Practice Set - 1 | Practice Set | NISM Series XVI: Commodity Derivatives Certification Examination

Question 1

Which document is used for recording trades?

Question 2

Losses from commodity derivatives can be set off against:

Question 3

Which condition increases tax complexity?

Question 4

If trader fails to maintain records, risk is:

Question 5

If turnover is miscalculated, risk is:

Question 6

Tax audit is required if turnover exceeds:

Question 7

Which scenario is most complex in taxation?

Question 8

If trader incurs loss, it can be carried forward for:

Question 9

Expenses related to trading are:

Question 10

Which principle ensures accurate financial reporting?

Question 11

Which document helps in tax filing accuracy?

Question 12

A trader reports income incorrectly due to ignorance. This leads to:

Question 13

GST is not applied on profit itself.

Question 14

If trader underreports turnover, risk is:

Question 15

Commodity derivative income is taxed under Income Tax Act.

Question 16

If trader uses incorrect accounting method, result is:

Question 17

Which situation creates confusion in taxation?

Question 18

In commodity derivatives, profit or loss is generally treated as:

Question 19

Commodity derivatives trading is considered speculative business.

Question 20

Which method is used to calculate derivative turnover?

Question 21

Net profit from trading is calculated after deducting:

Question 22

A trader fails to report income. This leads to:

Question 23

GST is applicable on:

Question 24

Brokerage charges are treated as:

Question 25

A trader records only profits but ignores losses. This leads to:

Question 26

Turnover in derivatives is calculated based on:

Question 27

A trader mixes personal and business expenses. This results in:

Question 28

Mark-to-market gains are recognized in accounts:

Question 29

Which statement is correct about accounting of derivatives?

Question 30

Practice Set - 1