2001 - JAMB Commerce Past Questions and Answers - page 2
11
The major procedures in the purchase and sale of goods are enquiry
A
quotation, order and invoice
B
placement, order and invoice
C
bargin, order and invoice
D
order, sale, and invoice
12
Use the information below to answer question 20 and 21
Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, quantity discount of 3% for a volume above 1000 units and a cash of discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.
The trade discount receivable by Mr Bacus is
Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, quantity discount of 3% for a volume above 1000 units and a cash of discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.
The trade discount receivable by Mr Bacus is
A
N4,500
B
N7,500
C
N10,500
D
N12,000
13
The financial instrument for borrowing in which the collateral is usually more than the amount borrowed is?
A
trust certificate
B
detachable warrant
C
mortage bond
D
converttible securities
14
(i) Personal Savings
(ii)Retained Earnings
(iii)Accrued taxes
Which of the items above constitute internal sources of financing for companies?
(ii)Retained Earnings
(iii)Accrued taxes
Which of the items above constitute internal sources of financing for companies?
A
i and ii
B
i and iii
C
ii and iii
D
i, ii and iii
15
The difference between total current assets and total current liabilities of a business is known as
A
quick ratio
B
liquidity ratio
C
working capital
D
circulating capital
17
One of the reasons why wholesaling must continue is that?
A
the tax paid by wholesalers on their profit enhances national revenue
B
by creating artificial scarcity, the wholesaler is enhencing competition
C
the wholesaler provides technical advice to the retailer
D
the gap between manufacturers and retailers is reduce byn wholesalers
18
The merchant wholesaler is referred to as
A
del-credere agent
B
a broker
C
rack jobber
D
a factor
19
A pro-forma invoice is sent to inform a buyer about the
A
quantity of goods
B
prices of goods
C
designation of goods
D
quality of goods
20
The balance of payments of countries is
A
a record of imports and export
B
a systematic record of transaction among countries at a given time
C
the current and the capital accounts and their payments
D
the trade relationships and payment among nations
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