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FLIP Quiz 1 - Grade VI
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Your car tyre burst suddenly. You need to buy a new tyre. You have a choice between MRF tyres and Goodyear tyres. The price of both tyres is same. The money spent on new tyre is _________
(D) Sudden unexpected expense is non-discretionary expense
Which of these is a Liability?
(B) Loan
Ria, Kia and Pia have the above assets with them. Who is the most wealthy?
(D) Cannot be determined as we do not know the values of assets
Which of the above cannot be a Financial year?
(C) Financial year must be exactly 12 months (or 1 year)
There are six items on the screen. Each of them will get a copyright, trademark or patent. You need to tell the number of copyrights, trademarks and patents.
3 copyrights 2 trademarks 1 patent
Portability of money means
(B) ease of carrying
Brand names are matched with the main product of that brand. Some of the matchings are incorrect. Which ones? (There can be multiple answers)
Doritos is tortilla chips, and Oreo is cookies.
Choose the CORRECT statement.
(C)
It rained heavily on July 29 and your schoolbooks got damaged. Now you need to repurchase the books. This is an example of _______. (Choose the best possible answer)
(D) Non-discretionary expense. This is sudden unexpected expense
Monthly expenses of a family are (1) House Rent â‚ą10,000 (2) Groceries â‚ą4,000 (3) Washing Machine â‚ą11,000 (4) Entertainment â‚ą3,000 (5) Food â‚ą7,000. What is the total lumpsum expense and discretionary expense for the month?
(D) Lumpsum â‚ą11,000, Discretionary â‚ą3,000
A pantomime is protected by
(A) Copyright as it is similar to theatre/musical play
Paul is a graphic artist who operates a small t-shirt business, “Simply T’s.” He discovered that larger t-shirt companies were using some of his designs. How can Paul protect his t-shirt designs?
(A) Copyright because t-shirt designs are artistic creations
Kiara invented a car engine that runs on fruit skins. She has located an empty garage to house her business, and is ready to begin operations of her new business. Before opening her business, she should apply for a _________
(B) Patent because it is an invention
In which of the above cases will the brand value of the company increase? (There can be multiple answers.)
(A), (C), (D)
Which of the above is NOT CORRECT?
(C) Discretionary expenses are based on choice. Sudden unexpected expenses come under Non-discretionary expenses
Which of the above statements is NOT CORRECT?
(C) Financial assets are called liquid assets
In India, how long does copyright last for?
(B) 60 years after death
For which of the above options can copyrights be granted? (There can be multiple answers)
(A), (B), (D)
Which statement is INCORRECT?
(C) Patent secures inventions
Choose the INCORRECT statement.
(D) Tangible assets can be easily quantified
All of the above are assets. Choose the odd one out based on asset type.
(A) Cheque is a financial asset, all others are physical assets
Which of the above is NOT an intangible asset?
(B) Fixed deposit is a tangible asset
Which is NOT CORRECT?
(C) Assets can be tangible or intangible
Which of the above is NOT a limitation of the Barter system?
(D) It was difficult to decide a fair rate of exchange
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