NTS (NAT ICOM Test) FLP 2 Free Quiz

NTS (NAT ICOM Test) – FLP 2

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NTS (NAT ICOM Test) – FLP 2 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 is a receipts and payments account?

A. Income and expenditure account B. Receipts and payments account C. Balance sheet D. Trading account

2. What is income earned but not yet received called?

A. Prepaid income B. Outstanding income C. Deferred income D. Accrued income

3. What assumption assumes a business will continue indefinitely?

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

4. What is the transfer of a bill by signing on the back called?

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

5. What is selling a bill to a bank before maturity called?

A. Discounting B. Endorsing C. Accepting D. Dishonouring

6. What does budget preparation involve?

A. Revenues only B. Costs only C. Revenues, costs, and profits D. Profits only

7. What is the difference between budgeted and actual amounts called?

A. Budget surplus B. Budget variance C. Budget deficit D. Budget balance

8. What type of cash book records cash, bank, and discount?

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

9. How are receipts and payments recorded in a cash book?

A. Receipts on credit, payments on debit B. Payments on debit C. Receipts on debit, payments on credit D. No distinction

10. What document invites the public to subscribe to shares?

A. Memorandum B. Prospectus C. Articles D. Share certificate

11. What is computerized accounting?

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

12. What is cloud accounting?

A. Cloud accounting B. Desktop accounting C. Manual accounting D. Paper accounting

13. What are source documents?

A. Ledgers B. Journals C. Trial balances D. Invoices, receipts, vouchers

14. What is the journal entry for purchasing goods on credit?

A. Debit Creditors, Credit Purchases B. Debit Cash, Credit Purchases C. Debit Purchases, Credit Cash D. Debit Purchases, Credit Creditors

15. What is the difference between bookkeeping and accounting?

A. Accounting is recording, bookkeeping is analysis B. Bookkeeping is recording, accounting includes analysis C. Both are the same D. Bookkeeping is analysis

16. What is partially completed goods called?

A. Finished goods B. Work in progress C. Raw materials D. Goods in transit

17. What is conversion cost?

A. Direct labor + Factory overheads B. Direct materials + Direct labor C. Direct materials + Factory overheads D. Prime cost

18. What are errors that violate accounting principles?

A. Errors of omission B. Errors of commission C. Errors of principle D. Compensating errors

19. What are errors that cancel each other out?

A. Errors of omission B. Errors of commission C. Errors of principle D. Compensating errors

20. What transactions are recorded in a bills receivable book?

A. Bills payable B. Bills receivable C. Purchases D. Sales

Commerce 20 MCQs

21. What type of bank provides services to individuals and businesses?

A. Central bank B. Commercial banks C. Investment banks D. Savings banks

22. What type of account earns interest and allows withdrawals?

A. Savings account B. Current account C. Fixed deposit D. Recurring deposit

23. What document accompanies goods during delivery?

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

24. What document acknowledges payment?

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

25. What document acknowledges receipt of goods for shipment?

A. Bill of lading B. Invoice C. Purchase order D. Delivery note

26. What does the social environment include?

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

27. What are profits reinvested in the business called?

A. Retained earnings B. Dividends C. Capital D. Revenue

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

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

29. What is business correspondence?

A. Business correspondence B. Oral communication C. Electronic communication D. Non-verbal communication

30. What legislation protects consumers?

A. Trade Act B. Commerce Act C. Business Act D. Consumer Protection Act

31. Who is an entrepreneur?

A. Starts and manages a business B. Manages a business C. Invests in a business D. Works for a business

32. How does entrepreneurship contribute to economic development?

A. Creating jobs only B. Generating income only C. Creating jobs, generating income, fostering innovation D. Fostering innovation only

33. What treaties facilitate trade by reducing barriers?

A. Trade agreements B. Tariffs C. Quotas D. Embargoes

34. What is the main objective of commerce?

A. Facilitate exchange between producers and consumers B. Production of goods C. Consumption of goods D. Distribution of goods

35. What is marketing?

A. Identifying and satisfying customer needs B. Selling C. Advertising D. Distribution

36. What is the amount customers pay for a product?

A. Product B. Place C. Promotion D. Price

37. What is the study of how consumers make purchasing decisions?

A. Marketing B. Advertising C. Consumer behavior D. Sales

38. What is a warehouse?

A. Building for storing goods B. Factory C. Shop D. Office

39. What type of warehouse is owned by a single business?

A. Public warehouse B. Bonded warehouse C. Cold storage D. Private warehouse

40. What type of warehouse stores goods with unpaid customs duties?

A. Bonded warehouse B. Public warehouse C. Private warehouse D. Cold storage

Economics 20 MCQs

41. What is marginal utility?

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

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

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

43. How is average cost calculated?

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

44. What is total revenue?

A. Price per unit B. Cost of production C. Total income from sales D. Profit

45. What is a demand schedule?

A. A table showing quantity demanded at different prices B. A graph showing demand C. A law of demand D. A theory of consumption

46. What is a demand curve?

A. A table of demand B. A law of demand C. A type of supply D. A graphical representation

47. What causes a change in quantity demanded?

A. Change in income B. Change in price of the good C. Change in consumer preferences D. Change in population

48. How is price elasticity of demand calculated?

A. % Change in quantity demanded ÷ % Change in price B. % Change in price ÷ % Change in quantity demanded C. Change in price × Change in demand D. Total demand ÷ Total price

49. What is rent in economics?

A. Income from labor B. Income from capital C. Income from land D. Income from entrepreneurship

50. What is personal distribution of income?

A. Distribution among individuals B. Distribution among factors C. Distribution among sectors D. Distribution among regions

51. What is economic growth?

A. Increase in population B. Increase in output of goods and services C. Increase in taxes D. Increase in debt

52. What is underemployment?

A. Not working at all B. Working full-time C. Employed but not using full skills D. Working voluntarily

53. What are Pakistan's major exports?

A. Textiles, rice, leather goods B. Only textiles C. Only rice D. Oil and gas

54. What characterizes an oligopoly?

A. Independence among firms B. Competition among many firms C. Interdependence among firms D. No interaction among firms

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

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

56. What is the central bank of Pakistan called?

A. State Bank of Pakistan B. National Bank of Pakistan C. Habib Bank Limited D. United Bank Limited

57. What is nominal GDP?

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

58. What is marginal product?

A. Total output B. Additional output from one more input C. Average output D. Cost of production

59. What is average product?

A. Total output B. Marginal output C. Total output per unit of input D. Output per cost

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 ABUNDANT?

A. Scarce B. Plentiful C. Ample D. Sufficient

62. What is the antonym of INCLUDE?

A. Exclude B. Incorporate C. Comprise D. Contain

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. What is the main idea of the passage?

A. Education is essential for success B. Education is optional C. Education is not needed D. Education is harmful

65. What does exercise do to the heart according to the passage?

A. Weakens the heart B. Strengthens the heart C. Weakens muscles D. Increases stress

66. What does regular exercise do to sleep according to the passage?

A. Worsens sleep B. Improves sleep C. Has no effect on sleep D. Causes insomnia

67. How many benefits of exercise are mentioned in the passage?

A. Only one benefit B. No benefit C. Several benefits D. Only harm

68. What is the main topic of the passage?

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

69. What is the best title for the passage?

A. Ocean life B. Earth's surface C. Water pollution D. The importance of water for life

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

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

71. The news _____ shocking.

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

72. He _____ cricket every Sunday.

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

73. The news _____ shocking.

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

74. What is the synonym of PATIENT?

A. Impatient B. Tolerant C. Restless D. Agitated

75. She _____ at this time tomorrow.

A. study B. will be studying C. will study D. studied

76. I _____ my work by 5 o'clock.

A. will have finished B. will finish C. finish D. have finished

77. The train _____ before we reached the station.

A. arrived B. was arriving C. had arrived D. has arrived

78. Please _____ deeply before the test.

A. Breath B. Breathe C. Both D. Neither

79. Please don't _____ your house keys again.

A. Loose B. Lose C. Both D. Neither

80. She received a _____ for her excellent performance.

A. Complement B. Compliment C. Both D. Neither

Logical and Analytical Thinking 15 MCQs

81. Which is a valid cause-effect relationship?

A. Heavy rain causes flooding B. Sunshine causes flooding C. Wind causes flooding D. Clouds cause flooding

82. If + means -, then what is 5+3?

A. 8 B. 15 C. 2 D. 6

83. You have a project due tomorrow and haven't started. What is the best course of action?

A. Wait B. Start working immediately C. Give up D. Ask for extension

84. You are driving and see a detour sign. What is the best decision?

A. Ignore the sign B. Continue straight C. Follow the detour D. Turn back

85. Walk 5 km North, right 5 km, right 5 km. Where are you from start?

A. 5 km North B. 5 km West C. 5 km East D. Starting point

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

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

87. All squares are rectangles. This is a square. What can be inferred?

A. This is a rectangle B. This is not a rectangle C. This is a triangle D. This is a circle

88. What is the mirror image of the letter O?

A. A B. O C. P D. Q

89. What is the mirror image of the letter M?

A. N B. W C. M D. V

90. What is the mirror image of the letter H?

A. K B. F C. T D. H

91. What is the water image of the letter X?

A. X B. Y C. Z D. W

92. If F is ranked 12th from the bottom in a class of 45, what is F's position from the top?

A. 33 B. 34 C. 35 D. 36

93. In a row of 7, A is 3rd from left and B is 5th from right. What is the relationship?

A. A is left of B B. A and B are in the same position C. A is right of B D. Cannot determine

94. Find the next letter: A, B, D, G, K, ?

A. P B. O C. Q D. R

95. Statements: All mangoes are fruits. Some fruits are sweet. Which conclusion follows?

A. All mangoes are sweet B. No mangoes are sweet C. No definite conclusion D. All sweet things are mangoes

Quantitative Reasoning 15 MCQs

96. Solve for x: 5x - 8 = 22

A. 4 B. 5 C. 6 D. 7

97. Solve: 6x - 3 = 4x + 9

A. 6 B. 4 C. 8 D. 10

98. Solve for x: 5x - 8 = 22

A. 4 B. 5 C. 6 D. 7

99. Solve for x: x + 12 = 25

A. 10 B. 12 C. 13 D. 15

100. Solve for x: x + 7 = 18

A. 7 B. 9 C. 10 D. 11

101. What is 50% of 150?

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

102. What is 75% of 120?

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

103. What is 20% of 350?

A. 70 B. 50 C. 60 D. 80

104. What is 36 + 47?

A. 83 B. 73 C. 93 D. 63

105. What is 5% of 600?

A. 20 B. 30 C. 40 D. 50

106. What is 5% of 600?

A. 20 B. 30 C. 40 D. 50

107. A train travels at 80 km/h for 2.5 hours. What distance does it cover?

A. 160 km B. 180 km C. 200 km D. 220 km

108. What is the volume of a cylinder with radius 3 cm and height 4 cm? (Use π=3.14)

A. 28.26 cm³ B. 113.04 cm³ C. 37.68 cm³ D. 84.78 cm³

109. What is the perimeter of a rectangle with length 12 cm and width 8 cm?

A. 20 cm B. 30 cm C. 40 cm D. 50 cm

110. 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

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