| 1. |
Abu Yousuf decorated the court of. |
| A. | Umayyads |
| B. | Abbasids |
| C. | Fatimids |
| D. | Seljukes |
| Answer» B. Abbasids | |
| 2. |
The term Laissez-faire was first coined by. |
| A. | Adam Smith |
| B. | Francois Quesnay |
| C. | Vincent de Gournay |
| D. | Thomas Malthus |
| Answer» B. Francois Quesnay | |
| 3. |
Riba is: |
| A. | Ownership of wealth |
| B. | Halal interest |
| C. | Islamic Insurance |
| D. | Interest |
| Answer» D. Interest | |
| 4. |
Who among the following is not associated with the economic implication of Islam? |
| A. | Ibn Khaldun |
| B. | Al Ghazzali |
| C. | Mawardi |
| D. | None of the above |
| Answer» D. None of the above | |
| 5. |
Which among the following is not a fundamental prohibition in Islam. |
| A. | Riba |
| B. | Maysir |
| C. | Talaq |
| D. | Gharar |
| Answer» C. Talaq | |
| 6. |
The full- fledged Islamic Economic system was first established by. |
| A. | Prophet Muhammad |
| B. | Umar |
| C. | Abu Yousuf |
| D. | Muawiyah |
| Answer» B. Umar | |
| 7. |
Which among the following is a form of Murabaha. |
| A. | Ijara |
| B. | Sukuk |
| C. | Musawamah |
| D. | Wadiyah |
| Answer» C. Musawamah | |
| 8. |
Haraam means: |
| A. | Permissible |
| B. | Forbidden |
| C. | Not encouraged |
| D. | Compulsory |
| Answer» B. Forbidden | |
| 9. |
Advance payment in Islamic Economics is termed as. |
| A. | Salam |
| B. | Ushr |
| C. | Istisnah |
| D. | Ijarah |
| Answer» A. Salam | |
| 10. |
Which among the following are the main pillars of Islamic society? |
| A. | Social Cohesion |
| B. | Co-Operation |
| C. | Self Sufficiency |
| D. | All the above |
| Answer» D. All the above | |
| 11. |
Mixed economy means an economy where: |
| A. | both agriculture and industry are equally promoted by the state |
| B. | there is co-existence of public sector along with private sector |
| C. | there is importance of small scale industries along with heavy industries |
| D. | economy is controlled by military as well as civilian rulers |
| Answer» B. there is co-existence of public sector along with private sector | |
| 12. |
Demand for a commodity refers to: |
| A. | Need for the commodity |
| B. | Desire for the commodity |
| C. | Quantity demanded of that commodity |
| D. | Amount of the commodity demanded at a particular price and at a particular time |
| Answer» D. Amount of the commodity demanded at a particular price and at a particular time | |
| 13. |
Banking or banking action that is consistent with main beliefs of Shariah and its realistic application from beginning to end improvement of Islamic economics is: |
| A. | Islamic Banking |
| B. | development Bank |
| C. | conventional banking |
| D. | b& c |
| Answer» A. Islamic Banking | |
| 14. |
Sukuk is an Arabic name stand for: |
| A. | financial liabilities |
| B. | financial certificates |
| C. | financial assets |
| D. | financial loans |
| Answer» B. financial certificates | |
| 15. |
A type of partnership where one party offer funds while other gives expertise and management is |
| A. | murabaha |
| B. | musharika |
| C. | ijarah |
| D. | mudarabah |
| Answer» D. mudarabah | |
| 16. |
Shirkat-ul-wujooh has its origin in Arabic word: |
| A. | wajahat |
| B. | wajahee |
| C. | waujooh |
| D. | wajhee |
| Answer» A. wajahat | |
| 17. |
Word Musharika is originated from the: |
| A. | Latin word |
| B. | Arabic word |
| C. | Persian word |
| D. | French word |
| Answer» B. Arabic word | |
| 18. |
Shirkat-ul-wujooh has its origin in Arabic phrase Wajahat meaning: |
| A. | reputation |
| B. | goodwill |
| C. | liabilities |
| D. | assets |
| Answer» B. goodwill | |
| 19. |
The Shariah compliant investments banking was undertaken in Egypt on: |
| A. | 1955 |
| B. | 1958 |
| C. | 1963 |
| D. | 1968 |
| Answer» C. 1963 | |
| 20. |
Giving share of investor to customer on lease is the: |
| A. | basis of musharika |
| B. | basis of ijarah |
| C. | basis of diminishing musharika |
| D. | basis of hibah |
| Answer» C. basis of diminishing musharika | |
| 21. |
Taa’wan refers: |
| A. | social welfare |
| B. | mutual cooperation |
| C. | individual rights |
| D. | personal property |
| Answer» B. mutual cooperation | |
| 22. |
Iqtisaduna was written by: |
| A. | Mohammad Baqir al-Sadr |
| B. | Taqiuddin al-Nabhani |
| C. | Mahmud Taleqani |
| D. | None of the above |
| Answer» A. Mohammad Baqir al-Sadr | |
| 23. |
Aaqilah refers: |
| A. | Inherent one |
| B. | compensation |
| C. | reward |
| D. | mutual help |
| Answer» D. mutual help | |
| 24. |
Which among the following deals with justice and fairness: |
| A. | Adl |
| B. | Ajr |
| C. | Ahad |
| D. | None of the above |
| Answer» A. Adl | |
| 25. |
A payment or compensation such as commission, fees or wages charged for services is called: |
| A. | Ajr |
| B. | Adl |
| C. | Ahad |
| D. | Taa’wan |
| Answer» A. Ajr | |