Jamb Commerce 2012 Past Questions and Answers

Question 26:

• JAMB 2012

In case of a liquidation of a public limited liability company, those that are first paid are

A. Ordinary shareholders
B. Prefernce shareholders
C. Cumulative preference shareholders
D. Debenture holders

Question 27:

• JAMB 2012

A feature common to public and private limited liability companies is that

A. Both can sue and be sued
B. The minimum number of their shareholders is five
C. The transfer of their shares is not restricted
D. Their annual accounts are published for public use

Question 28:

• JAMB 2012

A business organization can obtain long term financing through

A. Bank overdraft
B. The sale of shares
C. Credit purchases
D. Bureau de change

Question 29:

• JAMB 2012

The portion of the authorized share capital given out to the public for subscription is

A. Called-up capital
B. Issued capital
C. Paid-up capital
D. Reserved capital

Question 30:

• JAMB 2012

A company has an authorized capital of 40 million shares at N1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?

A. It has been issued but not paid-up
B. It has been applied for but not issued
C. It is not paid-up
D. It has not yet been issued