2014 - JAMB Commerce Past Questions and Answers - page 3

21
The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is
A
caveat emptor
B
uberrimae fidei
C
demurrage
D
jettison
correct option: d
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22
The major aim of establishing a public corporation is to
A
establish a monopoly
B
provide essential services
C
provide employment opportunities
D
encourage specialization
correct option: b
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23
The coming together of a manufacturing business with a firm that markets its products is
A
backward integration
B
a consortium
C
forward integration
D
a syndicate
correct option: c
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24
An association of voluntary organizations that work together for a common aim while retaining their independence is a
A
syndicate
B
merger
C
cartel
D
consortium
correct option: c
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25
The document that explains the types of shares available for sale to the public is
A
a prospectus
B
an invoice
C
an open indent
D
a closed indent
correct option: a
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26
Which of the following attracts only interest but leaves the capital unpaid
A
a long-term loan
B
a development bond
C
a redeemable bond
D
an irredeemable bond
correct option: c
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27
A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is
A
overdraft
B
advance
C
interest
D
commission
correct option: a
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28
Part payments made on allotted shares by subscribers is usually the
A
subscribed capital
B
authorized capital
C
issued capital
D
called-up capital
correct option: d
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29
The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is
A
the difference between gross profit and trade expenses
B
the different between gross profit and net sales
C
sales less cost of sales including sales returns
D
opening stock add purchases less closing stock
correct option: a
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30
A form of money with face value which is greater than the value of the metal content is
A
legal tender
B
bank notes
C
token money
D
commodity money
correct option: c
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