2019 - JAMB Commerce Past Questions and Answers - page 5

The memorandum of association of a company is an important corporate document in certain jurisdictions. It is often simply referred to as the memorandum. In the UK, it has to be filed with the Registrar of Companies during the process of incorporating a company. Wikipedia

Manufacturing Association of Nigeria (MAN) is a trade association.

Members in the management committees of co-operative societies often lack business experience and expertise.

co-operative societies:

A person is free to join a cooperative society, and can also leave anytime as per his desire. Irrespective of their religion, gender & caste, membership is open to all. It is compulsory for the co-operative society to get registration

Members in the management committees of Co-operative societies often lack business experience and expertise.

A private limited liability company is a profit-making business with fewer shareholders the public limited liability company, and no open market for its shares. The minimum number of shareholders for a private LLC is two and the maximum number is fifty.

Gross profit = Sales - Cost of goods sold,

Where:

Cost of goods sold = Opening + Purchases - Closing stock

= 1000 + 7000 - 3000
= 6000

Therefore,

Gp = 8000 - 6000 = 3000

Net profit = Gross profit - Expenses

hence,

3000 - 1400 = 1600

An invitation to treat is an action inviting other parties to make an offer to form a contract. These actions may sometimes appear to be offers themselves, and the difference can sometimes be difficult to determine

A counteroffer is an offer made in response to another.