2023 - JAMB Commerce Past Questions and Answers - page 4

31

Money is generally acceptable for transaction due to

A
the central bank\'s governor\'s signature
B
the rule of the law
C
its acceptability in the global market
D
the legal backing
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32

One of these is a current asset

A
machineries
B
fittings
C
stock
D
motor vehicles
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33

 

I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk

Which of these is both merit and demerit in partnership?

A

III and IV

B

I only

C

II only

D

I and II

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34

The business unit that applies the principle of one man vote is

A
public company
B
partnership
C
co-operative society
D
sole properitorship
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35

                                             

                    ₦

Stock 1/1

20,000 Net Sales 370,000

Add purchases

250,000    

Cost of goods available for sale

270,000    

Less stock 31/12

40,000    

Cost of goods sold

230,000    

Rent expenses

35,000    

 

Find the gross profit

A
₦150,000
B
₦370,000
C
₦230,000
D
₦140,000
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36

A partnership is dissolved due to

A
resignation of an employee
B
liquidity of the firm
C
death of the employee
D
insanity of a partner
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37

An example of extractive occupation is

A
driving
B
teaching
C
banking
D
mining
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38

A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

A
indigenisation
B
commercialisation
C
nationalisation
D
privatisation
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39

Good and services transferred from seller to buyer without immediate payment is referred to as

A
leasing
B
hire purchase
C
credit sale
D
mutual understanding
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40

The duties paid on goods produced locally is

A
export duty
B
excise duty
C
Ad-valorem duty
D
quota
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