NTS (NAT ICOM Test) FLP 1 Free Quiz

NTS (NAT ICOM Test) – FLP 1

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NTS (NAT ICOM Test) – FLP 1 consists of 110 MCQs covering 6 subjects. You have 120 minutes to complete it. Start with the easier questions and manage your time wisely. Good luck!

Accounting 20 MCQs

1. What fees are charged by the bank?

A. Unpresented cheques B. Uncredited deposits C. Interest received D. Bank charges

2. What should happen after bank reconciliation?

A. Always different B. Should be equal after reconciliation C. Never equal D. Equal only at year-end

3. What is a bill of exchange?

A. Written order to pay a specified amount B. Cheque C. Promissory note D. Receipt

4. What is the drawee signing the bill called?

A. Endorsement B. Discounting C. Acceptance D. Dishonour

5. What occurs when the drawee fails to pay on the due date?

A. Acceptance B. Dishonour C. Endorsement D. Discounting

6. What budget adjusts for changes in activity level?

A. Flexible budget B. Fixed budget C. Static budget D. Master budget

7. What is a cash book?

A. Cash book B. Journal C. Ledger D. Trial balance

8. What is a petty cash book used for?

A. Petty cash book B. Single column cash book C. Double column cash book D. Triple column cash book

9. What basis is used to prepare the cash flow statement?

A. Cash basis B. Accrual basis C. Hybrid basis D. Modified basis

10. What happens when a shareholder fails to pay for shares?

A. Forfeiture B. Surrender C. Transfer D. Redemption

11. What is computerized accounting?

A. Computerized accounting B. Manual accounting C. Electronic accounting D. Digital accounting

12. What are examples of computerized accounting systems?

A. Manual systems B. Accounting software (QuickBooks, Tally, Sage) C. Spreadsheet systems D. Paper systems

13. What are digital records of financial transactions called?

A. Paper records B. Manual records C. Physical records D. Electronic records

14. What should the debtors control account balance equal?

A. Always different B. Equal only at year-end C. Never equal D. Should equal the subsidiary ledger total

15. What is the cost of raw materials called?

A. Labor cost B. Overhead cost C. Material cost D. Selling cost

16. What is the sum of direct materials, direct labor, and direct expenses?

A. Overhead cost B. Prime cost C. Conversion cost D. Total cost

17. How is the gross profit margin calculated?

A. Net Profit / Sales B. Gross Profit / Sales C. Gross Profit / Cost of Sales D. Net Profit / Capital

18. Which concept requires using the same methods consistently?

A. Prudence concept B. Accrual concept C. Going concern concept D. Consistency concept

19. Where is the cost of goods manufactured transferred?

A. Profit and loss account B. Balance sheet C. Trading account D. Cash flow statement

20. What transactions are recorded in a purchase returns book?

A. Purchases B. Sales C. Sales returns D. Purchase returns

Commerce 20 MCQs

21. What is the practice of managing communication with stakeholders?

A. Public relations B. Advertising C. Personal selling D. Sales promotion

22. What document states the price and terms for goods offered?

A. Invoice B. Quotation C. Purchase order D. Delivery note

23. What document reduces the amount owed by a buyer?

A. Debit note B. Credit note C. Invoice D. Receipt

24. What does the economic environment include?

A. Social factors B. Economic factors C. Political factors D. Legal factors

25. What is privatization?

A. Privatization B. Nationalization C. Globalization D. Liberalization

26. What is the act of reporting unethical activities in an organization?

A. Reporting B. Complaining C. Whistleblowing D. Accusing

27. What is sole proprietorship?

A. Owned by one person B. Owned by two or more people C. Owned by shareholders D. Owned by members

28. What is a cooperative society?

A. Sole proprietorship B. Partnership C. Joint stock company D. Cooperative society

29. What is a public corporation?

A. Government-owned B. Private company C. Multinational company D. Cooperative society

30. What is a multinational company?

A. Domestic company B. Multinational company C. Public corporation D. Cooperative society

31. What type of communication includes emails and video conferencing?

A. Written communication B. Oral communication C. Non-verbal communication D. Electronic communication

32. What right allows consumers to choose from different options?

A. Right to choice B. Right to safety C. Right to information D. Right to be heard

33. What is a feasibility study?

A. Feasibility study B. Business plan C. Marketing plan D. Financial plan

34. What does export procedure include?

A. Import procedure B. Export procedure C. Wholesale trade D. Retail trade

35. What organization regulates trade between nations?

A. IMF B. WTO C. World Bank D. UN

36. What is a tax on imported goods?

A. Quota B. Subsidy C. Embargo D. Tariff

37. What type of insurance covers medical expenses?

A. Life insurance B. Fire insurance C. Marine insurance D. Health insurance

38. What affects international business by influencing import and export costs?

A. Tariffs B. Exchange rates C. Quotas D. Subsidies

39. What is the difference between shares and bonds?

A. Both ownership B. Both debt C. Shares debt, bonds ownership D. Shares ownership, bonds debt

40. What is wholesale trade?

A. Retail trade B. Export C. Wholesale trade D. Import

Economics 20 MCQs

41. What does the production possibility curve show?

A. Actual output of a country B. Desired output of a country C. Maximum possible output combinations D. Minimum possible output combinations

42. What does utility analysis study?

A. Production analysis B. Cost analysis C. Consumer satisfaction analysis D. Market analysis

43. What is marginal utility?

A. Additional satisfaction from one more unit B. Total satisfaction C. Average satisfaction D. Zero satisfaction

44. What does the slope of the budget line represent?

A. Income ratio B. Price ratio C. Quantity ratio D. Utility ratio

45. How is profit calculated?

A. Total revenue ÷ Total cost B. Total revenue × Total cost C. Total revenue - Total cost D. Total revenue + Total cost

46. What is economic development?

A. Only GDP growth B. Only income growth C. Improvements in living standards and welfare D. Only technological progress

47. What are the major economic challenges facing Pakistan?

A. Only poverty B. Only unemployment C. Only inflation D. Poverty, unemployment, and inflation

48. Which body is responsible for tax collection in Pakistan?

A. State Bank of Pakistan B. Planning Commission C. Federal Board of Revenue D. Ministry of Finance

49. What is balance of trade?

A. Difference between income and expenditure B. Difference between assets and liabilities C. Difference between revenue and spending D. Difference between exports and imports

50. What is the definition of economics?

A. How scarce resources are allocated to satisfy unlimited wants B. How to earn money C. How to produce goods only D. How governments control markets

51. What does microeconomics study?

A. The economy as a whole B. International trade C. Individual consumers and firms D. Government policies

52. When does a shortage occur in a market?

A. Quantity supplied exceeds quantity demanded B. Quantity equals demand C. Quantity demanded exceeds quantity supplied D. No demand

53. What is a price floor?

A. Maximum price below equilibrium B. Price set by market C. Minimum price above equilibrium, causing surplus D. Price without intervention

54. What characterizes perfect competition?

A. Many buyers and sellers, identical products B. One seller, unique product C. Few sellers, differentiated products D. Many sellers, differentiated products

55. What are barriers to entry in a monopoly?

A. Free entry and exit B. Low barriers to entry C. High barriers to entry D. No barriers to entry

56. What is price discrimination?

A. Charging the same price to everyone B. Charging different prices for different products C. Charging high prices D. Charging different prices for same product to different consumers

57. What is the apex regulatory authority of the banking system?

A. Commercial bank B. Investment bank C. Central bank D. Development bank

58. What is fiat money?

A. Backed by gold B. Declared legal tender by government C. Backed by silver D. Backed by commodities

59. What is nominal GDP?

A. Measured at current prices B. Measured at constant prices C. Adjusted for inflation D. Measured in foreign currency

60. What is public revenue?

A. Government spending B. Government income C. Private sector income D. Bank profits

English 20 MCQs

61. What is the antonym of EXPENSIVE?

A. Cheap B. Costly C. Pricy D. Dear

62. What is the antonym of HONEST?

A. Truthful B. Sincere C. Frank D. Dishonest

63. What does the passage imply about water?

A. Water is optional B. Water is harmful C. Water is essential for life D. Water is only for drinking

64. According to the passage, who needs water?

A. Only humans B. Only animals C. Only plants D. All living organisms

65. What effect does education have on thinking according to the passage?

A. Prevents thinking B. Discourages thinking C. Helps people think critically D. Has no effect on thinking

66. What is the main topic of the passage?

A. Dangers of exercise B. Exercise equipment C. History of exercise D. Benefits of exercise

67. What is the main topic of the passage?

A. Water pollution B. Importance of water C. Ocean life D. Water cycle

68. According to the passage, what percentage of the earth's surface is covered by water?

A. 70% B. 71% C. 75% D. 80%

69. What is the tone of the passage?

A. Negative B. Neutral C. Sarcastic D. Positive

70. Identify the part of speech: Please put it on the table.

A. Verb B. Adjective C. Pronoun D. Noun

71. Identify the part of speech: She is an intelligent student.

A. Adverb B. Adjective C. Verb D. Pronoun

72. Identify the part of speech: I like apples and oranges.

A. Conjunction B. Preposition C. Interjection D. Adverb

73. Identify the part of speech: The beautiful flower bloomed.

A. Adjective B. Adverb C. Verb D. Noun

74. Identify the part of speech: Wow! That is amazing.

A. Conjunction B. Preposition C. Interjection D. Adverb

75. Mathematics _____ my favorite subject.

A. is B. are C. am D. were

76. He _____ cricket every Sunday.

A. plays B. play C. playing D. played

77. What is the synonym of HONEST?

A. Dishonest B. Sincere C. Deceitful D. False

78. She _____ at the moment.

A. is working B. works C. worked D. has worked

79. She _____ at the moment.

A. is working B. works C. worked D. has worked

80. I will _____ your invitation to the party.

A. Except B. Accept C. Both D. Neither

Logical and Analytical Thinking 15 MCQs

81. Who is your brother's son to you?

A. Cousin B. Son C. Nephew D. Grandson

82. Who is your sister's daughter to you?

A. Cousin B. Daughter C. Nephew D. Niece

83. Who is your father's father to you?

A. Grandfather B. Great-grandfather C. Uncle D. Father

84. Which is a valid cause-effect relationship?

A. Good grades cause studying B. Studying causes good grades C. Good grades cause failure D. Failure causes good grades

85. Which is a valid cause-effect relationship?

A. Health problems cause smoking B. Smoking causes health problems C. Smoking causes fitness D. Health problems cause fitness

86. You need to reach a destination 10 km away. What is the best decision?

A. Take a bus B. Walk C. Wait D. Go back

87. If you face East, which direction is behind you?

A. North B. West C. South D. East

88. If B is ranked 10th in a class of 50, how many students are behind B?

A. 41 B. 40 C. 39 D. 42

89. If K is ranked 5th from top and 15th from bottom, how many students are there?

A. 19 B. 20 C. 18 D. 21

90. In a row of 5, A is 2nd from left and B is 4th from left. How many people are between A and B?

A. 0 people B. 2 people C. 1 person D. 3 people

91. Find the next term: A1, B2, C3, D4, ?

A. E4 B. F5 C. E5 D. D5

92. Find the next letter: A, C, E, G, I, ?

A. J B. K C. L D. M

93. Statement: Technology in classrooms improves learning. Which argument supports this?

A. Technology is expensive B. Teachers don't know technology C. Interactive tools engage students D. Technology is distracting

94. Statement: Reading improves vocabulary. Which argument supports this?

A. Reading is boring B. Reading takes time C. Reading is hard D. Reading exposes people to new words

95. Statement: You must be 18 to vote. What is the underlying assumption?

A. People over 18 can vote B. Everyone wants to vote C. People under 18 should not vote D. Voting is a right

Quantitative Reasoning 15 MCQs

96. Solve for x: x/3 = 9

A. 27 B. 9 C. 18 D. 36

97. Solve for x: x/3 = 9

A. 27 B. 9 C. 18 D. 36

98. Solve: 2x + 5 = 4x - 3

A. 4 B. 2 C. 6 D. 8

99. Solve: 4x - 9 = 2x + 7

A. 4 B. 5 C. 6 D. 8

100. Solve: 5x - 2 = 3x - 8

A. -1 B. -3 C. -5 D. -7

101. Solve for x: 3x = 24

A. 8 B. 6 C. 7 D. 9

102. Solve: 4x - 9 = 2x + 7

A. 4 B. 5 C. 6 D. 8

103. What is 12 × 8?

A. 86 B. 92 C. 96 D. 100

104. What is 75% of 120?

A. 60 B. 70 C. 80 D. 90

105. What is 50% of 150?

A. 50 B. 60 C. 75 D. 90

106. If 2:7 = 6:x, what is the value of x?

A. 14 B. 21 C. 28 D. 35

107. What is the area of a square with side 9 cm?

A. 36 cm² B. 18 cm² C. 72 cm² D. 81 cm²

108. What is the volume of a cuboid with length 8 cm, width 5 cm, height 4 cm?

A. 40 cm³ B. 17 cm³ C. 80 cm³ D. 160 cm³

109. A car covers 120 km in 3 hours. What is the speed?

A. 30 km/h B. 35 km/h C. 40 km/h D. 45 km/h

110. How long does it take to travel 240 km at 60 km/h?

A. 3 hours B. 4 hours C. 5 hours D. 6 hours

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