Calculation of profits (gross and net) - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 1994

What are fixtures and fittings in a balance sheet?

A. liquid capital
B. current assets
C. Fixed assets
D. Working capital

Question 3:

• JAMB 1994

A company earned a total revenue of N108 million with a total cost of N91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit.

A. N24.65 million
B. N17.00million
C. N9. 35 million
D. N7.65million

Question 4:

• JAMB 2019

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

stockPurchase	1000	7000	Sales	8000
Closing Stock	3000

Trading Expenses[table the figures given, calculateGross profit

A. 300
B. 3000
C. 6000
D. 11000

Question 5:

• JAMB 2019

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

stock Purchase	1000 7000	Sales	8000
Closing Stock	3000

Trading Expenses the figures given, calculate

Net profit

A. 1400
B. 5000
C. 1600
D. 6400