Jamb Commerce 2001 Past Questions and Answers

Question 6:

• JAMB 2001

The partner that only contributes part of the capital used in the formation and running of a business is known as?

A. A passive partner
B. An active partner
C. A dormant partner
D. A nominal partner

Question 7:

• JAMB 2001

One major advantage of a credit and thrift cooperative is that

A. It can approach government for loan
B. It encourages saving habit
C. There are no legal restrictions
D. Each member has a vote during meetings

Question 8:

• JAMB 2001

A form of ownership which exploits the strength of one partner to remedy the weakness of the other is a?

A. Joint partnership
B. Cooperative
C. Corperation
D. Joint venture

Question 9:

• JAMB 2001

At the collapse of a business enterprise, the person appointed to dispose of all assets is called

A. A broker
B. An auctioneer
C. A liquidator
D. An auditor

Question 10:

• JAMB 2001

Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of?

A. Distress
B. Closure
C. Bankruptcy
D. Liquidation