ICSE Class 10

General instructions: Answer all questions. Marks are shown in brackets [ ].

Objective

1. 1.
   Identify the picture :

   1. A. Advertising
   2. B. Packaging
   3. C. Branding
   4. D. Storage
   [1]
2. 2.
   What do wholesalers primarily expect regarding the packaging of products they handle?

   1. A. Minimal packaging to reduce costs.
   2. B. Convenient and attractive packaging for the products.
   3. C. Packaging that is difficult to open for security.
   4. D. Exclusive branding rights for their own use.
   [1]
3. 3.
   Insurance, banking, beauty parlour etc. are examples of ______.

   1. A. Services
   2. B. Products
   3. C. Pricing
   4. D. Technology
   [1]
4. 4.
   Which of the following best defines 'Standardization' of products and aligns with its primary benefits?

   1. A. A process of creating unique, custom-made products for individual customers to enhance exclusivity.
   2. B. The process of maintaining uniformity and consistency in products by adhering to set quality norms and specifications.
   3. C. A method of reducing product variety to minimize production complexity without focusing on quality.
   4. D. The practice of setting different quality standards for different markets to maximize profits.
   [1]
5. 5.
   A company received money from the sale of old machinery. Identify which of the following will be true in this context. I. The company has generated a capital receipt. II. The transaction will be recorded as a revenue receipt. III. The sale of machinery is a non-recurring event. IV. The transaction represents income from regular business operations.

   1. a. I and III are true
   2. b. II and IV are true
   3. c. I and IV are true
   4. d. III and IV are true
   [1]
6. 6.
   A company records wages for factory workers in its Trading Account. Identify which of the following will be true. I. Wages are direct expenses. II. Wages are indirect expenses. III. The Trading Account includes direct expenses and direct incomes. IV. Wages are recorded in the Profit & Loss Account.

   1. a. I and III are true
   2. b. II and IV are true
   3. c. III and IV are true
   4. d. I and II are true
   [1]
7. 7.
   Indirect materials are directly traceable to the final product.

   1. A. True
   2. B. False
   [1]
8. 8.
   A company ran out of cash and was unable to pay employee salaries. Which budget should have been managed properly? I. Sales Budget II. Cash Budget III. Master Budget IV. Production Budget

   1. a. I and II are true
   2. b. II and III are true
   3. c. III and IV are true
   4. d. I and IV are true
   [1]
9. 9.
   ______ costs are also referred to as product costs.

   1. A. Manufacturing
   2. B. Non-manufacturing
   3. C. Fixed
   4. D. Indirect
   [1]
10. 10.
    A company prepares a Trading Account to calculate gross profit. Identify which of the following will be true. I. The Trading Account records direct expenses and incomes. II. The Trading Account records indirect expenses and incomes. III. The Trading Account helps calculate net profit. IV. The Trading Account helps determine gross profit.

    1. a. I and IV are true
    2. b. II and III are true
    3. c. III and IV are true
    4. d. I and II are true
    [1]