2015 - JAMB Commerce Past Questions and Answers - page 5
41
The document issued to a port authority when a good are deposited is a
A
dock warrant
B
Dock landing account
C
Ball of sight
D
Bill of landing note
correct option: a
It is a document that shows that the goods are stored in the warehouse and it entitles the holder to take possession of the goods.
Users' Answers & Comments42
The business environment that takes into cognizance the age distribution ethnic mix and educational level of the consumer is
A
Natural Environment
B
Cultural environment
C
Economic environment
D
Demographic Environment
correct option: d
demographic environment that put into consideration the composition of the population of the consumers, it determines the quantity of goods to be produced.
Users' Answers & Comments43
The term 4 net 7 on an invoice means that
A
4% surcharge will be made unless payment is made within seven days
B
4% discount will be allowed on the price charged only if the good are bought within seven days
C
4% discount will be allowed on the price charge if payment is made after seven days
D
4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.
correct option: d
the discount is allowed to encourage seller prompt payment for the goods bought by the buyer.
Users' Answers & Comments44
Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of
A
Vertical integration
B
Horizontal integration
C
Forward Integration
D
Background integration
correct option: a
this integration involves the coming of two or more firms at different production stage in the same industry. The production of wool is one stage in the production of cloths while spinning and transformation of the wool into clothes is another stage in the production of clothes
Users' Answers & Comments45
The principle of subrogation stated that
A
An insured person should be indemnified to the time of the amount insured
B
An insurance company constant in lace of the insured in dealing with third party.
C
Only a person who is likely to suffer loss hold take out an insurance cover
D
There must be accuse connection between the actual loss suffered and risk insure
46
\(\begin{array}{c|c}
\text{Opening stock} & 1800 \\ \hline
\text{Purchases} & 2800 \\ \hline
\text{Sales} & 800 \\ \hline
\text{Closing stock} & 800 \\ \hline
\text{Carriage on sale} & 500 \\ \end{array}\)
Calculate the value of the unused stock
\text{Opening stock} & 1800 \\ \hline
\text{Purchases} & 2800 \\ \hline
\text{Sales} & 800 \\ \hline
\text{Closing stock} & 800 \\ \hline
\text{Carriage on sale} & 500 \\ \end{array}\)
Calculate the value of the unused stock
A
N320
B
N350
C
N500
D
N800
correct option: d
Closing stock for the year of an accounting period is also regarded as unused stock.
Users' Answers & Comments47
Given
\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\ \hline
\text{Purchases} & 200,000 \\ \hline
\text{Sales} & 350,000 \\ \hline
\text{Closing stock} & 80,000 \\ \end{array}\)
What is the cost of good sold?
\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\ \hline
\text{Purchases} & 200,000 \\ \hline
\text{Sales} & 350,000 \\ \hline
\text{Closing stock} & 80,000 \\ \end{array}\)
What is the cost of good sold?
A
N200,000
B
N190,000
C
N170,000
D
N175,000
correct option: c
The cost of goods sold is calculated through the formula below
opening stock + purchases – closing stock.
If we go by the formula above it is
N50,000 + N 200,000 - N80,000 which is equal to N170,000.
Users' Answers & Commentsopening stock + purchases – closing stock.
If we go by the formula above it is
N50,000 + N 200,000 - N80,000 which is equal to N170,000.
48
\(\begin{array}{c|c}
N & N \\ \hline
\text{Capital 8000} & \text{Plant and machinery5000}\\ \hline
\text{Net profit 4000} & \text{Motor Van 4500} \\ \hline
\text{Drawings 200} & \text{Stock 2000} \\ \hline
\text{Creditors 2000} & \text{Debtors 1000} \\ \hline
\text{Accurals 300} & \text{Banks 100} \\ \hline
& \text{Cash 600} \\ \hline
14100 & 14100 \\ \end{array}\)
What is the current ration?
N & N \\ \hline
\text{Capital 8000} & \text{Plant and machinery5000}\\ \hline
\text{Net profit 4000} & \text{Motor Van 4500} \\ \hline
\text{Drawings 200} & \text{Stock 2000} \\ \hline
\text{Creditors 2000} & \text{Debtors 1000} \\ \hline
\text{Accurals 300} & \text{Banks 100} \\ \hline
& \text{Cash 600} \\ \hline
14100 & 14100 \\ \end{array}\)
What is the current ration?
A
4 : 1
B
5 : 1
C
3 : 1
D
2 : 1
correct option: d
Users' Answers & Comments49
\(\begin{array}{c|c}
\text{Name} & \text{Insure amount} & \text{Actual value} & \text{Actual loss} \\ \hline
\text{Mr A} & 30,000 & 100,000 & 40,000 \\ \hline
\text{Mr B} & 40,000 & 120,000 & 50,000 \\ \hline
\text{Mr C} & 50,000 & 15,000 & 70,000 \\ \end{array}\)
If Mr A takes a fire insurance policy with average clause, his compensation will be
\text{Name} & \text{Insure amount} & \text{Actual value} & \text{Actual loss} \\ \hline
\text{Mr A} & 30,000 & 100,000 & 40,000 \\ \hline
\text{Mr B} & 40,000 & 120,000 & 50,000 \\ \hline
\text{Mr C} & 50,000 & 15,000 & 70,000 \\ \end{array}\)
If Mr A takes a fire insurance policy with average clause, his compensation will be
A
N15,000
B
N20,000
C
N12,000
D
N25, 000
correct option: c
Since the policy is with average clause the formula used in calculating his compensation is
\(\frac{\text{Amount insured x total actual loss}} {\text{Total actual value of property}}\)
By this formula the compensation will be
Amount insured = N30,000
Amount loss = N40,000
Actual Value = N100,000
=\(\frac{30,000 \times 40, 000}{100,000}\)
= \(\frac{1200000000}{100,000}\) = 12,000
Users' Answers & Comments\(\frac{\text{Amount insured x total actual loss}} {\text{Total actual value of property}}\)
By this formula the compensation will be
Amount insured = N30,000
Amount loss = N40,000
Actual Value = N100,000
=\(\frac{30,000 \times 40, 000}{100,000}\)
= \(\frac{1200000000}{100,000}\) = 12,000