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
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42
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
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43
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.
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44
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
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45
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
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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
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47
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
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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
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49
\(\begin{array}{c|c}
\text{Name} & \text{Insure amount} & \text{Actual value} & \text{Actual loss} \\ \hline
\text{Mr A} & 30,000 & 100,000 & 40,000 \\ \hline
\text{Mr B} & 40,000 & 120,000 & 50,000 \\ \hline
\text{Mr C} & 50,000 & 15,000 & 70,000 \\ \end{array}\)
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
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