Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
A business whose owners enjoys loan facilities on the basis of personal goodwill is a?
Acommercial bank
Bthrift society
Cco-operative society
Dcommunity bank
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Question 22
jamb1999
An abridged version of a company's income statement for 11993 contains the following information:
N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company's profit before tax for 1993?
A26.9 million
B53.5 million
C139.2 million
D286.5 million
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Question 23
jamb1999
A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have
Abeen issued but have not been paid-up
Bbeen applied for but not issued
Cnot been paid-up
Dnot yet been issued
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Question 24
jamb1999
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
Avertical integration
Bhorizontal integration
Cforward intergration
Dbackward integration
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Question 25
jamb1999
The primary motive behind an individual engaging in production is to?
Afully engaged all the factors of production
Bmake available goods and services
Cmeets projected profit
Dmeet basic human needs
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Question 26
jamb1999
A common requirement for public and private limited companies in Nigeria is that
Aa shareholder cannot transfer his shares to someone else without permission from other shareholders
Btheir annual account are made available to the Corporate Affairs Commision
Cshares can be offered for sale on the stock exchange
Dshares can be offered for sale through an issuing house
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Question 27
jamb1999
Use this information to answer the question below.
Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.
Babalawee is ___________?
Aa claimant
Ba manager
Can assessor
Da reciever
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Question 28
jamb1999
Use the information below to answer questions 3 and 4.
Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.
Babalawee was called in to manage the dissolution.
after paying the debts of aboki Plc, the balance goes to?
AAboki Plc
BBabalawee
Cshareholders
Dcreditors
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Question 29
jamb1999
Commerce makes it possible for man to live in a
Acomplex and organized society
Bsociety characterized by subsistency
Csociety characterized by dependency
Dsimple and organized society
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Question 30
jamb1999
The conversion of raw material into finished products creates
