Practice Set - 2 | Practice Set | NISM Series XVI: Commodity Derivatives Certification Examination

Question 1

Which scenario creates maximum confusion in turnover calculation?

Question 2

A trader offsets business loss incorrectly against capital gains. This results in:

Question 3

Which condition leads to overreporting of income?

Question 4

A trader carries forward losses beyond allowed period. This is:

Question 5

A trader reports only net profit instead of absolute turnover for audit applicability. This leads to:

Question 6

If trader misinterprets tax rules, consequence is:

Question 7

If a trader has multiple loss-making trades and one large profit trade, turnover calculation will:

Question 8

A trader records MTM profit but ignores MTM loss. This leads to:

Question 9

If trader fails to apply GST correctly on brokerage, consequence is:

Question 10

Which situation creates ambiguity in classification of income?

Question 11

Which factor increases complexity in derivative accounting?

Question 12

A trader assumes margin equals investment. This results in:

Question 13

A trader offsets derivative loss with salary income. This is:

Question 14

A trader calculates profit ignoring brokerage and charges. This leads to:

Question 15

If a trader does not maintain proper books, tax authorities may:

Question 16

A trader records only closing trades ignoring intraday trades. This leads to:

Question 17

A trader incorrectly deducts personal expenses as business expense. This is:

Question 18

If audit threshold is breached but audit not conducted, outcome is:

Question 19

If trader fails to reconcile contract notes, risk is:

Question 20

A trader assumes GST applies on total turnover. This is:

Question 21

If trader does not separate speculative and non-speculative transactions, impact is:

Question 22

A trader delays recording transactions until year-end. This leads to:

Question 23

A trader treats derivative income as capital gains. This results in:

Question 24

A trader assumes MTM gains are not taxable until realized. This leads to:

Question 25

If trader mixes capital and business transactions, impact is:

Question 26

If trader underreports income intentionally, this is:

Question 27

Which situation results in incorrect audit applicability decision?

Question 28

If losses are not recorded in books, the financial statements become:

Question 29

Which condition leads to underreporting of turnover?

Question 30

Practice Set - 2