Jamb Commerce 2014 Past Questions and Answers

Question 26:

• JAMB 2014

The document that explains the types of shares available for sale to the public is

A. A prospectus
B. An invoice
C. An open indent
D. A closed indent

Question 27:

• JAMB 2014

Which of the following attracts only interest but leaves the capital unpaid

A. A long-term loan
B. A development bond
C. A redeemable bond
D. An irredeemable bond

Question 28:

• JAMB 2014

A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is

A. Overdraft
B. Advance
C. Interest
D. Commission

Question 29:

• JAMB 2014

Part payments made on allotted shares by subscribers is usually the

A. Subscribed capital
B. Authorized capital
C. Issued capital
D. Called-up capital

Question 30:

• JAMB 2014

The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is

A. The difference between gross profit and trade expenses
B. The different between gross profit and net sales
C. Sales less cost of sales including sales returns
D. Opening stock add purchases less closing stock