audit ensures:
    A. Profit
    B. Compliance
    C. Loss
    D. None
    Answer: B
77. Financial propriety ensures:
    A. Waste
    B. Economy
    C. Loss
    D. None
    Answer: B
78. Suspense head is:
    A. Final
    B. Temporary
    C. Capital
    D. None
    Answer: B
79. Deposit head represents:
    A. Asset
    B. Liability
    C. Income
    D. None
    Answer: B
80. Contract must be:
    A. Oral
    B. Written
    C. Optional
    D. None
    Answer: B
81. Delegation improves:
    A. Delay
    B. Efficiency
    C. Loss
    D. None
    Answer: B
82. Internal check ensures:
    A. Accuracy
    B. Control
    C. Both
    D. None
    Answer: C
83. Tender system avoids:
    A. Competition
    B. Bias
    C. Profit
    D. None
    Answer: B
84. Budget control avoids:
    A. Overspending
    B. Profit
    C. Loss
    D. None
    Answer: A
85. Appropriation Accounts compare:
    A. Budget vs actual
    B. Profit vs loss
    C. Asset vs liability
    D. None
    Answer: A
86. Railway finance ensures:
    A. Control
    B. Transparency
    C. Accountability
    D. All
    Answer: D
87. Marginal costing focuses on:
    A. Fixed cost
    B. Variable cost
    C. Total cost
    D. None
    Answer: B
88. Contribution =
    A. Sales – VC
    B. Sales – FC
    C. VC – FC
    D. None
    Answer: A
89. Financial rules ensure:
    A. Discipline
    B. Control
    C. Efficiency
    D. All
    Answer: D
90. Railway accounts depend on:
    A. Budget
    B. Audit
    C. Control
    D. All
    Answer: D
91. Correct classification ensures:
    A. True accounts
    B. Profit
    C. Loss
    D. None
    Answer: A
92. Internal check avoids:
    A. Fraud
    B. Error
    C. Both
    D. None
    Answer: C
93. Contract management ensures:
    A. Control
    B. Compliance
    C. Efficiency
    D. All
    Answer: D
94. Tender evaluation ensures:
    A. Best value
    B. Quality
    C. Price
    D. All
    Answer: D
95. Budget is tool of:
    A. Planning
    B. Control
    C. Both
    D. None
    Answer: C
96. Railway financial system ensures:
    A. Transparency
    B. Accountability
    C. Control
    D. All
    Answer: D
97. BEP is point of:
    A. Profit
    B. Loss
    C. No profit no loss
    D. None
    Answer: C
98. Delegation ensures:
    A. Efficiency
    B. Control
    C. Accountability
    D. All
    Answer: D
99. Internal check is:
    A. Continuous
    B. One-time
    C. Optional
    D. None
    Answer: A
100. Financial discipline ensures:
     A. Control
     B. Efficiency
     C. Transparency
     D. All
     Answer: D